Global Digital Oilfield Market By Overview
Introduction:
Digital Oilfield is defined as a section of the energy industry that includes advanced software and data analysis techniques in order to provide better outputs and enhance the profitability of the production process. Digital oilfield involves automation of upstream, midstream, and downstream oilfield activities. 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-effectiveness and efficiency. Digital oilfields are especially beneficial owing to their integration between both traditional and modern practices of oil extraction that includes integration of advanced communication and automation technologies. The global digital oilfields market accounted for US$ 26.1 billion in 2020 and is estimated to be US$ 43.57 billion by 2030 and is anticipated to register a CAGR of 5.3%.
Global Digital Oilfield Market By Dynamics
Rising exploration and production activities
Growing exploration and production (E&P) activities across the globe is a major factor driving growth of the global digital oilfield market. In addition, increasing investment in deep-water and ultra-deep-water exploration projects are expected to further fuel growth of the target market over the forecast period. Technological advancements coupled, with increasing demand for minimization of production costs and growing safety concerns are other major factors anticipated to boost growth of the global digital oilfield market over the forecast period. Moreover, the target market involves improvement in the operational efficiency along with proper usability of cloud computing in oil and gas industries which is boosting the target market.
However, fluctuating crude oil prices coupled with growing demand for alternative sources of fuel are major factors restraining growth of the global digital oilfield market. Additionally, security threats to digital oilfields and operators resisting adoption of new technologies are other major factors accounted to hamper growth of the global market over the forecast period.
Global Digital Oilfield Market By Segmentation
The global digital oilfields market is segmented based on process, application, solutions, and region.
On the basis of process, the global market is segmented into reservoir optimization, drilling optimization, production optimization, and others. On the basis of application, the global market is segmented into onshore and offshore. Based on solutions, the target market is categorized into hardware solutions, software solutions, and data storage solutions.
Regional Insights:
The global digital oilfields market accounted for US$ 26.1 billion in 2020 and is estimated to be US$ 43.57 billion by 2030 and is anticipated to register a CAGR of 5.3%. On region the global digital oilfields market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Currently, Europe dominates the global digital oilfield market in terms of revenue owing to presence of numerous oilfields, which is resulting to increasing demand for digital solutions in countries in the region. North America accounts for the second-highest revenue share in the global digital oilfield market due to increasing adoption of digital oilfields in the region. Moreover, the global market in Asia Pacific is projected to witness fastest growth in terms of revenue, owing to growing industrialization and significant increase in oil & gas industries in emerging economies in the region. Countries with high research and development activities in the global digital oilfield market include China, the U.S., the U.K., Russia, Japan, Australia, France, Canada, and Germany.
|
Attribute |
Details |
|
Base year for estimation |
2020 |
|
Forecast period |
2020 – 2030 |
|
Market representation |
Revenue in USD Billion & CAGR from 2020 – 2030 |
|
Market Segmentation |
By Process- Reservoir Optimization, Drilling Optimization, Production Optimization, and Others) By Application- Onshore and Offshore By Solutions– Hardware Solutions, Software Solutions, and Data Storage Solutions |
|
Regional scope |
North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
|
Report coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
Segments Covered in the Report:
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2020 to 2030. For the purpose of this study, has segmented the global digital oilfields market report based on process, application, solutions and region.
Global Digital Oilfields Market, By Region:
-
-
- North America
-
- U.S.
- Canada
-
- Europe
-
- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
-
- Asia Pacific
-
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
-
- Latin America
-
- Brazil
- Mexico
- Rest of Latin America
-
- Middle East & Africa
-
- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
-
- North America
-
Global Digital Oilfield Market By Key Players
The key players operating in the global digital oilfields market includes Schlumberger Ltd., Halliburton Company, Baker Hughes LLC, Sinopec Oilfield Service Corp., Honeywell International, Siemens Corp., National Oil well Varco, Inc., ABB Limited, Kongsberg Gruppen ASA, and Cisco Systems, Inc.
Schlumberger Ltd:
Schlumberger has introduced Geosphere 360° 3D reservoir mapping-while drilling service. The service leverages advanced cloud digital solutions to deliver real-time 3D profiling of reservoir objects.
