Digital Oilfield Global Market Report 2024

The global digital oilfield market has grown strongly in recent years. It will grow from $27.89 billion in 2023 to $29.59 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth observed in the historical period can be attributed to factors such as the rise of edge computing, an increased focus on sustainability, the growing adoption of data analytics, the automation of oilfield operations, enhanced connectivity and communication, and an increased emphasis on health, safety, and environment (HSE) measures.

The global digital oilfield market is expected to see strong growth in the next few years. It will grow to $36.59 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The anticipated growth in the forecast period can be attributed to advancements in artificial intelligence (AI), the increasing demand for oil and gas, a shift towards predictive maintenance practices, heightened cybersecurity measures, the adoption of remote operations and collaboration, and an increased focus on sustainable practices in the oil and gas industry. Major trends in the forecast period encompass the continued emphasis on remote operations and collaboration, the integration of the Internet of Things (IoT), the implementation of digital twin technology, the formation of strategic partnerships, and the ongoing shift towards predictive maintenance practices.

The digital oilfields market is set to experience substantial growth due to the increase in offshore exploration and drilling activities. Offshore exploration involves extracting petroleum and natural gas from oceanic reserves, and digital oilfield technology is employed to assist in deep-water drilling. These technologies contribute to enhancing productivity, reducing costs, and minimizing risks in oil and gas operations. Notably, offshore Newfoundland and Labrador in Canada saw the extraction of 52 million barrels of oil between January and July 2022. Similarly, the Bureau of Ocean Energy Management in the United States manages significant offshore acres, and in FY 2020, the federal government produced 641 million barrels of oil and 882 billion cubic feet of gas offshore. This trend signifies the integral role of digital oilfields in supporting offshore activities and driving market growth.

The growth of the digital oilfield market is further fueled by the increasing utilization of cloud computing. Cloud computing, delivering various computing services over the internet, offers scalable and flexible storage solutions. In the context of oil and gas, it enables efficient storage and management of vast amounts of data generated in oilfield operations, including sensor data, drilling operations, and reservoir simulations. The accessibility of this data from various locations fosters collaboration and informed decision-making. With projections indicating a robust cloud infrastructure services market, including a rise in annual revenue and the prevalence of multi-cloud infrastructure among large businesses, the adoption of cloud computing is poised to significantly contribute to the digital oilfield market's growth.

The digital oilfield market is anticipated to grow in response to the rising global demand for oil and gas. Economic growth contributes to increased oil and gas demand, and digital oilfields play a crucial role in remotely monitoring and managing essential operations. These technologies enhance exploration and production (E&P) productivity, reduce equipment downtime, and improve hydrocarbon recovery. Moreover, they contribute to worker safety by reducing the need for on-site personnel deployment. The statistics from BP p.l.c. indicate a notable increase in global oil consumption and production in 2021, highlighting the growing importance of digital oilfields in meeting the rising demand for oil and gas worldwide.

Technological advancements stand out as a key trend in the digital oilfields market. Major companies operating in this space are investing in next-generation automation technology to gain a competitive edge. For example, Baker Hughes introduced Leucipa, a cloud-based automated field production software designed to enhance efficiency and sustainability in oil and gas operations. This reflects a commitment to advancing digital capabilities for more efficient and sustainable energy operations. Similarly, Huawei unveiled its Intelligent Oil & Gas Fields solution, aiming to support oil and gas enterprises in their digital transformation journey. These technological innovations underscore the industry's focus on leveraging advanced solutions to optimize oil and gas field operations.

Major companies operating in the digital oilfield market report are TE Connectivity Ltd., Omron Corporation, Eaton Corporation PLC, Rockwell Automation Inc., Molex LLC, Weidmüller Interface GmbH & Co. KG, WAGO Kontakttechnik GmbH & Co. KG, Phoenix Contact GmbH & Co. KG, Wieland Electric GmbH, ABB Ltd., Vicor Corporation, Crane Aerospace and Electronics, Weco Electrical Connectors Inc., Modular Devices Inc., Ningbo Degson Electrical Co.Ltd., Metz Connect GmbH, Stark Industries, Metro Hydraulic Jac Co., Dinkle Group, Hotel Reservation Service, K.A. Schmersal GmbH & Co. KG, Altech Corporation, Amphenol Corporation, Bourns Inc., CUI Devices Inc., Curtis Industries LLC, EBY Electro Inc., E-T-A Engineering Technology, FCI Connectors Ltd., Keystone Electronics Corp., Lumberg Automation Components GmbH & Co., Regal Rexnord Corporation, Groupe Carbone Lorraine SA, OMEGA Engineering Inc., Panduit Corp., RIA Connect Inc., Sprecher + Schuh Inc., Struthers-Dunn LLC, Weiland Electric Inc., Würth Elektronik GmbH & Co. KG

North America was the largest region in the digital oilfield market share in 2023. The regions covered in the digital oilfield market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the digital oilfield market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain. The digital oilfield market consists of revenues earned by entities by providing advance analytics, robotics, cloud computing, and mobility technologies. The market value includes the value of related goods sold by the service provider or included within the service offering. The digital oilfield market also includes sales of pistons, bearings, cylinder heads, intake manifolds, crankshafts, transmissions and automotive pumps which are used in providing digital oilfields services. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The main solutions for digital oilfields include hardware solutions, software and service solutions, and data storage solutions. Hardware solutions encompass components such as SCADA (Supervisory Control and Data Acquisition) and distributed control systems (DCS), providing operators with the means to monitor pipelines or gas wells and offering control functionality for processes and equipment. The processes involved in digital oilfields include production optimization, drilling optimization, reservoir optimization, safety management, and others. These solutions offer instrumentation, automation, and information technology services for both onshore and offshore applications.

This report provides digital oilfield market statistics, including digital oilfield industry global market size, regional shares, competitors with digital oilfield market share, detailed digital oilfield market segments, market trends, and opportunities, and any further data you may need to thrive in the digital oilfield industry. This digital oilfield market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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