According to the latest report by IMARC Group, titled “Digital Oilfield Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global digital oilfield market size reached US$ 23.1 Billion in 2018. A digital oilfield utilizes a combination of network sensors, cloud computing, artificial intelligence (AI) and advanced big data analytics to maximize oilfield recovery and increase profitability. The workflow combines business process management with advanced digital technologies to automate several tasks and streamline the performance of cross-functional teams. The technology-centric solutions offered by these oilfields use data analysis and software systems, which enable intelligent data filtering, thereby simplifying the overall decision-making process. Its employment enhances operational efficiency, production optimization and data integration in a cost-effective manner.
Global Digital Oilfield Market Trends:
The significantly increasing demand for oil and oil derivatives from various industries is primarily driving the growth of the market. This has resulted in the rising adoption rate of digital oilfields, which is further propelled by the growing trend of digitalization and the escalating need to increase oil production. The need for enhanced safety measures, owing to the hazardous nature of the oil extraction process, is also driving the demand for digital oilfields. Furthermore, growing exploration activities have led to the saturation of numerous oilfields globally. This has enabled the end users to shift toward digital resources for improving oil recovery, thereby positively influencing the market growth. Furthermore, constant technological advancements in sensing, automation, connectivity and data analytics are further providing a boost to the market growth. On account of the aforementioned factors, the market is expected to reach a value of US$ 29.7 Billion by 2024, expanding at a CAGR of around 4% during 2019-2024.
- On the basis of the solution, the market has been hardware solutions [Distributed Control Systems (DCS), Supervisory Control and Data Acquisition (SCADA), smart wells, safety systems and wireless sensors], software solutions [IT outsourcing, software, IT services and commissioning and Collaborative Product Management (CPM)] and others [Data Storage Solutions (Hosted) and Data Storage Solutions (On-Premise)].
- Based on the process, the market has been categorized into production optimization, drilling optimization, reservoir optimization, safety management and others.
- On the basis of the application, the market has been bifurcated into onshore and offshore.
- On the geographical front, the market has been segregated into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America.
- The competitive landscape of the market has also been analyzed, with the detailed profiles of the digital oilfield market competitors. Some of them include Schlumberger Limited, Weatherford International, General Electric Company, Halliburton Energy Services, Inc., Honeywell International, Inc., Siemens AG, Rockwell Automation, Inc., Kongsberg Gruppen ASA, Paradigm Group BV, Pason Systems Corp., Petrolink AS, Accenture PLC, IBM Corporation, EDG, Inc., and OleumTech Corporation.
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