Digital Oilfield Market by Process (Reservoir Optimization, Drilling Optimization, Production Optimization, and Others), by Component (Hardware, Software, Services)- Global Opportunity Analysis and Industry Forecast, 2020 – 2030
Industry: Materials and Chemical | Publish Date: 18-Oct-2024 | No of Pages: 245 | No. of Tables: 135 | No. of Figures: 105 | Format: PDF | Report Code : MC359
Speak to Our Analyst
Market Overview
At an estimated value of over USD 23.97 billion in 2019, the global Digital Oilfield Market is predicted to thrive at a CAGR of 4.5% and valued at USD 38.90 billion by 2030.
Digital Oilfield or digitization of oilfield means the automation of various upstream, midstream, and downstream oilfield activities. This is done with the help of advanced software and various data analysis techniques to achieve better output and thereby improving the profitability of the production process. The smart solutions comprising of sophisticated hardware and software help in collecting, analyzing and processing large amount of data in a short span of time, which in turn help in finding reserves, improve workplace safety, reduce environmental impact, and optimize production rate of hydrocarbons. In other words, it is also known as the deployment of various resources to get efficient and cost-effective results. Some other advantages of the digital oilfield are reduced rig downtime, improved recovery, resource optimization, and ease in locating and exploiting reserves.
Market Dynamics and Trends
Modernization of various activities has been taking place in every industry including Oil & Gas. Also, increasing demand for crude oil in various industries and specially from developing economies along with the need to reduce the production cost is among the key factors driving the growth of digital oilfield market.
Additionally, increasing focus on automation for process optimization, remote management, and intelligent decision making through effective measurement, analysis, and modeling of data are contributing to the growth of the market.
Other factors driving the growth of digital oilfield market include surging investment by the major players to improve the existing processes in the oilfields and increased consumption of fuel and gas due to the expanding global population. However, increased number of cyber-attacks and data security concerns are expected to inhibit the growth of digital oilfield market. On the other hand, increased strategic collaborations with new product launches and software upgrades are expected to create numerous opportunities in the digital oilfield market.
Market Segmentations and Scope of the Study
The global digital oilfield market share has been segmented on the basis of process, component and geography. On the basis of process, the market is categorized into reservoir optimization, drilling optimization, production optimization, and others. On the basis of component, the market is segmented into hardware, software and services. Based on geography the market is segmented into North America, Europe, Asia Pacific and RoW.
Geographical Analysis
North America held the lion share of the digital oilfield market in 2019 due to the re-engineering efforts of oilfield solutions for optimization and management of the operations and increasing discoveries of oil reserves resulting stiff growth in the production.
Europe is expected to hold a significant share due to the presence of various mature oilfields in the North Sea and other places, coupled and the presence of developed infrastructure.
The Asia Pacific region is predicted to show rapid and consistent growth in terms of market share within the forecast period. Factors such as low-cost production along with rise in acceptance of the digital oilfield solutions are major contributors to the market growth in this region.
Competitive Landscape
Lucrative growth opportunities make the digital oilfield market extremely competitive. Some of the major players in the market are Emerson Electric, General Electric, Weatherford International, Schlumberger, Halliburton, Baker Hughes, Sinopec Oilfield Service, Honeywell International, Siemens, National Oil well Varco, Pason Systems, and International Business Machines (IBM). Strategic alliances and acquisitions adopted by companies are among key strategies exercised to maintain market dominance.
Key Benefits
-
The digital oilfield report provides the quantitative analysis of the current market and estimations through 2020-2030 that assists in identifying the prevailing market opportunities to capitalize on
-
The study comprises a deep dive analysis of the digital oilfield market trend including the current and future trends for depicting the prevalent investment pockets in the market
-
The information related to key drivers, restraints and opportunities and their impact on the digital oilfield market is provided in the report.
-
The market share of the players in the global digital oilfield market along with their competitive analysis.
-
Value chain analysis in the market study provides a clear picture of the stakeholders’ roles
Digital Oilfield Market Key Market Segments
By Process
-
Reservoir Optimization
-
Drilling Optimization
-
Production Optimization
-
Others
By Component
-
Hardware
-
Software
-
Services
By Geography
-
North America
-
U.S.
