Global Digital Oilfield Market Scenario:
Digital oilfields include a wide range of tasks, tool and discipline. The increased usage of cutting-edge software for data analysis is improving the profitability for the oil and gas industry. Market Research Future (MRFR) reports that the global Digital Oilfield Market is set to exhibit 5.5% CAGR during the forecast period (2018-2023). The market has is likely to surpass a valuation of USD 22.36 Bn by the year 2023.
The primary objective of digital oilfield is to reduce down-time, optimise the oilfield recovery and improve profitability. Some of the key applications of digital oilfield include operational efficiency, collaboration, production optimization, data integration, and decision support. Digital oilfield solutions utilize IoT (internet of things) and information technology to drive operations. In addition, specific applications use technologies such as cloud computing, network sensors, artificial intelligence and big data analytics. The periphery technologies help in predicting and understanding technical requirements such as maintenance, equipment monitoring, equipment failure. With the help of digital oilfield, operators can track oil and gas field functioning in real-time.
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Industry Highlights
Increased focus of improving productivity in oil and gas facilities is driving the adoption of digital oilfield solutions. A data released by the US Energy Information Administration, the shale gas and right oil grew close to million BOE/d from between 2008 and 2014 in the country.
Some of the key factors driving the global market for digital oilfield include rapid technological advances, growing need for operational efficiency in the oil and gas sector, arrival to revolutionary software solutions among others. The growing demand for oil and gas in prompting suppliers to adoption more efficient operation solutions. Digital oilfield solutions play an important role in drilling activities and offshore exploration. Nevertheless, digital loopholes and increased risk of cyber theft remain major market restraints. To deal with such issues service providers are investing in research and development activities to develop robust solution that are secured and safety to use.
Competition Analysis:
- Schlumberger Limited (US),
- Halliburton (US),
- Baker Hughes Incorporated (US),
- Kongsberg Oil & Gas Technologies Inc. (UK),
- Rockwell Automation, Inc. (US),
- Weatherford International plc (Switzerland),
- Emerson Electric Co. (US),
- National Oilwell Varco (US), and
- Siemens AG (Germany).
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Global Digital Oilfield Market: Segmental Analysis
The segmental analysis of the market has conducted on basis of process, solution and application.
By process, the market has been segmented into drilling optimization, production and reservoir. Of these, the production segment is projected to exhibit a strong growth in the forthcoming years. The segment’s growth is primarily driven by rising consumption of oil and gas worldwide.
On the basis of solution, the market has been segmented into data storage, software and hardware. The hardware segment is expected to remain highly profitable during the forecast period. The segment currently commands a sizeable market share in terms of value. Some of hardware solutions include SCADA (Supervisory Control and Data Acquisition), distributed control system, smart well and wireless sensors.
On the basis of application, the market has been segmented into offshore and onshore.
Regional Analysis
On the basis of region, the market has been segmented into the Middle East & Africa (MEA), Asia Pacific (APAC), Europe, North America and South America.
Among these, North America accounts for a relatively higher share of the market. These is mainly attributed to the presence of a vast oil and gas reserve. The oil and gas sector is region presents tremendous opportunities to market players. Industry leaders in the region are adopting innovative technologies that enable them to streamline and optimise operations.
The Asia Pacific region is the second-largest regional market due to the presence of growing economies like China and India that are attaining technological advancement and attracting investment. To maximize development, various companies in this region are working to integrate, interpret, and act on production-related information on a real-time basis. Australia is another important country-specific market in this region. Other countries of the Asia Pacific region are also making a significant contribution to the Asia Pacific region.
Europe is another prominent regional market due to technological advancement. Here, the major country-specific markets are Norway and Russia. Other countries of Europe also make a sizable contribution to the market revenue in this region as many strong economies are there in Europe.
Although the MEA region has lots of oilfields, the limited reach of technology makes the scope for market growth limited.
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