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Global Digital Oilfield Market By Process (Reservoir Optimization, Drilling Optimization, Others), By Solution (Hardware, Software & Services), By Application (Offshore, Onshore), By Region, Forecast & Opportunities to 2026

The global digital oilfield market accounted for a value of USD 22.1 billion in 2019. Digital oilfield market projected to register growth at a CAGR of 4.7 % during forecast period

COVID-19 has impacted all the businesses over globe. It has impacted the growth of oil & gas market across the world. Many companies have to shut down their manufacturing plants and services due to lockdown. The major projects of many companies have to postponed or halt. The prices of crude oil are also impacted due to this global pandemic. The supply chain of products has been disrupted due to travel restriction and international border closer. The well drilling and production activities have been impacted due to spread of corona virus in the world.

Definition:

Digital oilfield can be defined as a section of energy industry in which advanced software is incorporated and uses different data analysis techniques to its operations which provide better outputs and it helps in improving profitability of this sector.

Market Dynamics (Drivers/Opportunities):

The digitization is taking place rapidly in the oil and gas segment around the world. This industry is transforming from traditional operations to smarter operations. The digitization in this sector can work with minimum workforce deployment in remote offshore and onshore sites. This is the reason behind large scale adoption of digital oilfield market during forecast period.

The number vehicles on road are increasing rapidly around the world but there is limited supply of fuel for vehicles. This makes oil industries adopt new and improved technologies. The demand for digital oilfield solutions is increasing which drives growth in the digital oilfield market during forecast period.

Market Insights, by Process

On the basis of process, the digital oilfield market is segmented into reservoir optimization, drilling optimization, production optimization, safety optimization and others. The production optimization segment is estimated to hold largest market share during forecast period. The real-time technique is employed for production optimization which reduces the non-productive time and increases the recovery of oil. This drives growth in production optimization process during forecast period.

Market Insights, by Solution

On the basis of solution, the digital oilfield market is segmented into hardware solution and software & services solution. The hardware solution is estimated to hold largest market share during forecast period. The companies are focusing on improving technologies and companies are investing at large scale in improving technologies in oilfield operations. Automation of process leads to reduction in non-productive time and enhances monitoring & control of oil & gas fields. This drives growth in hardware segment during forecast period.

Market Insights, by Application

On the basis of application, the digital oilfield market is segmented into offshore and onshore applications. The onshore application is estimated to be fastest growing market during forecast period. The complexity is higher in deepwater drilling and the adoption of digital oilfield techniques is increasing rapidly across various regions such as North America and Middle East. The maximum onshore oilfields are located in these locations. These factors are likely to drive growth in onshore segment during forecast period.

Regional Insights

Europe region is estimated to hold largest market share during forecast period. Europe region has mature fields in the North Sea. The number of mature fields is higher in this region and the adoption of various technologies is also increasing which leads to increase in demand of digital oilfield solutions. This drives growth in Europe region during forecast period.

Key Companies & Market Share Insights

The key market players in digital oilfield sector are Schlumberger, Weatherford, Baker Hughes Company, Halliburton, National Oilwell Varco, ABB, Emerson, Rockwell, Siemens, Honeywell, Kongsberg, CGG, Digi International, Pason, Redline and EDG.

Segments Covered in the Report

This report forecasts The Global Digital Oilfield Market, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2020 to 2026. For the purpose of this study, Our Company has segmented the global digital oilfield market report on the basis of process, solution, and application.

Digital Oilfield Market Size & Forecast (2017-2026)

