Digital Oilfield Market 2019 Opportunities, Future Growth, Trends, Competitive Landscape, Drivers and Challenges Till 2023
Global Digital Oilfield Market Research Report: Information by Process (Reservoir, Production, Drilling Optimization), by Solution (Hardware, Software, Data Storage), and by Application (Onshore and Offshore) and by Region Forecast till 2023
Pune, India – February 27, 2019 /MarketersMedia/ —
Global Digital Oilfield Market Overview
Digital oilfields describe and include a number of activities and tools that are used to essentially improve the profitability of oil & gas production. The use of advanced software and data analysis tools, techniques and services can be used to increase operational efficiency, optimize production, and increase workflow automation to name a few. Digital oilfields are made up of a combination of artificial intelligence, advanced data analytics, cloud computing, and network sensors to help understand and manage equipment both in cases of maintenance and failure. The combination of various advanced technologies is used to keep oil and gas explorations highly profitable. The global digital oilfield market is slated to grow at a CAGR of more than 5.5% during the assessment period. Market Research Future has determined that this will lead the global market toward a value of USD 22.36 bn by the end of 2023.
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Competitive Landscape:
MRFR has closely followed the market expansion activities of key market players present in the global digital oilfield market. Participants included in the report are Baker Hughes Incorporated (US), Emerson Electric Co. (US), Siemens AG (Germany), Schlumberger Limited (US), Halliburton (US), Rockwell Automation, Inc. (US), National Oilwell Varco (US), Weatherford International plc (Switzerland), and Kongsberg Oil & Gas Technologies Inc. (UK).
Industry Highlights:
The presence and adoption of advanced IT and other technologies across numerous industries have also resulted in significant effects on the oil and gas sector. The desire to maintain profitability and increase the productivity of oil & gas exploration activities is a key driver of the adoption of digital oilfield solutions. The various benefits as mentioned above are driving the market with considerable growth over the assessment period. the growing demand for operational efficiency is expected to support market growth over the assessment period. Digital oilfields also help eliminate non-productive time in its ongoing effort to improve operational efficiency. Moreover, they help increase profitability through the development and design of integrated workflows. The high demand for oil & gas products in a number of end-use industries as well as the ongoing prevalence of conventional fuel despite the high demand for electric alternatives has put pressure on oil & gas production as the demand for fuel and other petroleum products appears to be growing rapidly due to rising automotive sales, expanding urbanization, expansion of industrial activities and several others. The rising oil exploration activities are also expected to support market growth as digital oilfield solutions are being used to improve productivity and ultimately the yield.
Notably, the market is restrained by the concerns regarding data security and the threat of cyber thefts. However, service providers in the market are actively working toward securing networks to help expand the market and mitigate problems faced by oil & gas companies.
Digital Oilfield Market Segments Analysis:
The global digital oilfield market has been segmented on the basis of process, solution, application, and region in MRFR’s analysis of the market.
Process has been segmented to include production, reservoir, and drilling optimization. The production segment has the largest share and most significant growth over the forecast period due to the high demand for oil & gas products.
Solution has been segmented into software, hardware, and data storage. Hardware solutions are predicted to have the leading market share as well as rapid growth as these solutions are extensively used to maintain operational efficiency of equipment.
Application of digital oilfields can be found in both offshore and onshore exploration activities. The increase in offshore exploration activities is expected to drive the offshore segment.
Digital Oilfield Regional Market Analysis:
North America due to its massive oil & gas reserves has been projected to be the most significant market in the global digital oilfield market. The region is followed by the APAC which is also expected to grow rapidly due to the high demand for oil & gas in rapidly expanding emerging economies.
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