Digital Oilfield Market: Global Industry Analysis and Forecast (2021-2027) Trends, Statistics, Dynamics, Segmentation by Process, Solution, Application, and Region.

The Digital Oilfield Market reached a value of US $ 22.01 Bn. in 2020. Global Digital Oilfield Market size is estimated to grow at a CAGR of 5.14%.

Digital Oilfield Market Overview:

The term "digital oilfield" refers to a concept that blends business process management with digital technologies to automate workflows in order to increase productivity, lower costs, and reduce overall risks in oil and gas operations. The digital oilfield aims to maximize oilfield recovery, decrease non-productive time, and boost profitability through the design and deployment of integrated processes. It helps in the efficient deployment of both human and machine resources. It increases overall safety, environmental protection, hydrocarbon production rate optimization, and resource waste elimination. It is designed to change the upstream sector by allowing the production of a digital twin, which simulates an oilfield's performance on a computer. It aims to increase the attractiveness of the oil and gas sector by combining operational and information technology, especially in a low-oil-price situation. As there are developments in technologies for sensing, automation, networking, and data analytics, the adoption of digital oilfields has increased in the last 15 years. Digital Oilfield Market To know about the Research Methodology :- Request Free Sample Report 2020 is considered as a base year to forecast the market from 2021 to 2027. 2020’s market size is estimated on real numbers and outputs of the key players and major players across the globe. Past five years' trends are considered while forecasting the market through 2027. 2020 is a year of exception and analyzed especially with the impact of lockdown by region.

Global Digital Oilfield Market Dynamics:

The growing demand for oil and oil derivatives across numerous industries, along with the oil and gas industry's potentially hazardous working environment, has significantly increased the demand for digital oilfields across the globe. The saturating industries are resulting in necessitating the use of digital technologies to improve oil recovery. The increasing exploration operations, which are leading to the discovery of new oilfields are expected to boost the product demand over the during the forecast period. According to report, by deployment of technology, the companies are expected to realize up to 25% savings in operating costs, around 8% higher production rates, 2%–4% lower the project costs, and nearly 6% improved resource recovery within a year. Oil and gas companies across the globe are planning to increase their investments, especially in digital technologies, in order to increase their cost reductions. In addition, companies are scrutinising their investments more closely and searching for ways to lower cost-per-barrel, improve recovery rates, and reduce non-productive time in order to boost profits. For instance, in 2018, GE and Noble Corporation formed a cooperation to develop the world's first digital drilling vessel, with the aim of reducing operational costs by 20% across the targeted equipment and increasing drilling efficiency. This is a significant step forward in realising the enormous potential of digital technologies for offshore drilling. The growing use of security systems, smart wells, distributed control systems, and SCADA to improve production efficiency and analyse real-time data are expected to drive demand for instrumentation and automation solutions. ABB, for example, has released a cloud-based SCADA visualisation system that allows both small and large operators to gather data on their upstream onshore assets. In addition, rising concerns about cyber security, combined with an increase in the use of wireless networks to ensure personnel safety and operational efficiency, are expected to boost the product demand across the globe. However, fluctuating crude oil prices, combined with a growing need for other fuels, are hampering the global digital oilfield market's growth during the forecast period. In addition necessity of well trained and fully committed employee is a critical component for digital oilfield market growth.

Global Digital Oilfield Market Segment Analysis:

Based on the Solution, the Digital Oilfield Market is segmented into Hardware, Software, and Services. The Hardware segment held the largest market share, accounting for 39% in 2020. The Hardware Solution further segmented into Distributed control systems (DCS), supervisory control and data acquisition (SCADA), smart wells, safety systems, wireless sensors, programmable logic controllers (PLC), computer equipment & application hardware, process automation manager, and human-machine interaction instrument. The Hardware solutions are responsible for surveillance and data transfer in both onshore and offshore fields. The increased demand to reduce non-productive time is primarily driving the market growth for this segment. The Services segment is expected to witness a significant growth at a CAGR of 5.63% during the forecast period. The easy availability of consulting organisations with technical intellectual and expert assistance as a service provider for digital oilfield market. Increasing advancement in digital oilfield technology to develop new artificial intelligence and data storage solution are primarily driving the market growth software solution in digital oilfield market. Digital Oilfield MarketBased on the Application, the Digital Oilfield Market is segmented into Onshore and Offshore. The Onshore segment held the largest market share, accounting for 80% in 2020. The segment growth is attributed to the increasing number of onshore oil and gas and matured fields. For instance, In Nov, 2021, China National Oil Company (CNOC) has planned to put 35 development wells into production, including 26 production wells and 9 water injection wells. In Oct 2021, China had produced 144.1 million barrels of oil in third quarter of 2021, showing an increase of 9.9% year-over-year. In addition, findings of new oil, gas and shale reserves are expected to boost the product demand for this segment. Digital Oilfield Market

Global Digital Oilfield Market Regional Insights:

North America region held the largest market share accounted for 37% in 2020. Advancement in technological solutions to increase optimization and management of the oilfield operations are driving the market growth for this region. The growing energy demand along with technological advanced solutions from digital oilfield industry is expected to boost the market growth. For instance, In U.S., during 2019, average number of oil rig was 944 which is 7% more as compared to 2017. In addition, the growing investment from government and private partners towards the upstream oilfield sector is expected to boost the technology adoption. The Asia Pacific region is expected to witness significant growth at a CAGR of 5.4% during the forecast period. The region’s growth is attributed to presence of large oilfields and growing use of digital solutions in the region. In addition, the growing industrialization and increasing investment in oil & gas industries in emerging economies, such as India and China are expected to boost the digital oilfield market growth in the region. The objective of the report is to present a comprehensive analysis of the Digital Oilfield Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The reports also help in understanding the Digital Oilfield Market dynamic, structure by analyzing the market segments and projecting the Digital Oilfield Market size. Clear representation of competitive analysis of key players by Process, price, financial position, product portfolio, growth strategies, and regional presence in the Digital Oilfield Market make the report investor’s guide.

