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Pulished Date April, 2021
ID: 11476
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Digital Oilfield Market Segmented by Solutions (Hardware, Software & Service, and Data Storage Solutions), Processes (Reservoir, Production, and Drilling Optimizations), Application (Onshore and Offshore), and Region, Size, Share, Trends and Growth Analysis Report – Industry Forecast | 2021 to 2026

Pulished: April, 2021
ID: 11476
Pages: 175

Digital Oilfield Market size and growth:

The global digital oilfield market size is projected to succeed in a size of US 28.5 billion dollars by 2026, at a compound annual growth rate (CAGR) of 4.1%, from the estimated US 20.2 billion dollars in 2020.

New technological advancements, increased need from oil & gas operators to rescale production, and increased concentration on the remote management of oil fields for process optimization & automation is expected to be the major factors that are boosting the digital oilfield market. The digital technology includes a wide range of equipment & functions deployed in several upstream, downstream, and midstream stages to reinforce the operational efficiency of oil & gas processes. The technology adopted by oilfield companies to attain a blend of benefits like improve recovery, optimize resources, reduce rig downtime, and various other benefits to make sure flexible and reliable operations.Development of distant onshore & onshore wells drilling at numerous depth levels, alongside rising efforts to extend monetary returns by the assets, has catered to the adoption of advanced oilfield technology in various regions.

Recent Developments in Digital Oilfield Market:

  • In March 2020, Weatherford introduced Centro to manage complex well site operations digitally and effectively. The introduction of Centro helps in enabling advanced domain viewing and live analytics and makes consolidated data available in real-time.
  • In February 2020, Schlumberger announced the Egypt Upstream Gateway (EUG), a singular and innovative project in partnership with the Egyptian Ministry of Petroleum for digitizing subsurface information and delivering a digital subsurface platform to make sure Egypt's subsurface data is kept evergreen.

Digital Oilfield Market Drivers:

The growing initiatives to integrate efficient production techniques and escalate production yields from mature wells in several regions will propel industry revenue within the forthcoming years. Digital oilfield techniques are an integral part of effective planning, producing, and exploration of oil & gas wells and, thereby, can substantially increase production through statistical and analytical tools & software. Increasing concentration on improving the present equipment and developing more efficient and advanced tools of hardware, software, and services, are anticipated to shape the digital oilfield market. Prominent players are witnessing developments with innovative solutions to reduce capital investments, enrich fast data interpretations, and reduce operational risk, improve asset tracing, in turn accelerating the technology demand and need for advancement in oilfields.

Digital Oilfield Market Restraints:

The collection of real-time data and productive analysis is time-consuming, which is one of the first restraints for the digital oilfield market. It's tough to collate large informative data and to deliver it as information for wellheads within the market. An appropriate experienced, and proficient, skilled workforce is crucial for collecting and analyzing the info. Key players within the oil & gas industry are focused on exploring discoveries by tapping the potential with precise and accurate data. Hence, analytical tools adopted for exploring and defining the potential of wellheads are time-consuming methods and techniques. Thus, delay in decision-making processes due to analytical tools restraints the digital oilfield market growth within the projected time frame.

Opportunities in Digital Oilfield Market:

Technological advancements in smart fields like IoT, seismic imaging, AI, and ML are boosting the oil & gas industry. Data received from connected devices and sensors provide real-time insights, which may help them in maintenance, planning, and operation optimization. Using digital technology within the oil & gas industries helps operators reduce costs and improve efficiencies by making faster decisions and increasing workforce productivity.

Digital Oilfield Market Segmentation:

The digital oilfield market is segmented on solutions, processes, and applications.

By Solutions

  • Hardware 
  • Software & Service
  • Data Storage Solutions

By processes

  • Reservoir
  • Production
  • Drilling Optimizations

Based on Process, the digital oilfield market is segmented into Safety Management, Reservoir Optimization, Production Optimization, Drilling Optimization, and others. Production Optimization held the most important market share because the major oil & gas suppliers across the world have increased their production activities across the world to reinforce their respective oil outputs.

