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.
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.
By Solution
Hardware Solutions in Digital Oilfield is projected as the most lucrative segment.
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.
By Process
Production Optimization process is projected as the most lucrative segment.
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.
By Application
Offshore Application is projected as the most lucrative segment.
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.
By Region
Asia-Pacific is projected as the most lucrative market.
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
| Aspects | Details |
 By SOLUTION |
|
 By PROCESS |
|
 By APPLICATION |
|
 By Region |
|
 Key Market Players | ABB, WEATHERFORD, ROCKWELL AUTOMATION, Infosys, BAKER HUGHES COMPANY, HALLIBURTON, NOV INC, SCHLUMBERGER, SCHNEIDER ELECTRIC SE, Siemens |
Analyst Review
According to the analyst, the global digital oilfield market is anticipated to witness growth during the forecast period, driven by increased demand from Oil & Gas industries. Oil and gas companies all over the world are planning to increase their investments, especially in digital technologies, in order to double their cost reductions. In addition, digital oilfield solution is used in a variety of end-use applications, like onshore and offshore. These factors are projected to boost the demand for linalool. However, one of the most significant challenges in the digital oilfield sector is the collecting of real-time data and its productive analysis and the use of various analytical tools and their operational ability makes software prone to cyber-attacks as a considerable amount of data is being collected from the field. These factors are restraining the market growth.
The oil & gas sector is through a period of technological advancements in exploration technologies for deep-water exploration & production activities, as well as project commercial viability. This is expected to provide high growth lucrative opportunities for the digital oilfield market during the forecast period
According to the CXOs of leading companies, the spread of COVID-19 led to significant and swift decline in international economic activity. This consequently affected the demand for oil, as well as for services and products such as digital oilfield and solutions and services. These impacted the market negatively. Other effects of the pandemic comprise, adverse net income, and revenue, disruptions to operations, such as delay or cancelling of drilling activities; shutdowns of oil and gas production and exploration activities; reduction of client budgets; and others. This period of extreme economic disruption, low oil prices has reduced demand for digital solutions and services and is expected to continue for a while.
The offshore application segment holds the maximum share of the digital oilfield market
Oil and gas industry players are the potential customers of digital oilfield industry
To get latest version of digital oilfield market report can be obtained on demand from the website.
The rise in trend of digitalization across a variety of industries, including oil & gas, is a major driver for the digital oilfield market.
Key growth strategies included in the digital oilfield market includes new product launches, agreements, and joint ventures and so on.
The top ten market players are selected based on two key attributes - competitive strength and market positioning
Asia-Pacific region will provide more business opportunities for digital oilfield in future
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.
The rise in trend of digitalization across oil & gas industry, surge in demand for offshore oil wells and increased cyber security risks are some of the current trends will influence the digital oilfield market in the next few years.
In terms of revenue, the market size of bunker fuel market is accounted for $27.4 billion in the year 2019 and is anticipated to reach $54.4 billion by 2027, growing at CAGR of 7.2% from 2021 to 2030.
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