USD 35.25 billion
Digital Oilfield Market Size, Share, Growth Analysis, By Process(Production Optimization, Drilling Optimization, Reservoir Optimization, Safety Management), By Technology(IOT, AI, Robotics, Analytics), By Solution(Services, Software, Hardware), By Application(Onshore, Offshore), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG10D2030 |
Region:
Global |
Published Date: August, 2024
Pages:
178
|Tables:
149
|Figures:
80
Digital Oilfield Market Insights
Global Digital Oilfield Market size was valued at USD 35.25 Billion in 2022 and is poised to grow from USD 36.98 Billion in 2023 to USD 54.22 Billion by 2031, growing at a CAGR of 4.9% in the forecast period (2024-2031).
The integration of smart technology and digitization has made it more difficult to safeguard sensitive data and mitigate potential cyber-attacks. An increasing amount of unconventional oil and gas deposits, along with falling output from traditional wells, is driving demand for oilfield digitalization. Remote monitoring and automated operations from a central location are also available with digital oilfield technologies, which reduce total operating expenses. IoT sensors, sophisticated analytics, and automation technologies are gaining popularity in hardware, software, and services, with the goal of enabling real-time monitoring, data-driven decision-making, and beyond-performance asset growth.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Onshore
Fastest Growth
Offshore
Growth Rate
4.90% CAGR
Global Digital Oilfield market ($ Bn)
Country Share for North America Region (%)
To get more reports on the above market click here to Buy The Report
Digital Oilfield Market Segmental Analysis
The global digital oilfield market is segmented into process, technology, solution, application, and region. Depending on the process, the market is classified into Production Optimization, Drilling Optimization, Reservoir Optimization, Safety Management, and Asset Management. By technology, it is categorized into IOT, AI, Robotics, Analytics, and Cloud Computing. According to solution, the market is divided into Services, Software, and Hardware. As per the application, it is bifurcated into offshore and onshore. Region wise, the market is analyzed across North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Process
Production Optimization is the most significant process-based category in the Global Digital Oilfield Market. This segment has a huge share due to its critical role in raising oil and gas output while decreasing operational costs. With digital transformation sweeping the industry, production optimization solutions combine advanced analytics, real-time data monitoring, and automation to enhance extraction operations. This sector will account for over 35% of the market by 2023, due to oil companies' ongoing pursuit of efficiency and profitability.
The fastest growing segment is Drilling Optimization. This segment is rapidly increasing, with a projected compound annual growth rate (CAGR) of 11.5% between 2023 and 2030. The rising use of digital technologies in drilling operations, such as artificial intelligence, machine learning, and the Internet of Things (IoT), is fueling this acceleration. These advances improve drilling precision and efficiency, reducing idle time and enhancing well placement accuracy.
Analysis by Application
Onshore is expected to grow the fastest during the projection period. Based on the characteristics, onshore activities are more stable and predictable than offshore operations. This fixity, which is common in onshore situations, provides an ideal foundation for the dependable implementation of hardware and software solutions. As previously noted, this element adds to increased demand for digital oilfield technologies in the onshore sector.
Offshore applications, while more complex and capital-intensive, are experiencing significant digital transformation. The offshore industry is improving deep-water drilling and subsea operations with improved robotics, automated systems, and real-time data analytics. Integrating the digital system increases safety and operational efficiency while decreasing time and maintenance costs. The offshore digital oilfield business is predicted to expand at an 8% CAGR over the next five years, reaching USD 15 billion.
Global Digital Oilfield market By Application
To get detailed analysis on other segments, Request For Free Sample Report
Digital Oilfield Market Regional Insights
In 2023, North America has emerged as the largest region, with the United States accounting for most of the revenue. The presence of major digital oilfield technology service providers such as Halliburton, Schlumberger, and Rockwell Automation is the primary driver of the region's growth. Companies are investing in research and development to make digital oilfield solutions more accessible. A higher level of output leads to more digitization in the upstream industry, such as automated drilling, wellhead automation, improved analytics on production data, and predictive maintenance, among other things.
Europe has emerged as the region with the fastest growth rate; it is predicted to develop at a 5.1% CAGR over the forecast period. The local market is predicted to expand due to more new development projects in the North Sea regions, including the Mariner Heavy Oil Field, Johan Sverdrup Field, and Johan Cast Berg Field. One of the main projects behind this growth is the Mariner Heavy Oil Field, a significant development meant to reach heavy oil reserves that had not yet been discovered. This work increases production capacity while concurrently advancing complex extraction techniques. This high-potential industry is receiving more attention, which reflects Europe's strategy shift towards utilizing new technologies in conjunction with present assets. As digital oilfield solutions become increasingly important to well design, production optimization, and exploration, it is expected that they will significantly improve the region's growth prospects.
