The global digital oilfield market was valued at USD 29.29 billion in 2022 and it is projected to hit USD 57.89 billion by 2032 with a compound annual growth rate (CAGR) of 7.1% from 2023 to 2032.
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An increasing demand for petroleum products in the developing economies has given rise to this concept. Due to the pandemic, there have been delays in the development of this market. Due to restrictions on transportation of industrial or commercial products, the market suffered. The supply chain of the oil and gas industry has also suffered.
The usage of digital intelligence in this industry is able to make intelligent decisions in order to make effective measurements and analysis of the field. The use of digital intelligence has made decision making easy in this industry. In order to meet the demands of the products an efficient production with cost effective measures is needed. The operational risk is reduced to a great extent due to this platform. It ensures better safety of the workers. The use of technology in the oilfield market helps in improving the decision making process and improves the operational performance of industry. In order to save the costs on all the operations in oil and gas industry the industries are celebrating their investment in digital technology. Digital oilfield technology will provide success for the field operators as well as the engineers in the long run. The setup for the project should be robust. The producers of oil and gas are looking for opportunities into deep water. The problem solving has become faster with teamwork and collaboration through digital oilfield market.
The digital oilfield techniques are serving as an integral part of planning, production and exploration of this industry, which is helping in substantially increasing the output through analytical and statistical tools. The industry is working on upgrading the existing tools to make it more efficient. Advanced tools of software and hardware shall shape the market. In order to access the complex or normal reservoirs of oil with higher accuracy the technology, called reservoir optimization technique is used and it shall grow in the future. The onshore oil fields shall dominate the market size as it is more accessible with larger capacity of reservoirs of conventional and unconventional resource. The digital oilfield technology shall boom on the offshore markets as there are complex procedures to be followed that involve a lot of risks for the production and completion of the project. The performance and management of the gas and oil platforms has advanced due to the wireless technology, collection platforms and data analysis mobility. Just like the offshore wind market, growing investments on the offshore oil market will pace the technology demand. Due to cloud computing. The industry has seen the usage of sensors and big data analytics analytics, which helps in the Oilfield procedures. And market players of the digital oilfield market include Accenture, General Electric, Intel, Emerson, Honeywell, Cisco repro, Redline and Infosys etc.
Report Scope of the Digital Oilfield Market
|Market Size by 2023||USD 57.89 Billion|
|Market Size by 2032||USD 57.89 Billion|
|Growth Rate from 2023 to 2032||
CAGR of 7.1%
|Largest Market||Asia Pacific|
|Fastest Growing Market||North America|
|Forecast Period||2023 to 2032|
|Segments Covered||Process, Solution, Application, Geography|
|Companies Mentioned||Schlumberger, Halliburton, Weatherford International, ABB, Emerson, CGG, Siemens, Rockwell Automation, Kongsberg|
The reservoir production segment is estimated to grow faster and have more. Large market shares in the forecast period because there is an increasing demand of oil and gas. It involves modeling measurement and analysts and various functions of reservoirs productivity. The technique helps in understanding what is the maximum amount of fluid flow that can be extracted from a reservoir.
That helps in identifying the hydrocarbon resources and monitoring daily feud pressure metrics. There are many other factors and activities. That caused a large impact on the oil and gas production segment. Softwares are designed in order to understand the data generated during the activities related to Oil extraction, which could be exploration, drilling, the production cycles and also to understand the opportunities for product optimization. The engineers are able to understand what the amount of oil that can be extracted is. They can also understand. The appropriate preparation locations for all the processes based in reservoir production requires softwares that are designed for that function. The engineers are able to gain a clearer picture of all the factors that affect the production, depend on the evolving geospatial data and changing reservoir conditions. The 3D visualizing technique helps in understanding the subsurface geology of a particular area.
The hardware solution is expected to show fastest growth and have a largest market share during the forecasted. The hardware solution includes the wireless sensors, supervisory control and data acquisition, distributed control system as smart wells. These are all the important components. Of the new technology, digital oilfield, which are used widely across the globe. The hardware technology also involves safety systems and programmable logic controller. In order to reduce the non productive time the market for the hardware solutions is increasing day by day. Europe shall have the largest market share of the digital oil market. After the European countries, North America is going to dominate the market size due to growing need for reducing the human intervention, and also since there is a demand for big data management. In order to use distributed control systems, the automated solutions are also increasing in the segment. Besides all these, the various gas and oil companies are working on unique products to automate the entire process without harming the environment. The innovations in the digital oilfield market are likely to propel the growth in this segment in the years to come.
A food tech company beyond oil which is based in Israel, launched its new blockchain in the year 2022, which is named as solar Oil project, which is going to help in recycling the abandoned wells for extracting the oil and eliminating the ecological hazard. One of the largest national oil companies in China, China National Offshore Oil Corp, Started the functioning of Qinhuangdao 32 -6 smart oilfield. The technology used is Big data, artificial intelligence, cloud computing and IoT. The European nations are set to hold the largest market share in the digital oilfield segment, followed by North America. In order to reduce the human intervention, these countries are rapidly creating innovations in order to improve the efficiency. In order to better serve the oil and gas industries, various nations across the world are focusing on innovations and developments in this field.
Further development and transportation of oil and gas, various softwares and hardwares are developed. Osprey data, which is headquartered in US, is oil and natural gas Company, which introduced state of the art platform that can be used on mobile devices, Ease of access to various technicians working in this field. In order to develop a virtual representation of a deep water gas field, the Ormane Lange a digital twin solution was developed by a British multinational oil and gas company, Norske Shell.
Key Market Developments
Weatherford International PLC. Announced on December 2021 that it was awarded a three year digital oilfield contract from the Kuwait Oil Company. Petrofac has announced they have that they have received extension in their contract with Neo Energy on January 2022. It will be operational for 27 wells across the various regions in the United Kingdom.
Key Market Players
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