According to the latest report by IMARC Group, titled “Digital Oilfield Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global digital oilfield market size exhibited moderate growth during 2015-2020. Looking forward, IMARC Group expects the global digital oilfield market to grow at a CAGR of around 5% during 2021-2026. Digital oilfield is an emerging concept that enhances the operations and workflows of oil and gas exploration through a combination of technologies. Some of these include artificial intelligence (AI), augmented reality (AR), the Internet of Things (IoT), mobile connectivity and the cloud, which enable operators to gather, analyze and interact with production-related information in the field. This helps in obtaining actionable insights in real-time that help in driving calculated business decisions. As a result, digital oilfield technologies effectively maximize productivity, lower operating costs, reduce unscheduled shutdowns of wells and equipment, and minimize the overall risks associated with oil and gas operations.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviors of the consumers globally–our estimates about the latest market trends and forecast values after considering the impact of this pandemic. These observations will be integrated into the report.
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Global Digital Oilfield Market Trends:
Digital oilfield technologies help in predicting equipment breakdown, tracking workers in the field, supplying them the data they need via various platforms and removing them from hazardous situations. These technologies not only offer improved efficiencies and cost savings but additional benefits in areas such as health, safety and environmental compliance. Apart from this, the top oilfield service providers are entering into partnerships to develop digital technologies for minimizing risks and improving equipment diagnostics. For instance, Schlumberger, the world’s leading oilfield service provider, has recently announced a joint venture named Sensia, with Rockwell Automation, to build products for digital oilfield automation. Moreover, the growing number of exploration activities, significant demand for oil and oil derivatives from various sectors and advancements in technology are some of the other factors contributing to market growth.
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Key Market Segmentation:
Competitive Landscape with Key Player:
- Schlumberger Limited
- Weatherford International Plc
- General Electric Company
- Halliburton Company
- Honeywell International, Inc.
- Siemens AG
- Rockwell Automation, Inc.
- Kongsberg Gruppen ASA
- Paradigm Group BV
- Pason Systems Inc.
- Petrolink AS
- Accenture Plc
- International Business Machines (IBM) Corporation EDG, Inc.
- OleumTech Corporation.
Market Breakup by Solution:
- Distributed Control Systems (DCS)
- Supervisory Control and Data Acquisition (SCADA)
- Smart Wells
- Safety Systems
- Wireless Sensors
- IT Outsourcing
- IT Services and Commissioning
- Collaborative Product Management (CPM)
- Data Storage Solutions (Hosted)
- Data Storage Solutions (On-Premise)
Market Breakup by Process:
- Production Optimization
- Drilling Optimization
- Reservoir Optimization
- Safety Management
Market Breakup by Application:
Market Breakup by Region:
- North America
- Asia Pacific
- Middle East and Africa
- Latin America.
Key Highlights of the Report:
- Market Performance (2015-2020)
- Market Outlook (2021- 2026)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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