-
Canada
-
Mexico
-
-
Europe
-
Russia
-
Norway
-
Rest of Europe
-
-
Asia-Pacific
-
China
-
India
-
Rest of Asia-Pacific
-
-
Middle East
-
Saudi Arabia
-
Iran
-
Iraq
-
United Arab Emirates
-
Kuwait
-
Nigeria
-
Qatar
-
Rest of MEA
-
-
Latin America
-
Brazil
-
Venezuela
-
Rest of Latin America
-
Key Players
-
Emerson Electric
-
General Electric
-
Weatherford International
-
Schlumberger
-
Halliburton
-
Baker Hughes
-
Sinopec Oilfield Service
-
Honeywell International
-
Siemens
-
National Oil well Varco
-
Pason Systems
-
International Business Machines (IBM)
REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Analysis Period |
2019–2030 |
|
Base Year Considered |
2020 |
|
Forecast Period |
2020–2030 |
|
Market Size Estimation |
Billion (USD) |
|
Market Segmentation |
By Process (Reaervoir Optimizatioin, Drilling Optimization, Production Optimization, Other Process) By Component (Hardware, Software, Services) |
|
Geographical Segmentation |
North America (U.S., Canada, Mexico) Europe (Russia, Norway, Rest of Europe), Asia-Pacific (China, India, Rest of APAC), Middle East (Saudi Arabia, Iran, Iraq, United Arab Emirates, Kuwait, Nigeria, Qatar, Rest of MEA) Latin America (Brazil, Venezuela, Rest of Latin America) |
|
Companies Profiled |
Emerson Electric, General Electric, Weatherford International, Schlumberger, Halliburton, Baker Hughes, Sinopec Oilfield Service, Honeywell International, Siemens, National Oil well Varco, Pason Systems, and International Business Machines (IBM). |
At Next Move Strategy Consulting, we understand that insightful market research is the cornerstone of successful business decisions. That's why we employ a robust and multifaceted approach, combining various methodologies to deliver the most accurate and actionable data for our clients.
Research Landscape
We navigate the world of research with two primary approaches:
Qualitative Approach
Our qualitative research methodologies involve immersive techniques such as in-depth interviews, focus groups, and observational studies. By engaging directly with individuals and stakeholders, we uncover valuable insights that quantitative data alone may overlook.
Quantitative Research
In tandem with qualitative methodologies, NMSC leverages the power of Quantitative Research to provide a robust foundation of numerical insights. Through systematic data collection and analysis, we quantify patterns, preferences, and market trends, offering a comprehensive view of the business landscape.
Our quantitative research approach employs diverse tools, including surveys, experiments, and statistical modelling. These methodologies enable us to gather data from a large and representative sample, ensuring the statistical significance of our findings. By employing structured questionnaires and standardized data collection methods, we guarantee the reliability and validity of the information we present to our clients.
Quantitative research is particularly effective in measuring the prevalence of trends, assessing market size, and gauging the impact of various factors on consumer behavior. The numerical precision attained through this approach equips our clients with actionable insights, facilitating data-driven decision-making and strategy formulation.
Our Specialized Toolbox for Industry-Specific Market Research
We deploy a specialized arsenal of techniques tailored to meet your unique requirements. Here's a glimpse into our comprehensive toolbox:
Information Procurement
The stage entails acquiring market data or relevant information through various sources and methodologies.
Market Research Approach
We utilize both top-down and bottom-up approaches in market research analysis to achieve a comprehensive understanding of the market dynamics, leveraging the broad perspective of industry trends and macroeconomic factors alongside detailed insights from specific segments and individual companies.
Porters Five Forces Analysis
We conduct Porter's Five Forces analysis to evaluate the competitive landscape of an industry, providing us with insights into factors that affect profitability and strategic positioning.
SWOT Analysis
We conduct SWOT analysis to understand market trends, identify potential threats, capitalize on opportunities, and assess our strengths and weaknesses.
Forecasting
We utilize a forecasting model to predict future consumption by considering parameters like population, economics, regulations, market competition, drivers, constraints, technology, and pricing. We also employ statistical techniques such as multilinear regression, exponential smoothing, moving average, ARIMA, and Monte Carlo simulations for accurate predictions. In econometric forecasting, we analyzed short-term and long-term event impacts, attributing values based on regulatory frameworks, economic factors, and market events.
