Global digital oilfield market segmented based on solutions was dominated by hardware segment and accounted for nearly 40%. North America is expected to be the fastest growing region during the forecast period.
Dallas, United States - October 25, 2020 /MarketersMedia/ —
The global digital oilfield market has been segmented based on solutions, processes, application, and region. Based on solutions, the global digital oilfield market is categorized into hardware, software and services, and data storage. On the basis of processes, the global digital oilfield market is segmented into small and medium enterprise, and drilling optimizations. Based on application, the digital oilfield market is classified into offshore, and onshore.
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The global digital oilfield market size is projected to reach a value of USD 32,855.3 million by 2025, growing at a CAGR of 4.8%. The global digital oilfield market is driven by factors including increased adoption of high-performance and power-efficient devices for the consumer and healthcare sector along with investments in electric vehicles due to the concern for hazardous environmental impact.
Adroit Market Research report on global digital oilfield market gives a holistic view of the market from 2015 to 2025, which includes factors such as market drivers, restraints, opportunities and challenges. The market has been studied for historic years from 2015 to 2017, with the base year of estimation as 2018 and forecast from 2019 to 2025. The report covers the current status and future traits of the market at global as well as country level. In addition, the study also assesses the market based on Porter’s five forces analysis and positions the key players based on their product portfolio, geographic footprint, strategic initiatives and overall revenue. Prominent players operating in the global digital oilfield market have been studied in detail.
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The increase in rig count is a key factor driving demand growth. With the advent of emerging technology, operating facilities in the majority of industries like oil and gas have grown. Advantages such as cost savings increased efficiency, and healthier operations can be accomplished by oil and gas industry digitization. The implementation of digital technologies also helps provide the resilience needed against industry downturns.
The growing adoption of digital oilfields is recognized as one of the main emerging trends in global digital oilfield market. Globally, the rising demand for hydrocarbon fuel puts strain on the oil and gas industry because the difficulty of hydrocarbon production renders companies unable to satisfy the demand. Because of the increased legislation and organizational guidelines, businesses need to invest progressively to preserve safety and provide consistency in the process. Digital oilfield systems allow better plant management, with more efficient and accurate performance monitoring over manually controlled monitoring.
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The Middle East is the largest digital oilfield market followed by the Asia Pacific and North America. The region is made up of major oil & gas producing countries including Saudi Arabia, the UAE, Kuwait, Iraq, and Iran that have some of the world’s largest petroleum reserves. Saudi Arabia continues to drive consumer demand in the region. Despite the recent decrease in profit margins for the national oil firms, the firms are continuing to increase their production. Using digitization techniques will enhance the synergies of production performance while allowing oilfield operators to increase their operational efficiency.
The global digital oilfield market is fragmented with the presence of many global and regional players. These include 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.
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Key Segments of the Global Digital Oilfield Market
Solutions Overview, 2015-2025 (USD Million)
Hardware
Software and Services
Data Storage
Processes Overview, 2015-2025 (USD Million)
Reservoir Production
Drilling Optimizations
Application Overview, 2015-2025 (USD Million)
Onshore
Offshore
Regional Overview, 2015-2025 (USD Million)
North America
U.S.
Canada
Europe
Germany
United Kingdom
France
Rest of Europe
Asia Pacific
China
Japan
India
Rest of Asia Pacific
Central and South America
Brazil
Mexico
Rest of Central and South America
Middle East & Africa
Reasons for the study
The digital oilfield market share is set to grow on account of growing requirement for optimizing the oil and gas operations. Declining production from existing wells along with need to devise an economic well recovery method will accelerate the industry growth.
Growing focus toward operational management and reduction of capital and operating expenses will lead to the adoption of intelligent digitalized devices and solutions. Advancement in wireless technologies, mobility, data analysis and collection platforms have enabled substantial improvement in decision making and performance.
What does the report include?
The study on the global digital oilfield market includes qualitative insights such as drivers, restraints, challenges and opportunities
Additionally, the market has been evaluated using the Porter’s Five Forces analysis
The study covers qualitative and quantitative analysis of the market segmented on the basis of solutions, processes, application, and end-users. Moreover, the study on digital oilfield market provides similar information for the key geographies.
Actual market sizes and forecasts have been provided for all the above-mentioned segments
The study includes the profiles of key players operating in the market with a significant global and/or regional presence
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