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.
For more details, visit: 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 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.
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.
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.
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.
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.
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.
- What are the expected industry trends over the next three to five years?
- Which of the digital oilfield process is likely to lead by 2025?
- Which of the application segments is expected to have the maximum potential to during the forecast period?
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- What are different organic and inorganic strategies implemented by companies to gain increased market share?