ID: MRFR/E&P/5320-HCR | February 2021 | Region: Global | 111 pages
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.
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.
The global 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).
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 industry.
The global digital oilfield market is expected to grow USD 28.61 billion by 2027 with a CAGR of more than 6.5% in the forecast period 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.
|Market Size||2027: USD 28.61 Billion|
|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||
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 by 2027.
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.