Digital Oilfield Market Research Report - Forecast till 2030

Digital Oilfield Market Research Report: Information by Process (Reservoir, Production, Drilling Optimization), by Solution (Hardware, Software, Data Storage), and by Application (Onshore and Offshore) and by Region – Forecast till 2030

ID: MRFR/E&P/5320-HCR | January 2023 | Region: Global | 111 Pages         

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Digital Oilfield Market

Digital Oilfield Market is projected to grow USD 28.61 billion by 2027 with a CAGR of more than 6.5% in the forecast period

Segmentation
By Process Reservoir Production Drilling Optimization
By Solution Hardware Software Data Storage
By Application Onshore Offshore
Key Players
Companies Profiled   Schlumberger Limited (US)    Weatherford International plc (Switzerland)    Halliburton (US)    National Oilwell Varco (US)    Baker Hughes Incorporated (US)    Siemens AG (Germany)    Kongsberg Oil & Gas Technologies Inc. (UK)    Emerson Electric Co. (US)    Rockwell Automation Inc. (US)
Drivers
Market Driving Forces   Advancement of technology    Increase the need of productivity from the mature oil and gas wells    Proper usability of cloud computing    Improvisation of operational efficiency
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Digital oilfield market is projected to reach USD 28.61 billion, with a CAGR of more than 6.5% in the forecast period 2022-2030.


Digital Oilfield Market Scenario


Digital oilfields cover a wide range of technologies, tasks, and specialties. To increase the profitability of oil and gas operations, advanced software and data analysis processes are deployed. The fundamental goal of digital oilfields is to reduce non-productive time, increase oilfield recovery, and boost profitability. Production optimization, operational efficiency, decision support, collaboration, data integration, the melding of operations with information technology, and the Internet of things are all part of the digital oilfield. The digital oilfield is a technology-driven idea that allows businesses to make the most of their limited resources. Integrated Operations in the oil and gas industry's smart fields combine operational technology (OT) with information technology (IT) to improve decision-making and operational performance, hence increasing the return on investment (ROI).


Network sensors, cloud computing, advanced big data analytics, and artificial intelligence are all part of it. These features aid in the understanding and prediction of equipment failure, maintenance, and the overall state of the oil and gas field in real-time. Finally, digital oilfield technology is a technique that combines numerous technologies in novel ways to increase productivity. The growth of technology, the increased demand for productivity from mature oil and gas wells, the proper use of cloud computing in the oil and gas industry, and the improvement of operational efficiency are the primary drivers of the worldwide digital oilfield market.


According to US Energy Information Administration US shale gas and tight oil has climbed by more than approximately 6 million BOE/d from 2008 to 2014 which is directly helping to grow this global market. The main drivers of digital oilfield global market are advancement of technology, increase the need of productivity from the mature oil and gas wells, proper usability of cloud computing in oil and gas industry and improvisation of operational efficiency. Whereas, data security/cyber theft may be restraint for this global digital oilfield market. Although, the service provider companies are working very meticulously for securing the networks to avoid any hindrance during the operation.


Digital Oilfield Market Key Players


The major key player in global digital oilfield market are Schlumberger Limited (US), Weatherford International plc (Switzerland), Halliburton (US), National Oilwell Varco (US), Baker Hughes Incorporated (US), Siemens AG (Germany), Kongsberg Oil & Gas Technologies Inc. (UK), Emerson Electric Co. (US), Rockwell Automation, Inc. (US) and they are highly capable to give finest service in the Digital Oilfield Market.


Industry News



  • Schlumberger launched MagniSphere, a high-definition NMR logging-while-drilling solution, in November 2020. This innovative service provides accurate, real-time producibility analysis for optimal good placement in difficult reservoirs, resulting in increased production and recovery in Digital Oilfield Market.

  • SPIDRlive, a self-powered intelligent data retriever, is an innovative well-testing, and fracture interaction monitoring system that captures real-time good data without the need for intervention, lowering expenses and improving fracture understanding for better healing and thus, increasing the recovery.