Global Digital Oilfield Market By Company Profile
- Schlumberger Ltd.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Halliburton Company
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Baker Hughes LLC
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Sinopec Oilfield Service Corp.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Honeywell International
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Siemens Corp.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- National Oil well Varco, Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- ABB Limited
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Kongsberg Gruppen ASA
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Cisco Systems, Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
Global Digital Oilfield Market By Table of Contents
- Research Objective and Assumption
- Preface
- Research Objectives
- Study Scope
- Years Considered for the study
- Assumptions
- Abbreviations
- Research Methodology
- Research data
- Primary Data
- Primary Interviews
- Primary Breakdown
- Key data from Primary Sources
- Key Thickness Insights
- Secondary Data
- Major Secondary Sources
- Secondary Sources
- Market Estimation
- Top-Down Approach
- Approach for estimating Market Share by Top-Down Analysis (Supply Side)
- Bottom-Up Approach
- Approach for estimating market share by Bottom-up Analysis (Demand Side)
- Market Breakdown and Data Triangulation
- Research Assumptions
- Market Purview
- Executive Summary
- Key Findings—Global Outlook for Digital Oilfield Strategies
- Key Questions this Study will Answer
- Market Snippet, By Process
- Market Snippet, By Application
- Market Snippet, By Solutions
- Market Snippet, By Region
- Opportunity Map Analysis
- Executive Summary—3 Big Predictions
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Market Opportunities
- Market Trends
- DR Impact Analysis
- PEST Analysis
- Porter’s Five Forces Analysis
- Opportunity Orbit
- Market Investment Feasibility Index
- Macroeconomic Factor Analysis
- Market Dynamics
- Global Digital Oilfield Market, By Process 2020 – 2030, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2020 – 2030
- Y-o-Y Growth Analysis (%), 2020 – 2030
- Segment Trends
- Reservoir Optimization
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- Drilling Optimization
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- Production Optimization
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- Others
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- Overview
- Global Digital Oilfield Market, By Application 2020 – 2030, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2020 – 2030
- Y-o-Y Growth Analysis (%), 2020 – 2030
- Segment Trends
- Onshore
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- Offshore
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- Overview
- Global Digital Oilfield Market, By Solutions 2020 – 2030, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2020 – 2030
- Y-o-Y Growth Analysis (%), 2020 – 2030
- Segment Trends
- Hardware Solutions
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- Software Solutions
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- Data Storage Solutions
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- Overview
- Global Digital Oilfield Market, By Region, 2020 – 2030, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2020 – 2030
- Y-o-Y Growth Analysis (%), 2020 – 2030
- Regional Trends
- North America
- Market Size and Forecast (US$ Bn), By Process, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Application, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Solutions, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Country, 2020 – 2030
- U.S.
- Canada
- Europe
- Market Size and Forecast (US$ Bn), By Process, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Application, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Solutions, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Country, 2020 – 2030
- UK
- France
- Germany
- Russia
- Italy
- Rest of Europe
- Asia Pacific
- Market Size and Forecast (US$ Bn), By Process, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Application, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Solutions, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Country, 2020 – 2030
- India
- Japan
- South Korea
- China
- Rest of Asia Pacific
- Latin America
- Market Size and Forecast (US$ Bn), By Process, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Application, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Solutions, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Country, 2020 – 2030
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Market Size and Forecast (US$ Bn), By Process, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Application, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Solutions, 2020 – 2030
- Market Size and Forecast (US$ Bn), By Country, 2020 – 2030
- GCC
- Israel
- South Africa
- Rest of Middle East
- Overview
- Competitive Landscape
- Heat Map Analysis
- Market Presence and Specificity Analysis
- Company Profiles
- Schlumberger Ltd.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Halliburton Company
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Baker Hughes LLC
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Sinopec Oilfield Service Corp.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Honeywell International
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Siemens Corp.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- National Oil well Varco, Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- ABB Limited
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Kongsberg Gruppen ASA
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Cisco Systems, Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- The Last Word
- Future Impact
- About Us
- Contact
FAQs
The Global Digital Oilfield Market report segments the market on the basis of process, application, solutions, and region.
Global digital oilfield market is driven by growing exploration and production (E&P) activities across the globe.
Europe dominates the global digital oilfield market in terms of revenue owing to presence of numerous oilfields, which is resulting to rising demand for digital solutions in countries in the region.
The leading players operating in the Global Digital Oilfield Market includes Schlumberger Ltd., Halliburton Company, Baker Hughes LLC, Sinopec Oilfield Service Corp., Honeywell International, Inc., Siemens Corp., ABB Limited, National Oil well Varco, Inc., Kongsberg Gruppen ASA, and Cisco Systems, Inc.