Smart oilfield includes the utilization of hardware, advanced, and information analysis strategies to expand the E&P operations of oil & gas. During ever-developing energy demand, smart oilfields encourage to amplify oilfield recuperation by diminishing downtime. Technological progressions are expected to shape the future of oil & gas companies with consolidating advanced innovations.
COVID-19 scenario analysis:
- The economic effect of COVID-19 has negatively impacted the oil business.
- The oil business is impacted by lower prices of oil, resulting in downfall in profits for investors of the oil sector. This factor is consequently reducing the adoption of technology in the oil & gas sector.
- The reduction in oil business is due to decreased demand from numerous sectors such as petrochemical, chemical industries, and others.
- The Middle East is one of the negatively impacted regions, owing to downfall in the oil sector.
- The profits earned by the oil companies have been hindered, owing to decreased demand from end-use industries of oil, which might result in delayed oil project developments, investment in technology, and others.
Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis
Technological advancements can help players operating in the oil sector to gain constant information on process execution, including upstream, midstream, and downstream procedures. With the assistance of this information, oil organizations can create geophysical translation systems, comprehend seismic reviews better, and create competitive knowledge data to help dynamic procedures.
Coordinating seismic review information with unstructured data causes such ventures to upgrade their dynamic capacity. As smart oilfields encourage the utilization of enormous information arrangements, their interest is anticipated to increment altogether in the following few years.
Rise in penetration of technology in the oil sector has created a way for the deployment of smart oilfields. Key participants operating in the oil business are trying to deploy smart oil fields and maximize oilfield recovery, decrease downtime, and consequently increase profitability through integrated workflows. Technological advanced oil fields enable oil companies to redevelop existing oil fields and enhance oil well management. These factors are anticipated to propel the smart oilfield market.
Expansion of the market
Oil & gas organizations have been investing in advanced technologies over the last few years. Smart oilfield innovations help major players operating in the oil business to gain profit from the oil business. The change to smart oilfield may require an enormous initial investment but it might decrease the production cost.
Expanding utilization of remote innovation in smart oilfield might raise concerns about security, digital interruption, and dependability.
The expanding production from unconventional oil & gas reserves, for example, shale arrangement is expected to add to the development of the market. In addition, the developing energy demands to maximize production from existing wells are expanding. Deepwater analysis exercises are the major elements that drive the U.S. smart oilfield market.
Based on application, offshore application is expected to witness considerable growth rate. This is attributed to increased offshore oil & gas projects across the world. Offshore projects are increasing considerably in the U.S., China, Brazil, Japan, and other countries.
Key benefits of the report:
- This study presents the analytical depiction of the smart oilfield market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the smart oilfield market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the smart oilfield market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed analysis based on competitive intensity and how the competition will take shape in coming years.
Smart Oilfield Market Report Highlights
By Technology & Services
Key Market Players
Siemens, Weatherford, Accenture, Petrolink, Pason Systems Corp., Halliburton, China National Petroleum Company, Redline Communications, Honeywell International Inc., Schlumberger Limited, Baker Hughes Company, Rockwell Automation, Inc., Konsberg, Shell, MicroSeismic, Inc., National Oilwell Varco