The global digital oilfield market size was valued at $ 27.4 billion in 2020, and is projected to reach $ 54.4 billion by 2030, growing at a CAGR of 7.2% from 2021 to 2030.
The digital technology includes a wide range of equipment & functions deployed in different upstream, downstream, and midstream stages to enhance the operational efficiency of oil & gas processes. The technology adopted by oilfield companies to achieve a blend of benefits such as improve recovery, optimize resources, reduce rig downtime, and various other benefits to ensure flexible and reliable operations. The system is a set of hardware, software, and services to deliver smart solutions for analyzing, integrating, and processing data. Development of distant onshore & offshore wells drilling at numerous depth levels, along with rising efforts to increase monetary returns by the assets, has catered to the adoption of advanced oilfield technology in various regions.
The rising trend of digitalization across a variety of industries, including oil and gas, is a major driver for digital oilfield market. The growing demand for oil and oil derivatives across numerous industries, combined with the oil and gas industry's potentially dangerous working environment, has increased the demand for digital oilfields significantly. Furthermore, as many oilfields are saturating, digital techniques are being used to improve oil recovery. End-user industries are embracing advanced technologies such as well testing facilities and reservoir optimization. The industry is also being driven by an increase in exploration operations that are leading to the discovery of new oilfields.
However, fluctuating crude oil prices coupled with growing demand for alternative sources of fuel are major factors restraining growth of the global digital oilfield market. Additionally, security threats to digital oilfields and operators resisting adoption of new technologies are other major factors expected to hamper growth of the global digital oilfield market over the forecast period. These are some of the digital oilfield market trends observed globally.
Many industries throughout the world are suffering as a result of the growing worry over COVID-19, including automotive, aviation, electricity, manufacturing, and transportation. Manufacturing activities have been primarily exempted from the lockdown measures since they are widely deemed critical activities for construction, industrialization, and the power industry globally. COVID-19's spread poses a severe danger to the worldwide market due to transportation, industrial, and commercial constraints. Major oil and gas projects have also been halted in several places. Furthermore, the COVID-19 pandemic has also impacted crude oil prices, well drilling, production activities, and the supply chain of oil and gas dramatically.
The digital oilfield market is segmented on the basis of solution, process and application, and region. Based on the solution, the market is segmented into hardware, software & service and data storage. By process, the market is segmented into, reservoir optimization, drilling optimization, process optimization, safety management and others.
Applications covered in the report are onshore and offshore. The report further outlines the details about the revenue generated through the sale of digital oilfield across North America, Europe, Asia-Pacific, and LAMEA.
Major players operating in the global digital oilfield industry include Schlumberger, Halliburton, Rockwell Automation, National oil Varco, ABB, Siemens, Schneider, Baker Hugh, Weatherford international and Infosys.
The digital technology includes a wide range of equipment & functions deployed in different upstream, downstream, and midstream stages to enhance the operational efficiency of oil & gas processes. The technology adopted by oilfield companies to achieve a blend of benefits such as improve recovery, optimize resources, reduce rig downtime, and various other benefits to ensure flexible and reliable operations. The system is a set of hardware, software, and services to deliver smart solutions for analyzing, integrating, and processing data. Development of distant onshore & offshore wells drilling at numerous depth levels, along with rising efforts to increase monetary returns by the assets, has catered to the adoption of advanced oilfield technology in various regions.
The rising trend of digitalization across a variety of industries, including oil and gas, is a major driver for digital oilfield market. The growing demand for oil and oil derivatives across numerous industries, combined with the oil and gas industry's potentially dangerous working environment, has increased the demand for digital oilfields significantly. Furthermore, as many oilfields are saturating, digital techniques are being used to improve oil recovery. End-user industries are embracing advanced technologies such as well testing facilities and reservoir optimization. The industry is also being driven by an increase in exploration operations that are leading to the discovery of new oilfields.
