The market is expanding primarily due to increased demand for mature oil and gas assets as well as developments in technology. The implementation of digital oilfield services in many industries is another factor fueling market expansion.
JERSEY CITY, N.J., Sept. 13, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Digital Oilfield Market" By Application (Onshore, Offshore), By Solution (Hardware Solution, Software & Service Solution), By Process (Safety Management, Reservoir Optimization), and By Geography.
Verified Market Research conducted a high-quality study that revealed the size of the global digital oilfields market was estimated at USD 23.91 billion in 2022 and is expected to reach USD 38.04 billion by 2030, increasing at a CAGR of 5.31% from 2023 to 2030.
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Browse in-depth TOC on "Digital Oilfield Market"
202 - Pages
126 - Tables
37 - Figures
Global Digital Oilfield Market Overview
In order to reduce the risk involved with oil and gas operations, boost productivity, and save costs, a combination of business process management approaches and the use of digital technology to connect tasks are referred to as "digital oilfields." It makes use of cutting-edge software and data analytics techniques to boost output. Some of the cutting-edge elements include cloud computing, network sensors, artificial intelligence, and big data analytics. In the oil and gas industries, it is used for a variety of purposes.
The market is expanding primarily due to increased demand for mature oil and gas assets as well as developments in technology. The adoption of digital oil services in various industries is another factor fueling the market rise. Oil prices fluctuate wildly and are unknown. Both the price of E&P and the demand for oil are growing. Because of the digital oilfield, high production efficiency is attained and operating expenses are reduced. The development of seismic imaging, IoT, AI, and ML is contributing to the expansion and increased use of the digital oilfield market. It is thus expected that operators' focus will shift to digital oilfield systems.
The global digital oilfield market is segmented on the basis of application into offshore and onshore, the offshore segment has the largest market share. On the other hand, by solutions, the market is segmented into hardware solutions, software and services, and data storage. Software and services are anticipated to have a good CAGR. Based on process, the market is bifurcated into safety management, reservoir optimization, production optimization, drilling optimization, and others. Production optimization held the largest market share.
- In Sept 2021, Schlumberger and NOV launched a partnership to improve oil and gas operators' and drilling contractors' adoption of automated drilling technologies. This collaboration with NOV combines the rig automation interface with drilling automation to help corporations and drilling construction firms achieve improved performance.
- In Oct 2020, ForeSite Sense is a sophisticated reservoir monitoring technology developed by Weatherford International that displays real-time data and critical down-hole analysis to uncover profit from pressure, temperature, and stream.
- In June 2019, Baker Hughes and C3.ai announced their collaboration to deliver digital transformation strategies. C3. ai's artificial intelligence solutions and software are combined with BH's experienced and long-standing oil and gas assets under the JV agreement.
The major players in the market are Weatherford, National Oilwell Varco, Schlumberger, Halliburton, BHGE, ABB, Emerson, Rockwell, Siemens AG, CGG, Kongsberg.
Verified Market Research has segmented the Global Digital Oilfield Market On the basis of Application, Solution, Process, and Geography.
- Digital Oilfield Market, By Application
- Digital Oilfield Market, By Solution
- Hardware Solution
- Software & Service Solutions
- Data Storage Solutions
- Digital Oilfield Market, By Process
- Safety Management
- Reservoir Optimization
- Production Optimization
- Drilling Optimization
- Digital Oilfield Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Latin America
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