As per the latest report by IMARC Group, titled “Digital Oilfield Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global digital oilfield market size reached US$ 24.3 Billion in 2019. 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$ 30.9 Billion by 2025, expanding at a CAGR of 3.9% during 2020-2025.
- 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.
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