Global Digital Oilfield Solutions Market, By Solutions (Hardware Solutions, Software & Service Solut

Published Date: June 2020 | Report Code : EP2058376

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Global Digital Oilfield Solutions Market, By Solutions (Hardware Solutions, Software & Service Solutions, Data Storage Solutions), By Process (Production Optimization, Drilling Optimization, Reservoir Optimization, Safety Management, Others), By Application (Onshore, Offshore), By Region (North America, Europe, Asia Pacific, Middle East & Africa, South America) – Market Size & Forecasting-2028

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Domain : Energy

Report Code : EP2058376

Status : Published June 2020

The Global Digital Oilfield Solutions Market was valued at USD XX billion in 2019 and is expected to grow at CAGR of XX% over the forecast period till 2028. The digital oilfields are used to eliminate non-productive time, maximize oilfield recovery, and increase profitability through the design and deployment of integrated workflows.  It combines business process management with advanced IT and engineering expertise to streamline and automate the execution of tasks performed by cross-functional teams. equally wide variety of tools, tasks, and disciplines are used to describe the term digital oilfield. The benefit of the digital oilfield solutions is as it integrates the traditional practices of the oil and gas with the modern information technology, communication, and automation. Automation in oil & gas industry allows companies to capture more data on a real-time basis.

The rising need to augment production from wells cater the growth of global digital oilfield market. The development in new technologies and the improvement in the existing set of tools leads to the growth of market. The increase in oil & gas production across the geographies for the remote monitoring and automated operations will enhance the growth of market. stringent health and safety regulations with increasing concern towards the network safety can negatively impact the market. Unwillingness to adopt the digital oilfield method over the conventional methods can act as a restraining factor for the growth of market. The cyber security threats are hampering the growth of digital oilfield solutions market. Introduction of digital trends in the market can create new opportunities in the market. Similarly, Artificial Intelligence is impacting some of the major areas in the upstream sector such as the location of the new reserves, exploration, real-time drilling optimization and production lifecycle.

The global digital oilfield solutions market is segmented based on the solutions, process, application, and region. Most of the industry participants are exploring related business segments to broaden their product offerings and commercially exploit the lucrative market.

Solution outlook-

By solution, the market is segmented into services, software and hardware. The hardware segment is the fastest growing segment among all during the forecast period due to continuous R&D activities develop advanced hardware equipment and solutions. The hardware solutions segment includes Supervisory Control and Data Acquisition (SCADA), Distributed Control System (DCS), safety systems, smart wells, and human machine interaction instrument which is responsible for surveillance and communication data transfer in both onshore and offshore fields.

Process outlook-

Based on the process, the digital oilfield market is segmented into Production Optimization, Drilling Optimization, Reservoir Optimization, Safety Management and others. The production optimization segment is the largest segment in the digital oilfield market during the forecast period due to increased production activities among the major oil & gas suppliers worldwide for enhancing their respective oil outputs. It involves the enhancement of productivity of the field by taking intelligent decisions through effective measurement, modelling and analysis. The reservoir optimization is expected to grow at rapid rate due to increasing adoption of enhanced oil recovery techniques will boost the product adoption along with Growing number of mature fields across the globe. the drilling optimization is also rapidly accepted across the globe due to its ability to increase drilling speed, reduce operational costs, improved health, safety and environmental conditions and decrease rig downtime.

Application outlook-

The global digital oilfield solutions market is broadly divided into onshore and offshore according to their applications. The onshore application is projected to lead the market during forecast period, due to its accessibility of large capacity reservoirs in unconventional and conventional reserves on land.

Regional outlook-

Based on the region, the global digital oilfield market has been segmented by North America, Europe, Asia Pacific, Middle East & Africa and Latin America. North America is projected as a market leader during forecast period due to supreme technological capabilities owing to the presence of leading oil and tech giants. The US and Canada are the major countries in North America operating in digital oilfield market. The Middle east is expected to grow at rapid rate during forecast period. Presence of major countries like Saudi Arabia, the UAE, Kuwait, Iraq, and Iran in Middle east having the largest petroleum reserves in the world.

Competitive outlook-

Strategic acquisition and collaborations with technology giants take advantage of their technical expertise will support the business expansion. Cost reduction and product innovations are some strategies adopted by companies for maintaining a competitive edge across the industry. ABB, Emerson Electric, Rockwell Automation, Siemens AG, Schneider Electric, Honeywell International Inc, and General Electric are some major players in the global digital oilfield market.     

This report also includes the company profiles of key digital oilfield solutions market along with their SWOT analysis and market strategies. In addition, the competitive landscapes provide a detailed description of each company including future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launch, new product developments, and other latest industrial developments.

Key Developments in the digital oilfield solution market-

  • In June 2019, Baker Hughes and C3.ai has confirmed the joint venture which will provide digital transformation technologies.
  • In April 2019, The New facies-first technique was launched by CGC, which will increase the capabilities of CGG GeoSoftware and also it will enhance the accuracy of reservoir models.

What Does This Report Provide?

This report provides a detailed understanding of the global digital oilfield solutions market from qualitative and quantitative perspectives during the forecast period. The report also provides the potential impact dynamic indicators on the market during the forecast period and an in-depth analysis of the leading companies operating in the market.

Market Segmentation:

By Solutions:

  • Hardware Solutions
  • Software& Service Solutions
  • Data Storage Solutions 

By Process:

  • Production Optimization
  • Drilling Optimization
  • Reservoir Optimization
  • Safety Management
  • Others

By Application:

  • Onshore
  • Offshore

By Region:

North America Digital Oilfield Solutions Market

  • By Country (US, Canada, Mexico)
  • By Solutions
  • By Process
  • By Application

Europe:

  • By Country (Germany, Russia, UK, France, Spain, Rest of Europe)
  • By Solutions
  • By Process
  • By Application

Asia Pacific Digital Oilfield Solutions Market

  • By Country (China, Japan, India, Rest of Asia Pacific)
  • By Solutions
  • By Process
  • By Application

Middle East & Africa Digital Oilfield Solutions Market

  • By Country (UAE, Qatar, South Afirca, Saudi Arabia, Rest of Middle East & Afirca)
  • By Solutions
  • By Process
  • By Application

South America Digital Oilfield Solutions Market

  • By Country (Brazil, Argentina, Colombia, Rest of South America)
  • By Solutions
  • By Process
  • By Application

Reasons to Buy This Report:

  • Market size estimation of the global digital oilfield market on a regional and global basis
  • Unique research Usage for market size estimation and forecast
  • Profiling of major companies operating in the market with key developments
  • Broad scope to cover all the possible segments helping every stakeholder in the market

Customization:

We provide customization of the study to meet specific requirements:

  • By Segment
  • By Sub-segment
  • By Region/Country

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