Digital Oilfield Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028

Global Digital Oilfield Market is expected to grow at a robust pace in the forecast period 2024-2028 owing to rapidly expanding demand for oil, gas, and other petroleum products from rising economies having a favorable impact on the market's expansion would increase efforts to reduce production costs. It is anticipated that the exploration of high potential conventional and unconventional deposits in various formations would accelerate industry expansion thus driving the market growth of Global Digital Oilfield Market.

Digital Oilfield enables oil and fuel agencies and oilfield carrier providers to remotely detect and control essential activities at production centers. These technologies aim to enhance productiveness and performance in exploration and production (E&P) through minimizing gadget downtime and improving hydrocarbon healing which is especially important in present scenario where oil and fuel manufacturers are seeking to streamline their charges to get over the Covid-led power demand shock. Digital Oilfield assists in lessening the want for the physical deployment of employees on website online, thereby improving worker protection.

Digital Oilfield technology has gained momentum with the arrival of the Internet of Things (IoT). They use artificial intelligence(AI), predictive analytics, and visualization tools to generate statistics-pushed insights in real time to hurry up choice-making approaches. The adoption is particularly noticeable in more recent tasks that use the cutting-edge technologies and system to extract hydrocarbons. Companies are trying to automate as many methods as viable to mitigate operational risks in addition to hard work risks, doubtlessly main to cost savings in the long time.

The Digital Oilfield aggressive landscape is essentially ruled by oilfield provider carriers and commercial gadget makers that offer virtual solutions and offerings to cope with complicated enterprise problems. Having a virtual oilfield may assist oil and gas corporations transition into greener practices. For instance, artificial intelligence and predictive analytics can assist groups, decrease damage by way of identifying oil spills earlier or when they happen. Through making an investment in virtual oil area era, oil and gas operators can automate upkeep and manage device greater efficaciously at the same time as persevering with to innovate. Digital Oilfields can redefine oil and fuel via growing comfy, interconnected networks. This may pave the manner for better gasoline performance and delivered price for oil and fuel providers.

Real-time connectivity and machine-to-machine interfaces for remote oil sands facilities enable centralized experts to troubleshoot and monitor daily operations, increasing utilization. Ongoing industry collaboration between digital oilfield technology providers and IT service providers would improve the use of IoT devices in monitoring reservoirs, smart wells and drilling sites. This is expected to efficiently collect real-time data and optimize the performance of operations from upstream to downstream sectors. This could lead to the introduction of digital oilfields in the coming years. The availability of advanced solutions such as reservoir supervisory control and reservoir characterization along with advanced equipment such as actuators, smart alarms, and sensors is expected to spur the Global Digital Oilfield Market.

Effective use of Equipment

Oil and gas equipment is often left on site for days or weeks. This puts the device at risk of being misused, misplaced, or stolen. Manually searching for machines, tools, or other equipment wastes time and money. Workers are driving from site to site, burning fuel, working long hours and putting high priority work on hold. Enabled by robust long-range connectivity, IoT sensors enable organizations to track and locate any device in real time. It can aggregate data at multiple remote locations to better coordinate resource usage across multiple locations, manage inventory, and improve efficiency in serving customers.

Digitalization in Oil & Gas Industry

Digitization is becoming more and more prominent, and digital technologies, further driven by real-time data, cloud computing, and the digital world, are transforming the oil and gas sector. The Digital Oilfield is designed to combine process management and digital technology to overhaul oil and gas systems and fully optimize the entire supply chain. Additionally, digital oilfield adoption is expected to help oil and gas companies move to greener practices. For example, artificial intelligence and predictive analytics can help detect oil spills after or before they occur, helping companies to minimize many types of damage. By investing in digital oilfield technology, oil and gas operators can automate maintenance and manage equipment more efficiently while driving innovation. Technology plays a key role in the growth of any business and helps organizations to improve the quality and speed of their work by supporting and improving their operations. Companies are using big data analytics techniques in their businesses to improve operations and improve plant performance. The global oil and gas automation market is undergoing a digital transformation due to disruptive technologies like artificial intelligence (AI) and the Internet of Things (IoT), which are enhancing productivity, sustainability, and safety. According to the Environmental Defense Fund (EDF), the oil and gas industry loses approximately USD34 billion annually to spills, vents, and burning methane. To control methane emissions, the digital transformation of methane management is expected to create huge opportunities for the digital oilfield market as well as not impacting the environment unlike previously.

