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Digital Oilfield Market- Competitive Analysis, Opportunity & Forecast, 2027
Global Digital Oilfield Market Size By Process [Reservoir Optimization, Production Optimization, Drilling Optimization, Others], By Service [Information Technology (Hardware, Software, IT Outsourcing Services, Others), Instrumentation & Automation(Smart Wells, Security Systems, Wireless Systems, SCADA, Distributed Control System)], By Application [On-Shore, Off-Shore], By Technology [Advance Analytics, IoT, Cloud Computing, Robotics, Mobility, Others], By Region [North America, Europe, Asia Pacific, Middle East & Africa and Latin America], Forecast & Opportunities, 2020-2027
Market Overview
Global Digital Oilfield Market is expected to grow over USD 40 Billion by 2027 due to increasing demand for optimization of oil and gas operations and the rising technology spending by major oil companies.
Digital oilfield refers to the use of digital technologies in business process to automate the workflow for reducing cost, maximizing productivity and minimizing the overall risks associated with oil and gas companies.
Advancement in digital technology has enabled the oil companies to manage their business process more efficiently in the event of fluctuating oil prices. Major oil companies have started spending in technology to automate their workflow, manage and monitor the operations in real-time irrespective of the location. Deploying advanced digital solutions allows the oil companies to improve their decision making, maximizing production, increasing the recovery, minimizing the downtime and the overall profitability of the operations.
The industry witnesses strategic collaboration and acquisitions with tech giants to support their business operations with their technical expertise. Therefore, the demand for optimizing business operations with technology, robust discovery of new oilfields are driving the global digital oilfield market to grow. Declining production from the existing oilfields is also expected to influence the growth of the market.
Cyber threat, data privacy, high cost of technology and limited availability of skilled workforce are some of the factors hindering the growth of the global digital oilfield market.
Market Segmentation
Global Digital Oilfield Market can be segmented into Process, Service, Application, Technology and Region.
By Process, Global Digital Oilfield Market can be segmented intoReservoir Optimization, Production Optimization, Drilling Optimization, Others. Reservoir optimization holds the largest market share and it is expected to grow significantly during the forecasted period of 2020-27 due to increasing number of matured oil fields along with increasing adoption of enhanced oil recovery techniques.
By Service, Global Digital Oilfield Market can be segmented intoInformation Technology (Hardware, Software, IT Outsourcing Services, Others), Instrumentation & Automation(Smart Wells, Security Systems, Wireless Systems, SCADA, Distributed Control System). The Information Technology segment is expected to grow significantly during the forecasted period of 2020-27 due to increasing deployment of advanced technology by oil companies to enhance the business process.
By Application, Global Digital Oilfield Market can be segmented intoOn-Shore, Off-Shore. The on-shore segment is expected to grow significantly during the forecasted period of 2020-27 due to increasing demand for oil and rapid new oil field discoveries.
By Technology,Global Digital Oilfield Market can be segmented intoAdvance Analytics, IoT, Cloud Computing, Robotics, Mobility, Others. Advance Analytics holds the largest market share and it is expected to grow significantly during the forecasted period of 2020-27 due to huge investments on IT are made by major oil companies.
By Region,Global Digital Oilfield Market can be segmented intoNorth America, Europe, Asia Pacific, Middle East & Africa and Latin America
Regional Analysis
Regionally, Middle East digital oilfield market holds the largest market share due to presence of major oil and gas producing countries like UAE, Kuwait, Iran, Iraq which have large petroleum reserves.
North America and Asia pacific digital oil field market is expected to grow significantly during the forecasted period of 2020-27. Discovery of new shale gas fields and presence of major oil and tech companies in US and the increasing adoption of technology in Asian countries is expected to steer the market to growth.
Competitor Analysis
The key players in global digital oilfield market are National Oilwell Varco, Weatherford, Halliburton, General Electric, Kuwait Oil Company, ABB Limited, Schlumberger Limited,Schneider Electric,Strategic-Outlook, Rockwell Automation, BHGE, Siemens,Emerson, Infosys Limited, Accenture,Intel Corporation.
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