Digital Oilfield Market Segmentation


The global Digital Oilfield Market of digital oilfield is further segmented in three namely by process (Reservoir, Production, Drilling Optimization), by solution (Hardware, Software, Data Storage), and by application (Onshore and Offshore) and by Region (North America, Europe, Asia-Pacific, and Middle East & Africa).Digital Oilfield Market Segmentation


The global digital oilfield market is expected to grow USD 28.61 billion, with a CAGR of more than 6.5% during 2022-2030, because of rise in oil and gas demand across the world, increase in offshore exploration and drilling activities. Additionally, the companies involved in this taking R & D very seriously to ensure better operational efficiency throughout the process because of growing competition in market.  


Based on process, this segment includes Reservoir, Production, and Drilling Optimization. Among them production is estimated to have faster growth and largest market share in the forecast period because the growing demand of oil and gas.


Based on solution, this segment includes Hardware, Software and Data Storage. Among these, hardware solution is projected to have faster growth and largest market share during the forecast period. As hardware solution includes smart well, distributed control system, wireless sensors, SCADA (Supervisory Control and Data Acquisition) and others and these are prime components for digital oilfield which are extensively used.


Based on region, North America region have been projected for largest market share as there is large shale oil and gas reserve, followed by Asia Pacific region which include country like China and India. For instance, company such as Halliburton is working to integrate, interpret, and act on production related information on real time basis for maximization of development.


Digital oilfields encompass variety of tools, tasks and disciplines altogether. Advanced software and data analysis procedures used to improve the profitability of oil and gas operations. The main aim of digital oilfield is to minimize the non-productive time, maximize the oilfield recovery and increase the profitability. The digital oilfield includes production optimization, operational efficiency, decision support, collaboration, data integration, the melding of operation with information technology and Internet of things. It comprises a combination of network sensors, cloud computing, advanced big data analytics, and artificial intelligence. These aspects help to understand and predict the equipment failure, maintenance, and tract of the real time-based situation of the oil and gas field. Lastly, digital oilfield is the technology which is the combination of various technologies in innovative ways to drive the productivity.



Report Scope:

Report Attribute/Metric Details
  Market Size

  • 2027: USD 28.61 Billion
  • 2030 : Significant value
  •   CAGR   6.5%CAGR (2022-2030)
      Base Year   2021
      Forecast Period   2022 to 2030
      Historical Data   2019 & 2020
      Forecast Units   Value (USD Billion)
      Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
      Segments Covered   Process , Solution and Application
      Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
      Key Vendors    Schlumberger Limited (US), Weatherford International plc (Switzerland), Halliburton (US), National Oilwell Varco (US), Baker Hughes Incorporated (US), Siemens AG (Germany), Kongsberg Oil & Gas Technologies Inc. (UK), Emerson Electric Co. (US), Rockwell Automation, Inc. (US)
      Key Market Opportunities   New product launches and R&D Amongst major key Players
      Key Market Drivers

  • Advancement of technology
  • Increase the need of productivity from the mature oil and gas wells
  • Proper usability of cloud computing
  • Improvisation of operational efficiency


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    Frequently Asked Questions (FAQ) :

    A growth rate of more than 6.5% can be attained by the market in the coming years.

    The market size can potentially expand to USD 28.61 billion during forecast period.

    The most notable companies in the market are Halliburton (US), Rockwell Automation, Inc. (US), Siemens AG (Germany), Baker Hughes Incorporated (US), Emerson Electric Co. (US), Chlumberger Limited (US), Weatherford International plc (Switzerland), Kongsberg Oil & Gas Technologies Inc. (UK), National Oilwell Varco (US), and others.

    The types of hardware solutions are distributed control system, smart well, SCADA (Supervisory Control and Data Acquisition), wireless sensors, and others.

    Among all the process-wise segments, production can note the fastest growth rate and also size the largest share in the global market.