Growing Awareness about IoT in Oil and Gas Industry to Drive Digital Oilfield Market
The global digital oilfield market is expected to exhibit a strong 5.5% CAGR over the forecast period till 2023, according to the latest research report from Market Research Future (MRFR). The global digital oilfield market is expected to rise to a valuation of USD 22.36 billion by 2023, according to the report. The valuation of the global digital oilfield market through the historical review period is tracked in the report to provide readers a comprehensive evaluation of the market’s movement over the review period. The present-day condition of the global digital oilfield market is elaborated upon in great detail in the report, illuminating the readers on every aspect of the market. A comprehensive evaluation of the global digital oilfield market’s present condition is presented in the report. Reliable forecasts for the market’s likely growth trajectory over the forecast period are also presented in the report, on the basis of the analysis of the historical growth trajectory exhibited by the market. Major drivers and restraints affecting the global digital oilfield market at present are explained in detail in the report. Leading competitive trends in the global digital oilfield market are also examined in the report in order to familiarize the readers with the competitive landscape of the market. The report also examines the impact of the COVID-19 pandemic on the global digital oilfield market.
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Digital oilfield technology encompasses a variety of tools, tasks, and disciplines altogether. Advanced software and data analysis procedures are used to improve the profitability of oil and gas operations. The main aim of digital oilfield technology is to minimize the non-productive time, maximize the oilfield recovery, and increase the profitability of the oilfield. Digital oilfield technology includes production optimization, operational efficiency enhancement, decision support, collaboration, and data integration, leading to a 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. These aspects help clients understand and predict equipment failure, maintenance, and tract of the real-time situation of the oil and gas field. Thus, digital oilfield technology is a combination of various technologies used in innovative ways to drive the productivity of oilfields.
The main drivers of the global digital oilfield market are advancement of technology, increase in the need for productivity from mature oil and gas wells, proper usability of cloud computing in oil and gas industry, and improvement in operational efficiency. Whereas, the growing threat of cyber theft may be a key restraint for the global digital oilfield market. However, service provider companies are working very meticulously for securing the networks to avoid any hindrance during the operation. This may lead to the development of effective and secure solutions in the Digital Oilfield Technology Market in the coming years.
Competitive Leaderboard:
Leading players in the global digital oilfield market include Rockwell Automation Inc., Emerson Electric Co., Kongsberg Oil and Gas Technologies Inc., Siemens AG, Baker Hughes Inc., National Oilwell Varco, Halliburton, Weatherford International plc, and Schlumberger Ltd.
Segmentation:
The global digital oilfield market is segmented on the basis of process, solution, application, and region.
By process, the global digital oilfield market is segmented into reservoir, production, and drilling optimization. Production is likely to be the major market segment by process over the forecast period.
By solution, the global digital oilfield market is segmented into hardware, software, and data storage. Hardware is the major revenue generator in the global digital oilfield market.
By application, the global digital oilfield market is segmented into offshore and onshore.
Regional Analysis:
North America holds the largest share in the global digital oilfield market and is likely to retain the position over the forecast period due to the large shale gas reserves in the region. Asia Pacific is also likely to be a major regional market for digital oilfield technology over the forecast period due to the growing oil and gas industry activities in China.
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