The global digital oilfield market size reached US$ 27.5 Billion in 2023. Looking forward, the market is projected to reach US$ 43.4 Billion by 2032, exhibiting a growth rate (CAGR) of 5.20% during 2023-2032.
Digital oilfield is an umbrella term referring to technology-centric solutions that incorporate advanced data analysis and software systems in order to enhance oil recovery from the oil seabed. The software replicates the functioning of an oil and gas field using workflows and predictive analysis generated by using the information relating to wellbores, reservoirs and surface facilities.
This simplifies the decision-making process through intelligently filtered data and optimum utilization of technology. Digitalization of oilfields assists in the effective deployment of both human and machine resources and enhances the overall cost-effectiveness of the operations. It improves overall safety, environmental protection, optimizes hydrocarbon production rate and eliminates wastage of resources.
The rising trend of digitalization across several industries, including oil and gas, is the key factor driving the market growth. The increasing demand for oil and oil derivates across various industries coupled with the potentially hazardous working environment of the oil and gas sector, has significantly enhanced the need for digital oilfields. Furthermore, many oilfields are saturating, owing to which digital mechanisms are being employed to enhance oil recovery. Advanced solutions such as well testing facilities and reservoir optimization are gaining traction amongst the end use industries. An increasing number of exploration activities that are leading to discoveries of new oilfields is also catalyzing the growth of the market.
Moreover, the growing usage of real-time monitoring of operations to reduce non-productive functions and losses is projected to drive the market further. These systems also enable more efficient management of the plants with accurate and reliable administration as compared to manually supervised fields and related operations. Other factors such as advancements in wireless technologies, data analysis and collection services along with the rising investment in offshore oil exploration activities are also expected to positively impact the market growth.
2. What is the expected growth rate of the global digital oilfield market during 2024-2032?
3. What are the key factors driving the global digital oilfield market?
4. What has been the impact of COVID-19 on the global digital oilfield market?
5. What is the breakup of the global digital oilfield market based on the solution?
6. What is the breakup of the global digital oilfield market based on the process?
7. What is the breakup of the global digital oilfield market based on the application?
8. What are the key regions in the global digital oilfield market?
9. Who are the key players/companies in the global digital oilfield market?
Digital oilfield is an umbrella term referring to technology-centric solutions that incorporate advanced data analysis and software systems in order to enhance oil recovery from the oil seabed. The software replicates the functioning of an oil and gas field using workflows and predictive analysis generated by using the information relating to wellbores, reservoirs and surface facilities.
This simplifies the decision-making process through intelligently filtered data and optimum utilization of technology. Digitalization of oilfields assists in the effective deployment of both human and machine resources and enhances the overall cost-effectiveness of the operations. It improves overall safety, environmental protection, optimizes hydrocarbon production rate and eliminates wastage of resources.
The rising trend of digitalization across several industries, including oil and gas, is the key factor driving the market growth. The increasing demand for oil and oil derivates across various industries coupled with the potentially hazardous working environment of the oil and gas sector, has significantly enhanced the need for digital oilfields. Furthermore, many oilfields are saturating, owing to which digital mechanisms are being employed to enhance oil recovery. Advanced solutions such as well testing facilities and reservoir optimization are gaining traction amongst the end use industries. An increasing number of exploration activities that are leading to discoveries of new oilfields is also catalyzing the growth of the market.
Moreover, the growing usage of real-time monitoring of operations to reduce non-productive functions and losses is projected to drive the market further. These systems also enable more efficient management of the plants with accurate and reliable administration as compared to manually supervised fields and related operations. Other factors such as advancements in wireless technologies, data analysis and collection services along with the rising investment in offshore oil exploration activities are also expected to positively impact the market growth.
Key Market Segmentation
This report provides an analysis of the key trends in each sub-segment of the global digital oilfield market report, along with forecasts at the global and regional level from 2024-2032. The report has categorized the market based on solution, process and application.Breakup by Solution:
- Hardware Solution
- Distributed Control Systems (DCS)
- Supervisory Control and Data Acquisition (SCADA)
- Smart Wells
- Safety Systems
- Wireless Sensors
- Software Solution
- IT Outsourcing
- Software
- IT Services and Commissioning
- Collaborative Product Management (CPM)
- Others
- Data Storage Solutions (Hosted)
- Data Storage Solutions (On-Premise)
Breakup by Process:
- Production Optimization
- Drilling Optimization
- Reservoir Optimization
- Safety Management
- Others
Breakup by Application:
- Onshore
- Offshore
Breakup by Region:
- Asia Pacific
- Europe
- North America
- Middle East and Africa
- Latin America
Competitive Landscape
The report has also analyzed the competitive landscape of the market with some of the key players being Schlumberger, Weatherford International Plc, General Electric, Halliburton, Honeywell International, Siemens AG, Rockwell Automation, Kongsberg Gruppen ASA, Paradigm Group B.V, Pason Systems, Petrolink AS, Accenture PLC, IBM Corporation, EDG Inc, Oleumtech, etc.Key Questions Answered in This Report
1. How big is the global digital oilfield market?2. What is the expected growth rate of the global digital oilfield market during 2024-2032?
3. What are the key factors driving the global digital oilfield market?
4. What has been the impact of COVID-19 on the global digital oilfield market?
5. What is the breakup of the global digital oilfield market based on the solution?
6. What is the breakup of the global digital oilfield market based on the process?
7. What is the breakup of the global digital oilfield market based on the application?
8. What are the key regions in the global digital oilfield market?
9. Who are the key players/companies in the global digital oilfield market?
Table of Contents
1 Preface3 Executive Summary11 Value Chain Analysis13 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global Digital Oilfield Market
6 Market Breakup by Solution
7 Market Breakup by Process
8 Market Breakup by Application
9 Market Breakup by Region
10 SWOT Analysis
12 Porter’s Five Forces Analysis
14 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- Schlumberger
- Weatherford International Plc
- General Electric
- Halliburton
- Honeywell International
- Siemens AG
- Rockwell Automation
- Kongsberg Gruppen ASA
- Paradigm Group B.V
- Pason Systems
- Petrolink AS
- Accenture PLC
- IBM Corporation
- EDG Inc
- Oleumtech
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 135 |
| Published | April 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 27.5 Billion |
| Forecasted Market Value ( USD | $ 43.4 Billion |
| Compound Annual Growth Rate | 5.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 15 |
