Oil & Gas

Global Digital Oilfield Market

January 19, 2022
ID: SR/OG-08
Format:Pdf
Pages:220

Global Digital Oilfield Market, By Solution (Hardware, Software & Service and Data Storage), By Process (Reservoir Optimization, Drilling Optimization, Process Optimization, Safety Optimization, and Others), By Application (Onshore and Offshore), and By Region (North America, Europe, Asia Pacific, South America, and the Middle East & Africa)-Global Forecast to 2027.

Description

The global digital oilfield market was valued at USD 24.90 billion in 2020 and is expected to reach USD 29.82 billion with a CAGR of 5.04 % during the forecast period, 2021-2027. The fast-growing demand for oil, gas, and other petroleum sources from the developing economies and the increasing effort to mitigate the production cost will positively influence the market. The digital technology gives a wide range of equipment & functions deployed in several upstream, downstream, and midstream phases to enhance the operational efficiency of oil & gas processes. The system is a bunch of hardware, software, and services to deliver quick solutions for analyzing, integrating, and processing data. The development of distant onshore & offshore wells drilling at numerous depth levels and rising efforts to increase monetary returns by the assets has created the adoption of advanced oilfield technology in various regions.

What is a Digital Oilfield?

The term digital oilfield refers to technology-based solutions that have advanced data analysis and software systems to increase oil recovery from the seabed. The software restores the operation of an oil & gas field by using workflows and predictive analysis based on data from wellbores, reservoirs, and surface facilities. This streamlines the decision-making process by taking advantage of intelligently filtered data and cutting-edge technology—oilfield digitalization aids in efficiently deploying both human and machine resources and improves operations’ overall cost-effectiveness.

Furthermore, as many oilfields are saturating, digital techniques are being used to improve oil recovery. End-user industries are embracing advanced technologies such as well testing facilities and reservoir optimization. The industry is also being driven by an increase in exploration operations leading to the discovery of new oilfields. In compression to manually supervised fields and related processes, these technologies provide more efficient plant management with precise and dependable administration.

Growth Drivers

Growing demand for efficient production to increase the global market.

The growing initiatives to combine efficient production techniques and soar the production yields from mature wells in scattered regions will drive industry revenue in the forthcoming years. Digital oilfield techniques are a fundamental part of effective planning, producing, and exploration of oil & gas wells and thereby can substantially gain the production through statistical and analytical tools & software. The rapid expansion in the demand graph of the production gives a positive boost to the market in profit-making. The oilfield market is generally integrated to the oil & gas, where both have their equal part of performing areas.

The adoption of advanced technologies across the oil & gas industry will propel the business scenario.

Increasing E&P activities across the onshore and offshore sectors fueled by ongoing oil price recovery will boost industry growth. The digital oilfield market share is counted on to grow because of the increasing need for new technologies to optimize and manage the oil & gas operations.

The business scenario will complement the business scenario by declining production from conventional wells coupled with a growing inclination toward devising an economic well recovery. In addition. Rising O& G production across deep-sea geographies will require real-time monitoring and automated operation, accelerating the industry outlook.

Opportunities

Upgradation of technology in existing tools and adopting Novel technologies will drive the market in the coming years. Increasing hub on improving the existing equipment and developing more efficient and advanced hardware, software, and services tools is anticipated to make the market. Major players are seeking innovative solutions to optimize capital investments, improve asset tracing, enrich fast data interoperations, and reduce operational risk, accelerating the technology demand and need for advancement in the oilfield.

Restraints

The collection of real-time data and productive surveys is time-consuming, one of the prime restraints for the oilfield market. It is tough to collate large informative data and deliver it as information for wellheads in the market. A suitable experience and money-making, skilled workforce is essential for collecting and analyzing the data. Hence, analytical tools adopted for making and defining the potential of wellheads are time-consuming methods and techniques.

Pre Covid-19 impact on the global Digital Oilfield market

COVID-19 is an incomparable global public health emergency that has affected every industry, and the long-term consequences are imposed to impact the industry growth during the forecast period. Our current research amplifies our research framework to ensure the inclusion of underlying COVID-19 issues and potential paths forward. The insight on COVID-19 considering the changes in consumer behavior and demand, purchasing patterns, re-routing of the supply chain, dynamics of present market forces, and the significant interventions of government. As the world grapples with its greatest health pandemic, the economic and social disruption has affected millions of enterprises. The profit has gone down in the year 2020 and may resume an uptrend gradually from 2021.

Covid-19 impact on the global Digital Oilfield market

The continuous COVID-19 pandemic has hit every industry hard, yet the industry has endured the greatest shot in the oil & gas industry. The extend of this virus has constrained many oil & gas companies globally to either stop or hinder their physical activities, which has affected production in both upstream and downstream operations. The oil & gas industry was already facing trouble with the demand and supply imbalance before the novel coronavirus emergency.

As the pandemic has forced industries to slow or stop physical operations, there is a great effect on production in the upstream part. In the meantime, the downstream operations are upgrading their framework and pushing to work even more deftly.

Post Covid-19 impact on the global Digital Oilfield market

Pharmaceutical and biotech companies, together with governments across the globe, are working to know the COVID-19 outbreak, from keeping up the development of vaccines to the roadmap for medicine supply chain challenges. At present, around 115 vaccine candidates and 155 molecules are in the R&D pipeline. Moreover, generally used drugs such as Hydroxychloroquine have witnessed a massive surge in demand for the management of COVID-19. Such high demand for these drugs has come up with a huge opportunity for manufacturers of COVID-19 management drugs, as so many developed countries are short. Due to the high preference for vaccine and treatment drugs for COVID-19, the pharmaceutical and biotechnology industry is expected to grow smoothly in the future. Considering these factors, COVID-19 is expected to have a significant impact on the digital oilfield market.

