Digital Oilfield Market

Digital Oil field Market Outlook - 2030

The global digital oilfield market size was valued at $ 27.4 billion in 2020, and is projected to reach $ 54.4 billion by 2030, growing at a CAGR of 7.2% from 2021 to 2030. The term digital oilfield refers to technology-based solutions that include advanced data analysis and software systems to improve oil recovery from the seabed. The software simulates the operation of an oil & gas field by employing workflows and predictive analysis based on data from wellbores, reservoirs, and surface facilities. This streamlines the decision-making process by utilizing intelligently filtered data and cutting-edge technology. Oilfield digitalization aids in the efficient deployment of both human and machine resources, as well as improving the overall cost-effectiveness of operations. It increases hydrocarbon production rate optimization, overall safety, and environmental protection and eliminates wastage of resources.

Due to COVID-19 induced social and economic lockdown on the manufacturing and other sector, the demand for petroleum products plummeted. This had negatively impacted the oil & gas industry globally, thus temporarily decreasing the demand of digital oilfield market in 2020.

The rise in trend of digitalization across a variety of industries, including oil & gas, is a major driver for the digital oilfields market. The surge in demand for oil and oil derivatives across numerous industries, combined with the oil & gas industry's potentially dangerous working environment, has increased the demand for digital oilfields significantly. Furthermore, as many oilfields are saturating, digital techniques are being used to improve oil recovery. End-user industries are embracing advanced technologies such as well testing facilities and reservoir optimization. The industry is also being driven by an increase in exploration operations that are leading to the discovery of new oilfields. Moreover, the market is expected to improve owing to the increased use of real-time monitoring of operations to eliminate non-productive functions and losses. In comparison to manually supervised fields and related processes, these technologies provide for more efficient plant management with precise and dependable administration. Other factors such as wireless technology advances, data analysis and gathering services, and increased expenditure in offshore oil exploration activities are likely to boost the market growth. These are some of the digital oilfield market trends observed globally.

The digital oilfield market is segmented on the basis of solution, process, application, and region. By solution, the market is classified into hardware, software & service, and data storage. By process, the market is categorized into reservoir optimization, drilling optimization, process optimization, safety management, and others. Applications covered in the report are onshore and offshore. The report further outlines the details about the revenue generated through the sale of digital oilfield across North America, Europe, Asia-Pacific, and LAMEA. 

Major players operating in the global digital oilfield industry include Schlumberger, Halliburton, Rockwell Automation, National oil Varco, ABB, Siemens, Schneider, Baker Hugh, Weatherford international and Infosys.

Digital oilfield Market, by Solution

The hardware solution segment is expected to grow at a 6.9% rate of CAGR during the forecast period, while software & service segment is the fastest growing segment, rise in around 8.2% CAGR during the forecast period.

Digital oilfield Market, by Process

The production optimization segment accounted for the largest share i.e. 20% followed by safety management segments. The production optimization segment is the fastest growing segment, growing around 7.8% CAGR during the forecast period.

Digital oilfield Market, by Application

The offshore segment accounted for the largest share, i.e. 81% and is the fastest growing segment, growing at around 7.7% CAGR during the forecast period.

Digital oilfield Market, by Region

Asia-Pacific contributed around 37% market share in 2020 and is projected to grow at CAGR of 8.4% during the forecast period.

Key Benefits For Stakeholders

• The report provides in-depth analysis of the global digital oilfield market along with the current trends and future estimations. 
• This report highlights the key drivers, opportunities, and restraints of the market along with the impact analysis during the forecast period.
• Porter’s five forces analysis helps to analyze the potential of the buyers & suppliers and the competitive scenario of the global digital oilfield market for strategy building.
• A comprehensive market analysis covers the factors that drive and restrain the global digital oilfield market growth.
• The qualitative data about market dynamics, trends, and developments is provided in the report.

Impact Of Covid-19 On The Global Digital Oilfield Market 

• The COVID-19 has hindered the oil demand which has correspondingly hindered the demand for digital oilfield solutions
• The spread of COVID-19 in numerous countries halted the industrial activities.
• This resulted into oversupply scenario in oil industry. 
• This consequently resulted into decreased demand for drilling activities. 
• The decrease in drilling activities resulted in decreased demand for drilling optimization solutions

Key Market Segments

By Solution

• Hardware
• Software & Service 
• Data storage

By Process

• Reservoir optimization
• Drilling optimization
• Process Optimization
• Safety management
• Others

By Application

• Onshore
• Offshore

By Region

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • Russia
  • Norway
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia-Pacific
• LAMEA
  • Mexico
  • Brazil
  • Saudi Arabia
  • Rest of LAMEA

 Digital Oilfield Market Report Highlights