However, fluctuating crude oil prices coupled with growing demand for alternative sources of fuel are major factors restraining growth of the global digital oilfield market. Additionally, security threats to digital oilfields and operators resisting adoption of new technologies are other major factors expected to hamper growth of the global digital oilfield market over the forecast period. These are some of the digital oilfield market trends observed globally.
Many industries throughout the world are suffering as a result of the growing worry over COVID-19, including automotive, aviation, electricity, manufacturing, and transportation. Manufacturing activities have been primarily exempted from the lockdown measures since they are widely deemed critical activities for construction, industrialization, and the power industry globally. COVID-19's spread poses a severe danger to the worldwide market due to transportation, industrial, and commercial constraints. Major oil and gas projects have also been halted in several places. Furthermore, the COVID-19 pandemic has also impacted crude oil prices, well drilling, production activities, and the supply chain of oil and gas dramatically.
The digital oilfield market is segmented on the basis of solution, process and application, and region. Based on the solution, the market is segmented into hardware, software & service and data storage. By process, the market is segmented into, reservoir optimization, drilling optimization, process optimization, safety management and others.
Applications covered in the report are onshore and offshore. The report further outlines the details about the revenue generated through the sale of digital oilfield across North America, Europe, Asia-Pacific, and LAMEA.
Major players operating in the global digital oilfield industry include Schlumberger, Halliburton, Rockwell Automation, National oil Varco, ABB, Siemens, Schneider, Baker Hugh, Weatherford international and Infosys.
KEY BENEFITS FOR STAKEHOLDERS
- The report provides in-depth analysis of the global digital oilfield market along with the current trends and future estimations.
- This report highlights the key drivers, opportunities, and restraints of the market along with the impact analysis during the forecast period.
- Porter’s five forces analysis helps to analyze the potential of the buyers & suppliers and the competitive scenario of the global digital oilfield industry for strategy building.
- A comprehensive market analysis covers factors that drive and restrain the global digital oilfield market growth.
- The qualitative data about market dynamics, trends, and developments is provided in the report.
IMPACT OF COVID-19 ON THE DIGITAL OILFIELD MARKET
- The COVID-19 has hindered the oil demand which has correspondingly hindered the demand for digital oilfield solutions
- The spread of COVID-19 in numerous countries halted the industrial activities.
- This resulted into oversupply scenario in oil industry.
- This consequently resulted into decreased demand for drilling activities.
- The decrease in drilling activities resulted in decreased demand for drilling optimization solutions
KEY MARKET SEGMENTS
By Solution
- Hardware
- Software & Service
- Data storage
By Process
- Reservoir optimization
- Drilling optimization
- Process Optimization
- Safety management
- Others
By Application
- Onshore
- Offshore
By Region
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- Russia
- Norway
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Mexico
- Brazil
- Saudi Arabia
- Rest of LAMEA
KEY MARKET PLAYERS
- Schlumberger
- Halliburton
- Rockwell Automation
- National oil Varco
- ABB
- Siemens
- Schneider
- Baker Hugh
- Weatherford international
- Infosys
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET LANDSCAPE
CHAPTER 4: DIGITAL OILFIELD MARKET, BY SOLUTION
CHAPTER 5: DIGITAL OILFIELD MARKET, BY PROCESS
CHAPTER 6: DIGITAL OILFIELD MARKET, BY APPLICATION
CHAPTER 7: DIGITAL OILFIELD MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Companies Mentioned
- Schlumberger
- Halliburton
- National Oil Varco
- ABB
- Schneider
- Baker Hughes
- Weatherford international
- Infosys and Siemens
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 288 |
| Published | October 2021 |
| Forecast Period | 2020 - 2030 |
| Estimated Market Value ( USD | $ 27.4 billion |
| Forecasted Market Value ( USD | $ 54.4 billion |
| Compound Annual Growth Rate | 7.1% |
| Regions Covered | Global |
| No. of Companies Mentioned | 8 |
