USD 35.25 billion
Report ID:
SQMIG10D2030 |
Region:
Global |
Published Date: April, 2024
Pages:
178
|
Tables:
90 |
Figures:
78
Global digital oilfield market size was valued at USD 35.25 billion in 2022 and is poised to grow from USD 36.98 billion in 2023 to USD 54.22 billion by 2031, at a CAGR of 4.90% during the forecast period (2024-2031).
The protection of sensitive data and the lowering of potential cyber threats have become issues as a result of the integration of smart technology and digitization. The demand for digitalization in oilfields is being driven by an increasing portion of unconventional oil and gas deposits and falling production from existing wells. Digital oilfield technologies also offer remote monitoring and automated operations from a central location, lowering the overall operational cost. Becoming increasingly widespread across areas such as hardware, software, and services there is a clear tendency for the use of IoT sensors, advanced analytics, and automation technologies to initiate real-time monitoring, to allow data-driven decisions to be made, and to achieve beyond-performance asset growth. The production enhancement factor for the oil and gas industry is highlighted which involves oil and gas firms investing in digital devices to maximize the recovery of hydrocarbon deposits, reduce downtime, and enhance operations.
Furthermore, reservoir optimisation and drilling optimization segments are driving through with higher growth rates due to the cause of attaining optimised operations of reservoirs, cost-effective drilling and safety from drilling disasters. North America takes the lead when it comes to geographical market domination, spurred by immense investments in shale exploration and production. While Asia Pacific and Middle East & Africa raise eyebrows as market with a lot of potential because of the huge energy demand and the influx of offshore activities. With the adoption of digital transfiguration taking over the industry, utilizing the innovated digital oilfield solutions is the only way of maintaining the market leadership among the associated oil marketing firms in the competitive and unstable energy landscape.
US Digital Oilfield Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 35.25 billion
Largest Segment
Onshore
Fastest Growth
Offshore
Growth Rate
4.90% CAGR
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Global Digital Oilfield Market is segmented based on component, application, process, and region. By component, the market is segmented into hardware, software and services. By application, the market is segmented into onshore and offshore. By process, the market is segmented into production optimization, drilling optimization, reservoir optimization, safety management and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Global Digital Oilfield Market Analysis by Component
In terms of component, the software segment emerged as the largest segment within the global digital oilfield market. Its dominance is due to the ability of software to manage, analyze, visualize and simulate data which is the cornerstone of digital oilfield control. Oil and gas corporations heavily count on modern software technologies smartly interpreting oilfield operations big data with the help of AI-Nowcasting and Machine learning algorithms, making smart business decisions and improving efficiency.
The services segment is the fastest-growing segment in the global digital oilfield market. This accelerated growth phenomenon is spurred by the growing demand for domain specific consulting services, implementation, maintenance, and support services that are utilized by companies to roll out and utilize the digital oilfield technologies. With the aim of incorporating more complex digital solutions into their service operations, companies have been experiencing a huge demand for consultation services, oversight, technical expertise and after support to enable smooth roll out and to achieve the maximum value from the operations. Ultimately, the oil and gas industry are experiencing rapid enlargement of the service segment as companies realize that comprehensive infrastructure may be the deciding factor in successfully transforming the organizations to fully digital course.
Global Digital Oilfield Market Analysis by Application
The onshore segment has emerged as the largest segment by application of the digital oilfield industry. Typically, this dominance is based on the widespread existence of onshore oil and gas fields across the globe, and the growing tendency of far-sighted operators to maintain mature assets for the sake of the overall field production in a waning period. Onshore operations have first advantage due to less access constraints and operating costs, and good infrastructure that already in place compared to offshore counterparts. As a result of this, the offshore sector which holds a substantial and multiply companies technologies share of the digital oilfield market, finally integrate advanced technologies to optimize operations and the maximum possible production in the offshore oil and gas fields.
On the other hand, offshore segment emerges as the fastest growing segment within the global digital oilfield market. It proves to be the most rapidly increasing, or fastest-growing, segment among the digital oilfield market. Despite the obstacles derived from offshore positions, adverse weather conditions and complicated logistics, the exploration and production of offshore oil and/or gas keeping growing constantly due to sound investments in the exploration and virtualization of such kind of resources. Resolutions of difficulties in digital sphere which appear with the help of digital technologies are encompassed by the remote monitoring, predictive maintenance and real-time data processing.
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In 2023, North America has emerged as the largest region, with the US accounting for most of the region's revenue. Major digital oilfield technology service providers like Halliburton, Schlumberger, and Rockwell Automation are present in the region, which is primarily responsible for its growth. Companies are spending money on research and development, which makes it simple to get digital solutions for oilfields. A higher level of output results in increased digitization throughout the upstream industry, including automated drilling, wellhead automation, advanced analytics on production data, and predictive maintenance, among other things.
Europe has emerged as the regions with the fastest growth rate; it is anticipated to experience a CAGR of 5.1% during the projection period. The expansion of the local market is anticipated to be aided by an increasing number of new development projects in North Sea areas, such as the Mariner Heavy Oil Field, Johan Sverdrup Field, and Johan Cast Berg Field.
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Digital Oilfield Market Drivers
Penetration of Digitalization to Bolster Market Growth
Digital Oilfield Market Restraints
Cyber Security concerns to Hinder Market Growth
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Details are provided by competitors in the competitive landscape of the worldwide digital oilfield market. Included information includes an overview of the business, financials, revenue, market potential, investments in R&D, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launches, application dominance. The information above only refers to the companies' focus on the worldwide digital oilfield market.
Digital Oilfield Market Top Player’s Company Profiles
Schlumberger Limited
Halliburton Company
Baker Hughes Company
Weatherford International plc
Siemens AG
National Oilwell Varco, Inc.
General Electric Company
Honeywell International Inc.
IBM Corporation
ABB Ltd.
Emerson Electric Co.
Rockwell Automation, Inc.
Kongsberg Gruppen ASA
CGG
Pason Systems Inc.
Sinopec Oilfield Service Corporation
Accenture plc
Schlumberger New Energy
Cisco Systems, Inc.
Huawei Technologies Co., Ltd.
Digital Oilfield Market Recent Developments
In January 2023, Baker Hughes unveiled new digital solutions for more intelligent operations and cleaner energy. The result of detailed research conducted with oil and gas, heavy industry and broader industrial customers and partners, the solutions focus on improving efficiency and performance while reducing emissions, helping to drive the long-term sustainability of customer operations.
In June 2022, mCloud Technologies Corp. announced first upstream digital oilfield solutions in the United States and launched new connected worker online store. mCloud's AssetCare Digital Oilfield is the industry's only complete, end-to-end, digital upstream oil and gas solution.
Integration of Advanced Technologies:
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global digital oilfield market is witnessing robust growth, driven by the need for increased efficiency, production optimization, and improved safety in the oil and gas industry. The integration of advanced technologies and the focus on data-driven decision-making are reshaping operational practices and paving the way for a more sustainable and digitally enabled future in the oil and gas sector. The digital oilfield market has been expanding rapidly in recent years and is expected to continue its growth trajectory. Factors such as the need for efficient extraction from maturing oilfields, advancements in digital technologies, and the rising focus on data-driven decision-making are contributing to market expansion.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 35.25 billion |
Market size value in 2031 | USD 54.22 billion |
Growth Rate | 4.90% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Digital Oilfield Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Digital Oilfield Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Digital Oilfield Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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Product ID: SQMIG10D2030