By Application

  • Onshore 
  • Offshore

The complexity in deepwater drilling, alongside the increasing adoption of digital oilfield techniques in regions like the Middle East and North America, where the maximum share of the oilfield is present on the onshore segment, and this factor is anticipated to boost the segment of onshore. Thus, the increasing production activities in these regions and therefore the reduction of non-productive time are predicted to drive the onshore segment at the very best rate during the forecast period.

Digital Oilfield Market Regional Analysis:

  • Europe
  • Asia Pacific
  • North America
  • Latin America
  • The Middle East and Africa

The largest share within the digital oilfield market is going to be dominated by the Middle East, followed by North America and the Asia Pacific. The region consists of some of the biggest petroleum reserves in the world. Middle East covers major oil & gas producing countries like Saudi Arabia, Kuwait, the UAE, Iraq, and Iran. Also, they have some of the most important petroleum reserves within the world. The national companies still increase their production output despite the decline in profit margins.

Impact of COVID-19 Pandemic on Digital Oilfield Market:

Amid increasing concern over COVID-19, many industries across the world, like automotive, aviation, power, manufacturing, and transportation, are experiencing a negative impact on their businesses. Manufacturing activities are generally considered essential activities for construction, industrialization, and power industry globally and are mostly exempted from the lockdown measures. The spread of COVID-19 poses a big threat to the global digital oilfield market due to restrictions on transportation, industrial, and commercial operations. The businesses across regions have also suspended major oil & gas projects. Furthermore, the COVID-19 pandemic has also impacted crude oil prices, well drilling, production activities, and also the supply chain of oil and gas dramatically.

Digital Oilfield Market Key Players:

Key Players operating in the digital oilfield market globally are

  • Schlumberger (Texas, US) 
  • Halliburton (Texas, US) 
  • Weatherford (Texas, US) 
  • Siemens (Munich, Germany) 
  • Osprey Informatics (Calgary, Canada) 
  • IBM (Armonk, New York.) 
  • Digi International (Minnesota, US) 
  • Microsoft (Washington, US) Baker Hughes (Texas, US) 
  • Kongsberg Digital (Asker, Norway) 
  • Rockwell Automation (Wisconsin, US)

