Digital Oilfield Market Expected to Expand at a Steady CAGR through 2025
Digital oilfield means the automation of upstream, midstream, and downstream oilfield activities. It is a part of the energy industry that has incorporated advanced software and data analysis techniques into its operations in order to provide better outputs and improve the profitability of the production process. Digital oilfield offers advantages such as improved safety, optimized production rate of hydrocarbons, environmental protection, and ease in finding reserves and exploiting them to the fullest. In business terms, digitization of oilfields is the deployment of resources (man and machine) to bring cost-effective and efficient results.
Global digital Oilfield Market: Overview
Digital oilfield includes use of advanced software and data analysis techniques to improve the profitability of oil & gas production operations. Application of digital oilfield includes improvement of operational efficiency, production optimization, decision support, data integration, and workflow automation. Components of digital oilfield such as Big Data and cloud are in high demand in the oil & gas industry. Big data can help companies develop the digital oilfield. Integrated operations connect operational technology (OT) with information technology (IT) to improve decision making as well as increase operational and business performance. The oil & gas industry can reach a new level of business improvement by adding empirical analytics to existing physics-based analytics. Moreover, oil & gas companies are facing significant pressure on both their CAPEX and OPEX spending. They are also aware of the advantages of cloud. Investment in Big Data and analytics is expected to increase in the oil & gas industry over the next few years. Thus, high adoption of digital oilfield services by companies in the oil & gas industry is expected to drive the digital oilfield market during the forecast period.
Global Digital Oilfield Market: Market Trends and Development
Digital oilfield encompasses a wide range of innovations such as fleet management and predictive maintenance. These advancements are largely a result of enabling technologies such as low-cost sensors, Big Data analytics, and cloud computing. Digital oilfield technologies have been under development for well over a decade. Early adopters of these technologies are already reaping their benefits. The technologies offer advantages such as improvements in efficiency and feasibility of oil & gas operations, health and safety benefits, and increased compliance with environmental regulations. Development are considered in digital oilfield are increasing awareness, identifying champions, encourage collaboration, expand the conversation etc.
Global Digital Oilfield Market: Regional Outlook
In terms of region, the digital oilfield market can be segmented into Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Europe is expected to be a prominent region of the digital oilfield market during the forecast period. The region has several mature fields in the North Sea that demand increased use of technological prowess to produce oil. This is expected to boost demand for digital oilfield market such as well intervention and enhanced oil recovery (EOR) techniques. Countries with high research and development activities in the digital oilfield market include China, the U.S., the U.K., Russia, Japan, Australia, France, Canada, and Germany. China and India are anticipated to account for a significant proportion of the global energy demand in the coming years.
Global Digital Oilfield market: Key Players
Some prominent players operating in the global digital oilfield market are Schlumberger, Halliburton, Baker Hughes, Sinopec Oilfield Service, Honeywell International, Siemens, National Oil well Varco, ABB, Kongsberg Gruppen, Cisco Systems, Emerson Electric, General Electric, Weatherford International, Rockwell Automation, Pason Systems, International Business Machines (IBM), Accenture, Wipro, and Dell EMC among others.