Digital Oilfield Market, 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), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Trends, Analysis, and Forecast till 2029

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%.

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.

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.

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.

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.

Digital Oilfields Market, By Region:

• North America
  • Middle East & Africa
    • • GCC
      • Israel
      • South Africa
      • Rest of Middle East & Africa
  • Latin America
    • • Brazil
      • Mexico
      • Rest of Latin America
  • Asia Pacific
    • • China
      • India
      • Japan
      • South Korea
      • Rest of Asia Pacific
  • Europe
    • • Germany
      • UK
      • France
      • Russia
      • Italy
      • Rest of Europe
  • • U.S.
    • Canada

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.

• 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