By solution Segmental Analysis

The digital oilfield market is divided into hardware, software & services, and data storage based on the solution. The hardware solution segment is projected to lead the digital oilfield market during the forecast period. The hardware solutions segment has distributed control systems (DCS), supervisory control and data acquisition (SCADD), smart wells, safety system, wireless sensors, programmable logic controller (PLC), computer equipment and hardware, process automation manager, which is answerable for the surveillance and communication data transfer in both onshore and offshore fields.

By process Segmental Analysis

The market is segmented into reservoir, drilling, process, and safety optimization based on the process. The production optimization segment held the largest share of the digital oilfield market by the process in 2020. The extension of the production optimization segment is taken by the need to modify the production productivity. The use of digital oilfields has become an important tool for operators to sustain their business margins. Companies leverage advanced simulation and analytic tools to derive their production allocation through well-gathering network and process conditions in their surface facilities.

By Application Type Segmental Analysis

The onshore segment held the largest share of the digital oilfield market; by application in 2020 increasing number of onshore oil & gas and mature fields is expected to drive the market. The onshore environments in regions such as North America and Europe have witnessed a technology-driven revolution, which focuses on efficiency enhancements, reduction in nonproductive drilling activity time, and improvements in health, safety and environment (HSE) aspects during drilling. The increasing production activities and reduction in nonproductive time are expected to drive the market for the onshore segment at the highest rate during the forecast period.

Region Segmental Analysis

The global digital oilfield market is characterized by North America, Asia Pacific, Europe, Middle. East, & Africa, South America. Europe has the largest share in the global digital oilfield market. Europe is the leading region for offshore activities as the oil operator and oil-filled services (OFS) providers and targeting the new fields and reverse from the UK and Norwegian continental shelf.

Competitor Analysis

Companies including Halliburton, Schlumberger, Baker Hughes, Weatherford International, NOV, ABB (Switzerland), Emerson (US), Rockwell Automation (US), Siemens (Germany), Honeywell International (US), CGG (France), Kongsberg (Norway), and Digi International (US) and others are the prominent key players in the global digital oilfield market.

Key Stakeholders

Local governments
Regulatory bodies
Suppliers
Retailers
Market research and consulting firms

Recent Developments

In November 2020, Schlumberger found MagniSphere, a high-definition NMR logging-while-drilling service. The new service delivers accurate, real-time producibility surveys for optimum well placement, resulting in improved production and improvement in complex reservoirs.
In October 2020, Weatherford international emphasized ForeSite Sense, a compressive reservoir monitoring solution showing real-time and critical downhole data showing the profit from pressure, temperature, and flow.
In February 2020, Halliburton launched SPIDRlive, a self-powered computerized data retriever, an unconventional well testing and fracture-to-know monitoring technology that acquires real-time well data without the need for involvement to reduce costs and improve facture understanding for greater recovery.
In June 2019, Baker Hughes and C3.ai had planned to initiate a joint venture to provide digital transformation technologies. The JV agreement is set to amalgamate C3.ai’s artificial intelligence solutions & software with the skilled expertise of Baker Hughes and a long-standing oil & gas portfolio.

Scope of the Report

Report Attribute	Details
Market Size Value in 2020	USD 24.90 Billion
The revenue forecast in 2027	USD 29.82 Billion
Growth Rate	CAGR of 5.04 % from 2020 to 2027.
Historical data	2017-2019
Forecast period	2021 – 2027
Region covered	America, Europe, Asia-Pacific, South America, and Middle East & Africa
Key companies Profiled	Halliburton, Schlumberger, Baker Hughes, Weatherford International, NOV, ABB, (Switzerland), Emerson (US), Rockwell Automation (US), Siemens (Germany), Honeywell International (US), CGG (France), Kongsberg (Norway), and Digi International (US) and others.

Market Modelling

By Solution

Hardware
Software & Services
Data Storage

By Process Type

Reservoir Optimization
Drilling Optimization
Process Optimization
Safety Optimization

By Application

Onshore
Offshore

By Region

North America
Europe
Asia Pacific
South America
Middle East & Africa

Table Of Contents

Methodology

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Frequently Asked Questions (FAQ):

What is a digital oilfield?

A digital oilfield is also known as an oil field heater. It is a common form of convection heater used in domestic heating.

What is the growth rate of the digital oilfield market?

The digital oilfield market was valued at USD 24.90 Billion in 2020 and is projected to reach USD 29.82 Billion by 2027, growing at a CAGR of 5.04 % during the forecast period, 2019-2027.

What are the driving factors for the global digital oilfield market?

The key drivers of the digital oilfield market include new technological advancement in the oil & gas industry, increased return in the oil & gas industry are the main key driving factors of the digital oilfield market.

Which region is expected to have the largest share in the global digital oilfield market?

Europe region is expected to dominate the global digital oilfield market.

Who are the major players in the global digital oilfield market?

Companies including Halliburton, Schlumberger, Baker Hughes, Weatherford International, NOV, ABB (Switzerland), Emerson (US), Rockwell Automation (US), Siemens (Germany), Honeywell International (US), CGG (France), Kongsberg (Norway), and Digi International (US) and others. are the prominent key players in the global digital oilfield market.

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