  1. Research Framework
    • Market Definition and Product Overview
    • Market Segmentation
  2. Research Methodology
    • Qualitative Research
      • Primary & Secondary Sources
    • Quantitative Research
      • Primary & Secondary Sources
    • Breakdown of Primary Research Respondents, By Region
      • Secondary Research
      • Primary Research
    • Breakdown of Primary Research Respondents, By Industry Participants
      • Market Size Estimation
      • Assumption for the Study
      • Market Breakdown & Data Triangulation
  1. Executive Summary
    • Market Snapshot
  2. Industry Insights
    • Industry ecosystem analysis
      • Value Chain Analysis
    • Industry impact and forces
      • Growth Drivers
      • Challenges &Restraints
      • Opportunities
    • Disruptive Technological Analysis
    • Regulatory framework
      • North America
      • Europe
      • Asia Pacific
      • Middle East & Africa
      • South America
    • Growth potential analysis, 2019
    • Porter’s Five forces analysis
    • Pricing Analysis
      • North America
      • Europe
      • Asia Pacific
      • Middle East & Africa
      • South America
  1. COVID – Impact Analysis
    • North America
    • Europe
    • Asia Pacific
    • Middle East & Africa
    • South America
  2. Digital Oilfield Market, By Process, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • Reservoir Optimization
  • Drilling Optimization
  • Production Optimization
  • Safety Optimization
  • Others
  1. Digital Oilfield Market, By Solution, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • Hardware Solution
  • Software & Services Solution
  1. Digital Oilfield Market, By Application, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • Offshore
  • Onshore
  1. Digital Oilfield Market, By Region, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • North America Market Size & Forecast To 2026
    • Market Overview
    • COVID-19 Impact
    • By Process
    • By Solution
    • By Application
    • By Country
      • USA
        • By Application
      • Canada
      • Mexico
    • South America Market Size & Forecast To 2026
      • Market Overview
      • COVID-19 Impact
      • By Process
      • By Solution
      • By Application
      • By Country
        • Brazil
          • By Application
        • Argentina
        • Chile
        • Rest of South America
      • Europe Market Size & Forecast To 2026
        • Market Overview
        • COVID-19 Impact
        • By Process
        • By Solution
        • By Application
        • By Country
          • UK
            • By Application
          • Germany
          • France
          • Italy
          • Rest of Europe
        • APAC Market Size & Forecast To 2026
          • Market Overview
          • COVID-19 Impact
          • By Process
          • By Solution
          • By Application
          • By Country
            • China
              • By Application
            • India
            • Japan
            • South Korea
            • Australia
            • Rest of APAC
          • Middle East & Africa Market Size & Forecast To 2026
            • Market Overview
            • COVID-19 Impact
            • By Process
            • By Solution
            • By Application
            • By Country
              • Saudi Arabia
                • By Application
              • UAE
              • Qatar
              • Kuwait
              • South Africa
              • Rest of Middle East & Africa
  1. Competitive Landscaping
    • Competitive Benchmarking
      • Market Share Analysis, 2019
      • Global Presence and Growth Strategies
        • Mergers & Acquisitions
        • New Product Launches
        • Investments Trends
        • R&D Initiatives
  1. Company Profile
    • EDG
      • Company Overview
      • Financial Overview
      • Product Portfolio
      • Recent Developments
      • SWOT Analysis
      • Strategic Outlook
    • Schlumberger
    • Weatherford
    • Baker Hughes Company
    • Halliburton
    • National Oilwell Varco
    • ABB
    • Emerson
    • Rockwell
    • Siemens
    • Honeywell
    • Kongsberg
    • CGG
    • Digi International
    • Pason
    • Redline
  2. Appendix
    • Interrelated Market

Research Methodology

1.1     Research Methodology

The process of market research at PAN Market Consulting is very intuitive being iterative in nature and usually follows the path where Information gathered from secondary research is used to build data models, which are than validated from primary participants. Then same cycle repeats where, according to inputs from primary participants, additional secondary research is done, and new information type is again incorporated into data model. The process continues till desired level of information is not generated.

To calculate the market size, the report considers the revenue generated from the sales of the product/services. The revenue generated from the sales of product/services has been calculated through primary and secondary research. The report also analyses the key players operating in the market at the global level which are identified through secondary research and a corresponding detailed analysis of the top vendors in the market. The market size calculation also includes product segmentation determined using secondary sources and verified through primary sources.

1.2     Secondary Research

The secondary research source that are typically referred to include, but are not limited to:

  • Company websites, annual reports, financial reports, broker reports, investor presentations and SEC filings
  • Internal and external proprietary databases, relevant patent and regulatory databases
  • National government documents, statistical databases and market reports
  • News articles, press releases and web-casts specific to the companies operating in the market

The source for secondary research includes but is not limited to Factiva, Hoovers and Statista

SecondaryResearch

1.3     Primary Research

We conduct primary interviews on an ongoing basis with industry participants and commentators in order to validate data and analysis. A typical research interview fulfills the following end users:

  • It provides first-hand information on the market size, market trends, growth trends, competitive landscape, future outlook etc.
  • Helps in validating and strengthening the secondary research findings
  • Further develops the analysis team’s expertise and market understanding
  • Primary research involves E-mail interactions, telephonic interviews as well as face-to-face interviews for each market, category, segment and sub-segment across geographies

The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: CEOs, VPs, marketing/ product managers, market intelligence managers and national sales managers
  • Purchasing managers, technical personnel, distributors and resellers
  • Outside experts: Investment bankers, valuation experts, research analysts specializing in specific markets
  • Key opinion leaders specializing in different areas corresponding to different industry end users

1.4     Models

Where no hard data is available, we use modeling and estimates in order to produce comprehensive data sets. A rigorous methodology is adopted in which the available hard data is cross referenced with the following data products to produce estimates:

  • Demographic data: Population split by segment
  • Macro-economic indicators: GDP, etc.
  • Industry indicators: Expenditure, product stage & infrastructure, sector growth and facilities.

Data is then cross checked by the expert panel.

1.4.1 Company Share Analysis Model

Company share analysis is used to derive the size of global market. As well as study of revenues of companies for last three to five years also provide the base for forecasting the market size and its growth rate. This model is built in following steps:

ResearchMethodology1

1.4.2 Revenue Based Modeling

Revenue based models can be built in two ways – Top-Down or Bottom-Up irrespective of industry. Market size estimated from company share analysis acts as a validation point for bottom-up approach whereas it acts as starting point for top-down approach.

ResearchMethodology2

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