Growing Demand for Productivity Efficiency to drive the Global Digital Oilfield Market

In the upcoming years, industry revenue will be boosted by the expanding activities to include effective production techniques and increase production yields from mature wells in various places. Through the use of statistical and analytical tools and software, digital oilfield techniques play a crucial role in the efficient planning, producing, and exploration of oil and gas wells. Thus, it is expected to drive the Global Digital Oilfield Market during the forecast period.

Latest Market Projects fueling the Global Digital Oilfield Market growth during the forecast period

• The announced joint venture (JV), Sensia, between oilfield services provider Schlumberger and industrial automation and information solutions supplier Rockwell Automation was completed in October 2019. Sensia is the oil and gas industry's first digitally enabled integrated automation solution. The joint venture shall leverage the extensive oil and gas expertise of Schlumberger and Rockwell Automation to meet the evolving needs of the oil and gas market. Sensia plans to achieve annual sales of $400 million and employ team of approximately 1,000 members serving customers in 80 countries. Global headquarters are in Houston, Texas. Sensia operates as an independent company. Rockwell Automation owns 53% interest in JV and Schlumberger owns 47% interest.
• In December 2021, Weatherford International plc announced that it has been awarded a three-year digital oilfield contract from Kuwait Oil Company (“KOC”). The deal is intended to support the company's digital transformation strategy and integrated enterprise excellence platform in the North Kuwait Heavy Oil Field. KOK that can be used anywhere. The award includes instrumentation, real-time monitoring, well production optimization and assurance to enable KOCs to optimize production and processing schedules. The range of projects supports KOC in performing heavy well analysis, model tuning, well design, asset optimization, monitoring and forecasting, and integration with various E&P applications. Weatherford would deploy KOC's integrated planning and optimization solutions from reservoirs to enterprise-level export facilities. Additionally, the integrated solution would enable KOC to maximize the value existing KwIDF system, while the Integrated Enterprise Excellence Platform would increase efficiency and support KPI tracking.

Market Segmentation

The Global Digital Oilfield Market is segmented based on process, technology, and region. Based on process, the market is bifurcated into drilling optimization, production optimization, reservoir optimization, and others. Based on technology, the market is bifurcated into Internet of Things, artificial intelligence, cloud computing, and others. Based on region, the market is bifurcated into North America, Europe, Asia-Pacific, South America, and Middle East & Africa.

Market players

The main market players in the Global Digital Oilfield Market are Baker Hughes Ltd., Siemens AG, Schlumberger Ltd, Halliburton Energy Services, Inc, Honeywell International Inc., Rockwell Automation, Inc., Accenture PLC, International Business Machines (IBM) Corporation, Weatherford International PLC, Sinopec Oilfield Service Corporation.

Report Scope:

In this report, Global Digital Oilfield Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Digital Oilfield Market, By Process:

• Drilling Optimization
• Production Optimization
• Reservoir Optimization
• Others

Digital Oilfield Market, By Technology:

• Internet of Things
• Artificial Intelligence
• Cloud Computing
• Others

Digital Oilfield Market, By Region:

• North America
• United States
• Canada
• Mexico
• Asia-Pacific
• India
• Japan
• South Korea
• Australia
• China
• Europe
• Germany
• United Kingdom
• France
• Italy
• Spain
• South America
• Brazil
• Argentina
• Colombia
• Middle East
• Saudi Arabia
• South Africa
• UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Digital Oilfield Market.

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