Allied Market Research
Loading...
0

Digital Oilfield Market Expected to Reach $54.4 billion by 2030

 

Report Code : A01298

quote The digital oilfield market is directly depended on the oil industry. If the revenue of oil sector gets affected then it has direct impact on the digital oilfield market. Furthermore, the increased deployment of renewable energy is hindering the demand for oil which might consequently hamper the demand for digital oilfield solutions in the coming years. quote

Eswara Prasad
Manager, Energy & Power at Allied Market Research

Get 20% Free Customization In This Report
Follow us on Social Media:       
 

According to a new report published by Allied Market Research titled, Digital Oilfield Market by solution, by process, by application: Global Opportunity Analysis and Industry Forecast, 2021–2030,” The 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 digital oilfield is digital transformation for the oil sector. Utilizing a combination of emerging technologies such as internet of things (IoT), artificial intelligence (AI), mobile connectivity, augmented reality, cloud computing the digital oilfield promises to helps oil industry to analyze, gather, and make quick decisions.

The factors contributing toward the market growth are intense competition in oil sector and advantages of digital oil filed. Because of the intense competition the oil majors are investing heavily in the digital oilfield.

Integrating the advance digital technology with innovative processes eases the operation. The digital oilfield has the capability to improve output, and manage the operational costs and reduce the unplanned shutdowns of equipment and wells. In addition, oil companies can use data from all parts their value chains captured by the operators, internet of things (IoT), and engineers. However, the growth of renewable energy industry is hindering the oil industry which is negatively impacting the demand for digital oilfield services. This is consequently hindering the growth of the digital oilfield market      . The renewable energy market is expected to grow at a CAGR of 8.4%. In addition, the high initial cost of digital solutions for oilfield also hinders the digital oilfield market growth.

On the basis of solution, the hardware solutions segment garnered 46.6% in terms of revenue and expected to grow at CAGR of 6.9% during the forecast period. This is attributed to increased adoption of digital solutions in oilfield. As implementing digital solutions in the oilfield required intelligent hardware.

On the basis of process, the production optimization segment garnered 20.8% in terms of revenue and is anticipated to grow at a CAGR of 7.8% during the forecast period. Advantages of production optimization to the oil & gas industry is one of the major growth factors for production optimization. The advantages of production optimization are increasing or decreasing target production of gas and oil across multiple locations, decreasing the production cost.  

On the basis of application, the offshore segment garnered 81.3% in terms of revenue and expected to grow at a CAGR of 7.7% during the forecast period. Rising deep water drilling and production activities is driving the market growth.

On the basis of region, the Asia-Pacific region garnered 37.2% share in terms of revenue and anticipated to grow at a CAGR of 8.4% during the forecast period. China has strong presence in South China Sea. Chinese oil & gas companies have come across with gas fields with reserves of around 300 billion tons along with oil fields reserves of around 200 million tons of oil.

The digital oilfield market is segmented into solution, process, application, and region. On the basis of solution, the digital oilfield market is fragmented into hardware solutions, software and service solutions, and data storage solutions. By process, the market is analyzed cross reservoir optimization, drilling optimization, production optimization, safety management, and others. On the basis of application, the market is divided into onshore and offshore. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The digital oilfield market share is analyzed across all significant regions and countries and segments.

The digital oilfield market analysis covers in-depth information of the major industry participants. Some of the major players in the digital oilfield industry include Schlumberger, Halliburton, National Oil Varco, ABB, Schneider, Baker Hughes, Weatherford international, Infosys, and Siemens.

Key findings of the study

  • The report outlines the current digital oilfield market trends and future scenario of the market from 2021 to 2030 to understand the prevailing opportunities and potential investment pockets.
  • The digital oilfields market size is provided in terms of revenue.
  • On the basis of process, safety management segment garnered market share of 18.2% in 2020 in terms of revenue.
  • On the basis of application, the onshore segment gained 18% share in 2020 in terms of revenue.
  • On the basis of region, the Asia-Pacific region garnered market share of more than 37% in 2020 in terms of revenue.

Impact of COVID-19 on the 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.

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com

 

For Media Inquiries, Please Contact

Tushar Nagose
Communications Officer
Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com

 
 

First time buyer?
Check offers and discount on this report
To get this report

 
Click Here
 
 

quote Digital Oilfield Market by Solution (Hardware, Software & Service and Data Storage), Process (Reservoir Optimization, Drilling Optimization, Process Optimization, Safety Optimization, and Others), and Application (Onshore and Offshore): Global Opportunity Analysis and Industry Forecast, 2021–2030 quote

View Report
 
 
Avenue Video Loading...

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 4,045 niche industries and company profiles on more than 12,953 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.

 
 

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

Targeted Market View

Targeted market view to provide pertinent information and save time of readers

 

Featured Readings

 
rep-img

Published Date Jan 2021

Surgical Equipment Market

Download Sample
rep-img

Published Date Nov 2020

Medical Implant Market

Download Sample
 

Get Fresh content delivered

Get insights on topics that matter to your business. Stay updated on the area that interests you.

 
Get Industry Data Alerts
 

Buy Full Version
"Digital Oilfield Market"
Purchase Enquiry