Global Digital Oilfield market By Region
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Digital Oilfield Market Dynamics
Drivers
- Enhancement in production and techniques
In the coming years, industry income will be driven by increased activities to combine efficient production techniques and boost production yields from mature wells across many geographies. Digital oilfield techniques are an important part of effective oil & gas well design, production, and exploration, and they can considerably increase production by utilizing statistical and analytical tools and software.
- Focus on upgradation of old equipment
The market is projected to be shaped by a greater emphasis on upgrading old equipment and developing more efficient and innovative hardware, software and services. Major businesses are making advances with novel solutions for maximizing capital investments, enhancing asset tracking, and cutting operational costs.
Restraints
- Heavy reliance on Information Technology
Oil and gas firms rely on highly networked data and control systems to help with exploration, drilling, and system monitoring, as well as maximizing output from onshore and offshore assets. In recent years, as their reliance on information technology has grown, so has their vulnerability to cyberattacks. As the digital oilfield grows, oil and gas businesses rely increasingly on data to maintain output.
- Lack of qualified professionals
Data gathering and analysis require qualified and professional staff. Key companies in the oil & gas industry are focused on making discoveries using precise and accurate data. Thus, the analytical instruments utilized to investigate and define the potential of wellheads are time-consuming methods and processes. Thus, delays in decision-making processes caused by analytical tools impede market expansion within the forecast period.
Request Free Customization of this report to help us to meet your business objectives.
Digital Oilfield Market Competitive Landscape
Various regional and global companies are constantly striving to produce advanced digital oilfield technology and featured goods for usage in the oil and gas industry. To strengthen their position in a competitive environment, large corporations are focusing on mergers and acquisitions, product development, and joint ventures. Key players are also concentrating on delivering a comprehensive set of hardware and software solutions to successfully complete many tasks throughout the oil and gas development and transportation phases.
Top Player’s Company Profiles
- NOV Inc.
- SLB
- CGG
- ABB
- Siemens
- Expro Group
- IBM
- Accenture
- Oracle
- Emerson Electric Co.
- KONGSBERG
- Weatherford
- Pason Systems Corp.
- Digi International Inc.
- Halliburton
Recent Developments
- In June 2023, The Halliburton Company and Nabors Industries announced a joint venture deal that places the two in tandem to provide automated well-construction equipment at the leading edge of technology. The agreement had the collaboration's terms pegged at joining forces on technology and digitalizing well-building services.
- In June 2023, Halliburton acquired Resoptima AS. This is to gain advanced reservoir management software. Through this, the main aim was risk mitigation, resource management, and raising efficiency in oil extraction.
- In September 2021, Schlumberger and AVEVA announced cooperation in the digitalization of gas and oil production. Through this collaboration, it has provided and integrated digital solutions from AI, Edge, and Cloud levels to increase the overall efficiency of oil & gas production processes.
Digital Oilfield Key Market Trends
- The digital oil and gas industry is increasingly incorporating advanced technological solutions such as IoT (Internet of Things), AI (Artificial Intelligence), machine learning, and big data analytics into its operations. These machines improve procedures by allowing for real-time monitoring, predictive maintenance, and data-driven decision making, resulting in increased operational efficiency and production.
- The digital oilfield makes use of virtual reality (VR) and augmented reality (AR) technologies for training, maintenance, and remote cooperation. VR and AR systems provide immersive experiences, allowing operators to simulate complex circumstances, train employees, and perform remote inspections or repairs.
Digital Oilfield Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest Analysis, the global digital oilfield market is rapidly increasing, driven by the need for improved efficiency, production optimization, and safety in the oil and gas industry. The use of contemporary technology and an emphasis on data-driven decision-making are revolutionizing operational procedures and paving the way for a more sustainable and digitally empowered future in the oil and gas industry. The digital oilfield market has expanded rapidly in recent years and is expected to continue its upward trajectory. Factors such as the need for effective extraction from mature oilfields, developments in digital technology, and a greater emphasis on data-driven decision-making are all driving market expansion.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 35.25 Billion |
| Market size value in 2031 | USD 54.22 Billion |
| Growth Rate | 4.9% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Digital Oilfield Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Digital Oilfield Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Digital Oilfield Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Digital Oilfield Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Digital Oilfield Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Digital Oilfield Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
USA (+1) 351-333-4748