1. Introduction                             

              1.1 Market Definition                  

              1.2 Scope of the report               

              1.3 Study Assumptions               

              1.4 Base Currency, Base Year and Forecast Periods                       

2. Research Methodology                                       

              2.1 Analysis Design                      

              2.2 Research Phases                    

                             2.2.1 Secondary Research          

                             2.2.2 Primary Research 

                             2.2.3 Data Modelling    

                             2.2.4 Expert Validation 

              2.3 Study Timeline                       

3. Report Overview                                    

              3.1 Executive Summary              

              3.2 Key Inferencees                     

4. Market Dynamics                                   

              4.1 Impact Analysis                      

                             4.1.1 Drivers     

                             4.1.2 Restaints 

                             4.1.3 Opportunities       

              4.2 Regulatory Environment                    

              4.3 Technology Timeline & Recent Trends                         

5. Competitor Benchmarking Analysis                                

              5.1 Key Player Benchmarking                   

                             5.1.1 Market share analysis       

                             5.1.2 Products/Service  

                             5.1.3 Regional Presence

              5.2 Mergers & Acquistion Landscape                   

              5.3 Joint Ventures & Collaborations                     

6. Market Segmentation                                          

              6.1 Digital Oilfield Market, By solution                 

                             6.1.1 Hardware              

                             6.1.2 Software & Service            

                             6.1.3 Data Storage Solutions     

                             6.1.4 Market Size Estimations & Forecasts (2021-2026) 

                             6.1.5 Y-o-Y Growth Rate Analysis            

                             6.1.6 Market Attractiveness Index          

              6.2 Digital Oilfield Market, By Application                         

                             6.2.1 Reservoir 

                             6.2.2 Production            

                             6.2.3 Drilling Optimizations       

                             6.2.4 Market Size Estimations & Forecasts (2021-2026) 

                             6.2.5 Y-o-Y Growth Rate Analysis            

                             6.2.6 Market Attractiveness Index          

              6.3 Digital Oilfield Market, By Processes              

                             6.3.1 Onshore  

                             6.3.2 Offshore  

                             6.3.3 Market Size Estimations & Forecasts (2021-2026) 

                             6.3.4 Y-o-Y Growth Rate Analysis            

                             6.3.5 Market Attractiveness Index          

7. Geographical Landscape                                     

              7.1 Global Identity Governance and Administration Market, by Region                            

              7.2 North America - Market Analysis (2018 - 2024)                        

                             7.2.1 By Country            

                                           7.2.1.1 USA

                                           7.2.1.2 Canada

                             7.2.2 By solution            

                             7.2.3 By Application      

                             7.2.4 By Processes         

              7.3 Europe                      

                             7.3.1 By Country            

                                           7.3.1.1 UK

                                           7.3.1.2 France

                                           7.3.1.3 Germany

                                           7.3.1.4 Spain

                                           7.3.1.5 Italy

                                           7.3.1.6 Rest of Europe

                             7.3.2 By solution            

                             7.3.3 By Application      

                             7.3.4 By Processes         

              7.4 Asia Pacific                

                             7.4.1 By Country            

                                           7.4.1.1 China

                                           7.4.1.2 India

                                           7.4.1.3 Japan

                                           7.4.1.4 South Korea

                                           7.4.1.5 South East Asia

                                           7.4.1.6 Australia & NZ

                                           7.4.1.7 Rest of Asia-Pacific

                             7.4.2 By solution            

                             7.4.3 By Application      

                             7.4.4 By Processes         

              7.5 Latin America                         

                             7.5.1 By Country            

                                           7.5.1.1 Brazil

                                           7.5.1.2 Argentina

                                           7.5.1.3 Mexico

                                           7.5.1.4 Rest of Latin America

                             7.5.2 By solution            

                             7.5.3 By Application      

                             7.5.4 By Processes         

              7.6 Middle East and Africa                       

                             7.6.1 By Country            

                                           7.6.1.1 Middle East

                                           7.6.1.2 Africa

                             7.6.2 By solution            

                             7.6.3 By Application      

                             7.6.4 By Processes         

8. Key Player Analysis                                

              8.1 Schlumberger (Texas, US)                  

                             8.1.1 Business Description         

                             8.1.2 Products/Service  

                             8.1.3 Financials

                             8.1.4 SWOT Analysis     

                             8.1.5 Recent Developments       

                             8.1.6 Analyst Overview 

              8.2 Halliburton (Texas, US)                       

              8.3 Weatherford (Texas, US)                   

              8.4 Siemens (Munich, Germany)                           

              8.5 Osprey Informatics (Calgary, Canada)                         

              8.6 IBM (Armonk, New York.)                  

              8.7 Digi International (Minnesota, US)                 

              8.8 Microsoft (Washington, US) Baker Hughes (Texas, US)                        

              8.9 Kongsberg Digital (Asker, Norway)                 

              8.10 Rockwell Automation (Wisconsin, US)                       

9. Market Outlook & Investment Opportunities                             

Appendix                                       

              List of Tables                   

              List of Figures                 

  • Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
  • Segment-level analysis in terms of technology, component, and type along with market size forecasts and estimations to detect key areas of industry growth in detail
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
  • Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development
  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
  1. Global Digital Oilfield Market By Region, From 2021-2026 ( USD Billion )
  2. Global Digital Oilfield Market By Solutions, From 2021-2026 ( USD Billion )
  3. Global Hardware  Market By Region, From 2021-2026 ( USD Billion )
  4. Global Software & Service Market By Region, From 2021-2026 ( USD Billion )
  5. Global Data Storage Solutions Market By Region, From 2021-2026 ( USD Billion )
  6. Global Digital Oilfield Market By processes, From 2021-2026 ( USD Billion )
  7. Global Reservoir Market By Region, From 2021-2026 ( USD Billion )
  8. Global Production Market By Region, From 2021-2026 ( USD Billion )
  9. Global Drilling Optimizations Market By Region, From 2021-2026 ( USD Billion )
  10. Global Digital Oilfield Market By Application, From 2021-2026 ( USD Billion )
  11. Global Onshore  Market By Region, From 2021-2026 ( USD Billion )
  12. Global Offshore Market By Region, From 2021-2026 ( USD Billion )

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