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Digital Oilfield Market Research Report - Forecast till 2023

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Yash Tiknayat

Market Highlights

 

Digital oilfields encompass a variety of tools, tasks, and disciplines altogether. Advanced software and data analysis procedures used to improve the profitability of oil and gas operations. The main aim of the digital oilfield is to minimize the non-productive time, maximize the oilfield recovery and increase profitability. The digital oilfield includes production optimization, operational efficiency, decision support, collaboration, data integration, the melding of operation with information technology, and the Internet of things. It comprises a combination of network sensors, cloud computing, advanced big data analytics, and artificial intelligence.

 

Based on process, this segment includes Reservoir, Production, and Drilling Optimization. Among them production is estimated to have faster growth and largest market share in the forecast period because the growing demand of oil and gas. Based on solution, this segment includes Hardware, Software and Data Storage. Among these, hardware solution is projected to have faster growth and largest market share during the forecast period. As hardware solution includes smart well, distributed control system, wireless sensors, SCADA (Supervisory Control and Data Acquisition) and others and these are prime components for digital oilfield which are extensively used. Based on application this segment includes offshore and onshore.

 

The global digital oilfield market is projected to grow USD 22.36 billion by 2023 with a CAGR of more than 5.5% in the forecast period.

North America accounts for the largest market share whereas Asia-Pacific is the fastest growing region.

 

Region wise, North America and Western Europe with their mature oilfields are having various number of project which are incorporated with digital oilfield. The main benefit of digital oilfield is wireless networking which provides high speed communication. For instance, In March 2018, BP has awarded a contract to Kongsberg Digital to design, build, install and perform the acceptance of sophisticated digital twin. The Kongsberg Digital model will be connected to Mad Dog 2 facility to create realistic simulation environment which will deliver dynamic decision support for production effciency in Gulf of Mexico region. It has been estimated that Asia-Pacific region will grow at the highest rate during the forecast period.

Scope of the Report

 

This report provides an in-depth analysis of the global digital oilfield market, tracking three market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, and share for North America, Europe, Asia-Pacific and Middle East & Africa. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the digital oilfield market by its process, solution, application and by region.


By Process

  • Reservoir
  • Production
  • Drilling Optimization


By Solution

  • Hardware
  • Software
  • Data Storage


By Application

  • Onshore
  • Offshore

 

By Regions

 

  • North America 
  • Asia-Pacific 
  • Europe
  • Middle East & Africa

 

Key Players

 

The major key player in global digital oilfield market are Schlumberger Limited (US), Weatherford International plc (Switzerland), Halliburton (US), National Oilwell Varco (US), Baker Hughes Incorporated (US), Siemens AG (Germany), Kongsberg Oil & Gas Technologies Inc. (UK), Emerson Electric Co. (US), Rockwell Automation, Inc. (US) and they are highly capable to give finest service in the industry.

View Full Reports: https://www.marketresearchfuture.com/reports/digital-oilfield-market-6784

About Market Research Future:

Market Research Future (MRFR) is an esteemed company with a reputation of serving clients across domains of information technology (IT), healthcare, and chemicals. Our analysts undertake painstaking primary and secondary research to provide a seamless report with a 360 degree perspective. Data is compared against reputed organizations, trustworthy databases, and international surveys for producing impeccable reports backed with graphical and statistical information.

We at MRFR provide syndicated and customized reports to clients as per their liking. Our consulting services are aimed at eliminating business risks and driving the bottomline margins of our clients. The hands-on experience of analysts and capability of performing astute research through interviews, surveys, and polls are a statement of our prowess. We constantly monitor the market for any fluctuations and update our reports on a regular basis.

Contact Us:

Market Research Future

Office No. 524/528, Amanora Chambers

Magarpatta Road, Hadapsar

Pune - 411028

Maharashtra, India

+1 646 845 9312

Email:[email protected]

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