Global Digital Oilfield Market By Application (Upstream, Midstream, and Downstream), By Service (IT Services, and Instrumentation and Automation), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2023-2032
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Digital Oilfield Market Overview:
The global digital oilfield market was worth USD 27,447 Million in 2021. It is expected to grow at a CAGR of 5.8% from 2023-2032.
Market demand will be driven by rising oil and gas exploration, and production, and a growing emphasis on operational efficiency which results in lower OPEX. Concerns have been raised about the security of sensitive data and potential cyber threats as a result of the integration of smart technology with digitalization.
Global Digital Oilfield Market Scope:
Due to the digitalization of key upstream processes such as exploration, drilling, and completion, the upstream segment held a dominant market share at 47.5% in 2021. The market is expected to grow because of the real-time operation centers, which enable operational efficiency through IT services and automated instrumentation.
Remote oil sands facilities have real-time connectivity that allows for troubleshooting as well as routine operations to be monitored by central head office experts. This helps drive usage. Industry growth will be boosted by the availability of sophisticated solutions like reservoir monitoring control and reservoir characterization, as well as advanced equipment such as actuating devices and smart alarms.
In 2021, 62.6% of the global digital oilfields market was dominated by IT services. This segment is dominated by increased IT spending by oil and gas companies to improve their asset management solutions as well as business processes. The segment's growth will be supported by a growing focus on developing advanced IT strategies. The industry collaborations between IT service providers and digital oilfield technology providers will improve the deployment of IoT devices across drilling sites, smart wells, reservoir monitoring, and drilling site monitoring. This will allow for the efficient collection of real-time data as well as performance optimization of operations in both the upstream and downstream sectors. This could lead to digital oilfields being adopted in the future.
The segment instrumentation and automation services will be the fastest growing segment during the forecast period with a CAGR of 6.4%. Digital oilfields will be in high demand due to the increasing need to monitor continuously operating operations and the development of advanced data collection systems and interpretation systems.
Кеу Маrkеt Ѕеgmеntѕ:
- IT Services
- Instrumentation and Automation
A rising share of unconventional oil and natural gases, along with declining production, are driving demand for digitization in the oilfields. Remote monitoring and automated operations can be done from one location using digital oilfield technology, which lowers operational costs. The most important digital services for oilfield operations are predictive maintenance, field productivity, and fleet management. These services offer higher efficiency and higher recovery rates while keeping the extraction and other operational costs at the same or lower levels.
IoT adoption will drive industry growth. This includes automation software such as SCADA (Supervisory Control and Data Acquisition). Baker Hughes, which supplies in Force’s surface controller system, has been a major industry supplier of SCADA. This system includes well-monitoring devices, intelligent, good completion technology, as well as chemical automation products. This will allow for faster production and lower operating costs. Factors such as financial constraints, organizational hurdles, and a shortage in skilled workers will affect the adoption of digital oilfield tech. Companies are developing technologically advanced methods to provide digital oilfield solutions that improve the efficiency of upstream, downstream, and middle stream segments.
In 2021, North America dominated over 31.9% of the total revenue share. The major contributor to regional revenue generation was the United States. Major digital oilfield technology service providers like Halliburton and Schlumberger are responsible for the region's growth. R&D is a key activity for companies, allowing them to access digital oilfield technologies easily. The sharp rise in oil production in 2021 will lead to increased technology penetration in the United States. Higher oil production will allow for enhanced digitalization in the downstream sector. This includes automated drilling, wellhead automation, and advanced analytics of production data. Europe was second in terms of growth after North America. Over the forecast period, Europe is expected to grow at a 6.1% CAGR.
Key Regions and Countries covered іn thе rероrt:
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- South America
- Rest of South America
- South Africa
- Rest of MEA
Market Share & Key Players Analysis:
To improve their market position, key industry players are focusing on strategic initiatives like product launches, partnerships, collaborations, mergers, and acquisitions. Halliburton launched Decision Space, an E&P cloud app in 2019. It includes scalable earth modeling and real-time control-edge, data foundation, full-scale asset simplification, and data foundation. These cloud-based applications are designed to help operators improve the characterization of reservoirs, decrease exploration risk, and increase drilling efficiency. Technology providers are also partnering with IT service providers and industrial automation providers to improve their operations and maximize consumer investment. In 2019, Rockwell Automation and Schlumberger Limited entered into joint venture agreements to create Sensia, an integrated digital oilfield automation provider.
Маrkеt Кеу Рlауеrѕ:
- Schlumberger Limited
- Baker Hughes
- Rockwell Automation
- National Oil Varco
- Larsen & Toubro Info. Tech. Limited
- Other Key Players
For the Digital Oilfield Market research study, the following years have been considered to estimate the market size:
Particular Scope Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Historic Year 2016 to 2020 Base Year 2021 Estimated Year 2022 Forecast Year 2023 to 2032
Frequently Asked Questions (FAQ)
What is the size of the digital oilfield market in 2021?
The Digital oilfield market size is US$ 27,447 million in 2021.
What is the projected CAGR at which the Digital oilfield market is expected to grow at?
The Digital oilfield market is expected to grow at a CAGR of 5.8% (2023-2032).
List the segments encompassed in this report on the Digital oilfield market?
Market.US has segmented the Digital oilfield market by geographic (North America, Europe, APAC, South America, and Middle East and Africa). By Application, the market has been segmented into Upstream, Midstream, and Downstream. By Service, the market has been further divided into IT Services and Instrumentation and Automation.
List the key industry players of the Digital oilfield market?
Halliburton, Weatherford, Schlumberger Limited, Baker Hughes, Rockwell Automation, ABB, National Oil Varco, Siemens, Larsen & Toubro Info. Tech. Limited, Accenture, and Other Key Players engaged in the Digital Oilfield Market.
Which region is more appealing for vendors employed in the Digital oilfield market?
North America is expected to account for the highest revenue share of 31.9%. Therefore, the Digital oilfield industry in North America is expected to garner significant business opportunities over the forecast period.
Name the key areas of business for Digital oilfield?
The US, Canada, India, China, UK, Japan, & Germany are key areas of operation for the Digital Oilfield Market.
Which segment accounts for the greatest market share in the digital oilfield industry?
With respect to the Digital oilfield industry, vendors can expect to leverage greater prospective business opportunities through the upstream segment, as this area of interest accounts for the largest market share.
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