About Digital Oilfield Solutions
The digital oilfield is defined as "the use of technology to manage production, staff, and safety in the oil and gas sector, resulting in lower costs, increased production, and improved efficiency." Through the design and deployment of integrated processes, the digital oilfield aims to maximize oilfield recovery, decrease non-productive time, and boost profitability. Business process management, advanced information technology, and engineering skills are used in the digital oilfield to expedite and, in many cases, automate the execution of tasks done by cross-functional teams. In 2019, the global market for Digital Oil Field was estimated to be worth USD 24.60 billion. Though China and the United States have a lot of R&D going on, Digital oilfield technology has global commercial potential, not just in the United States.
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
CAGR | 5.6% |
The global Digital Oilfield Solutions market seems to be fragmented in nature. To better serve the oil and gas sector, the majority of international and regional companies in the digital oilfield solutions market are focusing on the development of new technologies and products with unique features. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Digital Oilfield Solutions market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Halliburton (United States), Schlumberger (United States), Baker Hughes (United States), Weatherford International (United States), NOV (United States), ABB (Switzerland), Emerson (United States), Rockwell Automation (United States), Siemens (Germany) and Honeywell International (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are CGG (France), Kongsberg (Norway) and Digi International (United States).
Segmentation Overview
AMA Research has segmented the market of Global Digital Oilfield Solutions market by Type (Hardware Solutions, Software & Service Solutions and Data Storage Solutions), Application (Onshore and Offshore) and Region.
On the basis of geography, the market of Digital Oilfield Solutions has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2022. Europe, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement. If we see Market by Technology, the sub-segment i.e. IoT will boost the Digital Oilfield Solutions market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Process, the sub-segment i.e. Production Optimization will boost the Digital Oilfield Solutions market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Early in the adoption cycle; a wave of immature new startups and Massive early-stage gap; few investors with deep oilfield+software understanding
Market Growth Drivers:
The increased return on investment in the oil & gas industry and The growing need for efficient operations across the globe
Challenges:
The concern related to the Interoperability of multiple system components from different solution providers
Restraints:
Data retrieval, analysis, and scarcity of quality information hampering decision-making process
Opportunities:
Legacy factors held back digital adoption but evolving market and culture opened the way for the new wave of adoption and Major gaps and failure to adopt leading-edge technologies
Market Leaders and their expansionary development strategies
In October 2023, Petrobras partners with GE Digital to implement GE's Predix platform for its oil and gas assets in Brazil, enabling real-time data monitoring, analytics, and asset optimization. This collaboration leverages GE's expertise in industrial software with Petrobras' extensive oil and gas operations.
In September 2023, Rockwell Automation has launched its FactoryTalk Analytics for Oil & Gas solution, a cloud-based platform that integrates data from various oilfield assets to provide actionable insights for production optimization, asset health monitoring, and predictive maintenance. This launch highlights the growing trend towards predictive maintenance solutions in the oilfield.
Analyst View
The COVID-19 has hampered oil demand, which has hampered demand for digital oilfield technologies as well. The spread of COVID-19 interrupted industrial activity in a number of countries. So, the oil industry is experiencing an oversupply situation. As a result, the need for drilling activities has declined. Drilling activity has reduced, which has resulted in a decrease in demand for drilling optimization solutions.OspreyData, a prominent oil and natural gas firm based in the United States, has unveiled its cutting-edge OspreyData Vision platform, which is compatible with all mobile devices. It would allow leasing operators, artificial lift technicians, and production engineers to work from anywhere at the 'Virtual Control Center,' giving them access to critical operational data and assisting with problem-solving.
Key Target Audience
Digital Oilfield Solutions Providers, Government Regulatory Bodies, Private Research Organization, Government Research Orgnizations and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.