Global Digital Oilfield Market Scope: Inquire before buying

Global Digital Oilfield Market
Report Coverage Details
Base Year: 2020 Forecast Period: 2021-2027
Historical Data: 2016 to 2020 Market Size in 2020: US $ 22.01 Bn.
Forecast Period 2021 to 2027 CAGR: 5.14% Market Size in 2027: US $ 31.26 Bn.
Segments Covered: by Process • Reservoir • Production • Drilling Optimizations • Safety Management
by Solution • Hardware • Software • Service
by Application • Onshore • Offshore

Global Digital Oilfield Market by Region

• North America • Europe • Asia Pacific • South America • The Middle East and Africa

Global Digital Oilfield Market Key Players

Emerson • BHGE • Schlumberger • ABB • Halliburton • Weatherford • National Oilwell Varco • Rockwell • Siemens • Honeywell • CGG • IHS Markit • Digi International • Pason • Kongsberg • Redline • EDG • Oleumtech • Petrolink • Katalyst Frequently Asked Questions: 1] What segments are covered in the Digital Oilfield Market report? Ans. The segments covered in the Digital Oilfield Market report are based on Process, Solution, and Application. 2] Which region is expected to hold the highest share in the Digital Oilfield Market? Ans. The North America region is expected to hold the highest share in the Digital Oilfield Market. 3] What is the market size of the Digital Oilfield Market by 2027? Ans. The market size of the Digital Oilfield Market by 2027 is US $ 31.26 Bn. 4] What is the forecast period for the Digital Oilfield Market? Ans. The Forecast period for the Digital Oilfield Market is 2020-2027. 5] What was the market size of the Digital Oilfield Market in 2020? Ans. The market size of the Digital Oilfield Market in 2020 was US $ 22.01 Bn.
1. Global Digital Oilfield Market Size: Research Methodology 2. Global Digital Oilfield Market Size: Executive Summary 2.1. Market Overview and Definitions 2.1.1. Introduction to Global Digital Oilfield Market Size 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Digital Oilfield Market Size: Competitive Analysis 3.1. MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • Latin America 3.12. COVID-19 Impact 4. Global Digital Oilfield Market Size Segmentation 4.1. Global Digital Oilfield Market Size, by Process (2020-2027) • Reservoir • Production • Drilling Optimizations • Safety Management 4.2. Global Digital Oilfield Market Size, by Solution (2020-2027) • Hardware • Software • Service 4.3. Global Digital Oilfield Market Size, by Application (2020-2027) • Onshore • Offshore 5. North America Digital Oilfield Market (2020-2027) 5.1. Global Digital Oilfield Market Size, by Process (2020-2027) • Reservoir • Production • Drilling Optimizations • Safety Management 5.2. Global Digital Oilfield Market Size, by Solution (2020-2027) • Hardware • Software • Service 5.3. Global Digital Oilfield Market Size, by Application (2020-2027) • Onshore • Offshore 5.4. North America Digital Oilfield Market, by Country (2020-2027) • United States • Canada • Mexico 6. European Digital Oilfield Market (2020-2027) 6.1. European Digital Oilfield Market, by Process (2020-2027) 6.2. European Digital Oilfield Market, by Solution (2020-2027) 6.3. European Digital Oilfield Market, by Application (2020-2027) 6.4. European Digital Oilfield Market, by Country (2020-2027) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Digital Oilfield Market (2020-2027) 7.1. Asia Pacific Digital Oilfield Market, by Process (2020-2027) 7.2. Asia Pacific Digital Oilfield Market, by Solution (2020-2027) 7.3. Asia Pacific Digital Oilfield Market, by Application (2020-2027) 7.4. Asia Pacific Digital Oilfield Market, by Country (2020-2027) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. The Middle East and Africa Digital Oilfield Market (2020-2027) 8.1. The Middle East and Africa Digital Oilfield Market, by Process (2020-2027) 8.2. The Middle East and Africa Digital Oilfield Market, by Solution (2020-2027) 8.3. The Middle East and Africa Digital Oilfield Market, by Application (2020-2027) 8.4. The Middle East and Africa Digital Oilfield Market, by Country (2020-2027) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. Latin America Digital Oilfield Market (2020-2027) 9.1. Latin America Digital Oilfield Market, by Process (2020-2027) 9.2. Latin America Digital Oilfield Market, by Solution (2020-2027) 9.3. Latin America Digital Oilfield Market, by Application (2020-2027) 9.4. Latin America Digital Oilfield Market, by Country (2020-2027) • Brazil • Argentina • Rest Of Latin America 10. Company Profile: Key players 10.1. Emerson 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. BHGE 10.3. Schlumberger 10.4. ABB 10.5. Halliburton 10.6. Weatherford 10.7. National Oilwell Varco 10.8. Rockwell 10.9. Siemens 10.10. Honeywell 10.11. CGG 10.12. IHS Markit 10.13. Digi International 10.14. Pason 10.15. Kongsberg 10.16. Redline 10.17. EDG 10.18. Oleumtech 10.19. Petrolink 10.20. Katalyst

About This Report

Report ID 26423
Category Mining And Metals
Published Date Feb 2019
Updated Date Nov 2021
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