Global Digital Oilfield Market
Digital oilfield implies upstream, midstream, and downstream oilfield operations are automated. It is a form of energy industry that integrated developed software and data analysis techniques into its operational activities to deliver better performance and increase manufacturing process profitability.
Digital oilfield gives benefits such as enhanced health, enhanced hydrocarbon production rate, environmental conservation and comfort in discovering and extracting reserves to the fullest.
Global market of the digital oilfield is expected to hit $ 35 billion by 2030, at a CAGR of 8.5%. It was previously anticipated $ 21 billion in 2019. New technical developments, growing oil & gas operators’ need to scale out production, and increasing emphasis on remote control of oil fields for process optimization & automation are expected to be key drivers of the digital oilfield industry.
Global Digital Oilfield Market: Segments
During the forecast period of 2019-2030 the production optimization category is the primary contributor to the digital oilfield industry on the basis of process.
From 2019 to 2030, the section of production optimization led the digital oilfield industry, by phase. The use of real-time output optimization techniques improves oil recovery and decreases unproductive time.
Continuing market conditions, where oil prices have been continuously fluctuating, involves concentrating on reducing unproductive time and increasing workflow performance through the use of digital oilfield solutions.
Global Digital Oilfield Market: Market Dynamics
Fresh technical developments on digital oilfields
Through turning their conventional business models into smarter activities, the oil & gas industry is heading towards digitization. Oilfield digitization allows mobilizing minimum workers at isolated onshore & offshore extraction sites. Due to the constricted supply of oil or fuel to the increasing number of automobiles in the market, which is forcing the oil industry to implement new and improved techniques.
Delay in decision-making by the implementation of different analytical instruments
One of the major constraints in the digital oilfield market is the compilation of real-time data and their constructive assessment. Massive data is hard to compress and include useful knowledge in the digital oilfield industry. The user must have sufficient information on data collection and analysis. The oil & gas companies have to make sure they target the right results.
Global Digital Oilfields Market: Regions
Europe became the biggest digital oilfield development market in 2018, accounting for almost 30% of its sales. It is largely due to the growing demand for digital technology and its general acceptance to maximize production and cut costs. UK had the biggest share in the European digital oilfield technology market of more than 25 per cent, in terms of volume.
It can be due to the existence of a large number of North Sea reserves. The world’s digital oilfield technology market is estimated to experience the highest growth in the MEA region, largely due to the large number of oilfields and increasing energy requirements, combined with the declining output of mature oilfields, which is pushing upstream companies to increase recovery rates with the use of digital oilfield technology.
Saudi Arabia was the region’s largest revenue-generating country in 2018, owing to the fact that oil companies are turning their attention here towards optimizing operations and enhancing work coordination, cutting costs and increasing the recovery levels in the sector.
Global Digital Oilfield Market: Key Players
• International Business Machines (IBM)
o Company Overview
o Business Strategy
o Key Product Offerings
o Financial Performance
o Key Performance Indicators
o Risk Analysis
o Recent Development
o Regional Presence
o SWOT Analysis
• Baker Hughes
• Sinopec Oilfield Service
• Honeywell International
• National Oil well Varco
• Kongsberg Gruppen
• Cisco Systems
• Emerson Electric
• General Electric
• Weatherford International
• Rockwell Automation
• Pason Systems
• Dell EMC
• Other Prominent Players
Global Digital Oilfield Market report also contains analysis on:
• Global Digital Oilfield Market Segments:
• By Process
Others (Others includes asset management and maintenance & repair)
• By Application
• By Solution
o Distributed Control System
o Supervisory Control & Data Acquisitions
o Smart Wells
o Safety System
o Wireless Sensors
o Programmable Logic Controller
o Computer Equipment & Application
o Process Automation Manager
o Human-Machine Interaction Instrument
Software & Service Solutions
o IT Outsourcing
o IT servicing & Commissioning
o Collaborative Product Management
Data Storage Solutions
• Global Digital Oilfield Market Dynamics
• Global Digital Oilfield Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints