Global Digital Oilfield Market to Reach US$ 43.4 Billion by 2032, Propelled by Growing Trend of Digitalization

March 04, 2020 | Technology & Media

As per the latest report by IMARC Group, titled “Digital Oilfield Market Report by Solution (Hardware Solution, Software Solution, and Others), Process (Production Optimization, Drilling Optimization, Reservoir Optimization, Safety Management, and Others), Application (Onshore, Offshore), and Region 2024-2032,” the global digital oilfield market reached a value of US$ 27.5 Billion in 2023. Digital oilfield is an emerging concept that enhances the operations and workflows of oil and gas exploration through a combination of technologies. Some of these include artificial intelligence (AI), augmented reality (AR), the Internet of Things (IoT), mobile connectivity and the cloud, which enable operators to gather, analyze and interact with production-related information in the field. This helps in obtaining actionable insights in real-time that help in driving calculated business decisions. As a result, digital oilfield technologies effectively maximize productivity, lower operating costs, reduce unscheduled shutdowns of wells and equipment, and minimize the overall risks associated with oil and gas operations.

Global Digital Oilfield Market Trends:

Digital oilfield technologies help in predicting equipment breakdown, tracking workers in the field, supplying them the data they need via various platforms and removing them from hazardous situations. These technologies not only offer improved efficiencies and cost savings but additional benefits in areas such as health, safety and environmental compliance. Apart from this, the top oilfield service providers are entering into partnerships to develop digital technologies for minimizing risks and improving equipment diagnostics. For instance, Schlumberger, the world's leading oilfield service provider, has recently announced a joint venture named Sensia, with Rockwell Automation, to build products for digital oilfield automation. Moreover, the growing number of exploration activities, significant demand for oil and oil derivatives from various sectors and advancements in technology are some of the other factors contributing to market growth. Looking forward, the market value is projected to reach US$ 43.4 Billion by 2032, exhibiting a CAGR of 5.1% during 2024-2032.

Market Summary:

  • Based on the solution, the market has been segmented into hardware, which includes distributed control systems (DCS), supervisory control and data acquisition (SCADA), smart wells, safety systems and wireless sensors; software, including IT outsourcing, software, IT services and commissioning, collaborative product management (CPM); and others, which include hosted and on-premise data storage solutions.
  • On the basis of the process, the market has been segmented into production, drilling and reservoir optimization, safety management and others.
  • The market has been bifurcated based on the application into the onshore and offshore segments.
  • Region-wise, the market has been divided into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America.
  • The competitive landscape of the market has also been examined, with some of the key players being Schlumberger Limited, Weatherford International Plc, General Electric Company, Halliburton Company, Honeywell International, Inc., Siemens AG, Rockwell Automation, Inc., Kongsberg Gruppen ASA, Paradigm Group BV, Pason Systems Inc., Petrolink AS, Accenture Plc, International Business Machines (IBM) Corporation, EDG, Inc. and OleumTech Corporation.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Solution, Process, Application, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered Schlumberger, Weatherford International Plc, General Electric, Halliburton, Honeywell International, Siemens AG, Rockwell Automation, Kongsberg Gruppen ASA, Paradigm Group B.V, Pason Systems, Petrolink AS, Accenture PLC, IBM Corporation, EDG Inc and Oleumtech
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Digital Oilfield Market to Reach US$ 43.4 Billion by 2032, Propelled by Growing Trend of Digitalization
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