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The integration of oil and gas wells is essential to get real-time data. Information and communication technology (ICT) is being used by oil companies to integrate oil and gas network across the region. The industry-recognized the importance of connected oilfields to manage future oil and gas developments and the effective production existing reserves. It is essential to integrate and connect business processes, geographies, and organization.
The use of collaborative information allows oil and gas experts around the world to assimilate and interrogate large volumes of data and information to make right business decision. The connected oilfield is all about integrating operation using ICT and Internet of Things (IoT) to change the work processes for better decision making, to manage and control equipment and processes.
Key Market Driver -
Key Market Driver – Shifting trend towards digitalization of wells for better control over asset management
Key Market Restraint -
Key Market Restraint – Highly expensive technology
Society of Petroleum Engineers quoted that “Over the next decade the way in which we understand our reservoirs, identify development options, manage and optimize our wells, facilities, and associated products will all change radically. Logically this leads to a substantial impact on the people working on these fields.” Ultimately connected oilfield with real-time and right time information will facilitate distributed problem-solving, decision making, and enhance effective asset management.
Connected oilfield market is segmented into solution and application. The solution is further divided into hardware, software, and others. Hardware solution use sensors, flow measuring meters, cables, and various other equipment to monitor and control the oil wells. Software-based solution mainly uses information and communication technology, IoT based solution to collect the data of well across the geographic boundaries. This solution is majorly used in onshore application to maximize the efficiency of wells and reduce the production cost.
The integration of wells through digitalization provide not only real-time data for efficient control over processes and equipment but also useful in strategic decision making to avoid losses. Rising investment in information and communication technology by major oil companies is expected to boost the growth of the connected oilfield market.
Digitalization of oil wells includes the use of software and hardware-based solution, which is highly expensive and expected to retard the growth of the connected oilfield market.
The major companies providing connected oilfield solution are Rockwell Automation, Baker Hughes, a GE company, Schlumberger, ABB, Siemens, Emerson, Weatherford, Halliburton, Redline Communications, Petrolink, Pason Systems Corp., KONGSBERG, Digi International, and National Oilwell Varco.
The connected oilfield market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Major oil companies are adapting the advance technology for digitalization of reservoir for effective monitoring and control of processes and equipment. Massive investment in unconventional hydrocarbon production along with the implementation of high-end technology is expected bolster the growth of the connected oilfield market in North America.
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Europe is playing significant role in uplifting connecting oilfield market. Increasing demand for technological prowess to enhance the overall efficiency of the oil wells along better asset management is expected to boost the growth of the connected oilfield market in Europe. China and India account major demand for oil and gas and importing lot of hydrocarbons to bolster their economy. These countries embracing digital oilfield technologies to cut down the cost and optimize business operation.