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The global digital oilfield market size was valued at USD 23.65 Billion in 2018 is projected to reach over USD 34.58 Billion by 2026, exhibiting a CAGR of 4.91% during the forecast period.
Rapidly increasing demand for oil, gas, and other petroleum products across the emerging nations along with rising efforts to cut down the O&G production cost will positively favor the global digital oilfield market. Discoveries of high potential conventional and unconventional reserves in various formations are set to further complement the industry growth.
Digital oilfield is a technology consisting of a wide range of equipment & functions deployed to enhance the operational efficiency of oil & gas processes at different upstream, downstream, and midstream stages. It integrates nearly all the operations with advanced engineering and IT solutions to minimize challenges and expand cost returns.
The technology is largely adopted by oilfield companies to achieve a blend of benefits like reduced rig downtime, improve recovery, optimize resources, and various other benefits to assure flexible and reliable operations. Digital oilfield includes a set of hardware, software, and services to provide smart solutions for integrating, analyzing, and processing data.
The calculations are done for various sites in different formations to increase productivity by deploying automated operations with appropriate offset well data.
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Development of distant onshore & offshore wells drilling at numerous depth levels along with rising efforts to increase monetary returns by the assets has catered to the adoption of digital oilfield technology in different regions. North America is anticipated to hold a major share owing to the long-standing oil & gas activities along with the presence of key participants with established infrastructure. In November 2018, the U.S. Energy Information Administration announced that the total proved crude oil reserves in the country, at the end of 2017, reached about 39.2 billion barrels experiencing an increase of around 19.5% against preceding year.
“Rising Need To Augment Production From Aged Wells Will Cater To The Global Digital Oilfield Market Growth”
Existence of old and mature wells across different regions and rising actions to integrate efficient production techniques to maximize the output is set to boost the industry revenue. Digital oilfield techniques are an important part of effective planning & producing of O&G wells and thereby can substantially increase the yield by using statistical and analytical tools & software.
“Development Of New Techniques And Improving The Existing Set Of Tools Is Anticipated To Positively Propel The Market Size”
Rising focus on improving the prevailing equipment and develop a more efficient and advanced array of hardware, software, and services, is projected to shape the market trends. Different actions by the global competitors to progress with innovative solutions to additionally optimize capital investments, fast data interpretations, improved asset tracing, and reduce operational risk will further drive the technology demand.
“Production Optimization Is Anticipated To Possess A Dominating Share During The Forecast Timeframe”
Based on the process, this industry is divided into production optimization, reservoir optimization, drilling optimization, and others. The production optimization process is projected to account for the largest portion over the forecast period. It includes several processes like measuring, modeling, analyzing, and prioritizing functions to execute in a well or reservoir to improve its overall productivity.
The process consists of various actions like maintaining well integrity, removal of near-wellbore damage, efficient designing of surface facilities, sand control management and many more to ensure maximum returns. The reservoir optimization technique is expected to observe a substantial growth rate owing to its increasing adoption to assess normal as well as complex reservoirs with utmost accuracy.
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Precise reservoir data greatly helps to comprehend the actual wellbore behavior and mitigate damage rates. The drilling optimization process is readily adopted across the globe on account of its ability to increase drilling speed, decrease rig downtime, reduce operating cost, and improved health, safety, and environment (HSE) conditions.
“Services Solution Is Anticipated To Hold The Lion's Share Over The Forecast Period”
By solution, this market is bifurcated into services, software, and hardware. The services segment is projected to own a large portion owing to the availability of established and large consulting companies with technical knowhow to deliver assistance on digital oilfield management. Increasing innovations to develop new artificial intelligence and other data storage solutions is set to positively drive the software solution segment. The hardware section is predicted to grow considerably over the forecast timeframe due to continuous research & development activities to cultivate advanced hardware equipment and solutions such as Supervisory Control and Data Acquisition (SCADA), Distributed Control Systems (DCS), and many more.
“In The Global Digital Oilfield Market, The Onshore Application Is Expected To Observe The Highest Portion”
Based on the application, the global digital oilfield market can be broadly divided into onshore and offshore. The onshore segment is projected to lead the market size due to the accessibility of large capacity reservoirs in conventional and unconventional reserves on land. Furthermore, discoveries of oil, gas, and shale reserves, along with growing concern to produce from mature wells, will positively influence the segment market dynamics. Offshore application is anticipated to observe significant growth owing to complex drilling, completion, and production conditions along with the sheer need to handle multiple equipment which can be very risky and challenging when operated manually.
Geographically, the global digital oilfield market has been analyzed across five major regions, which are North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. North America is likely to maintain significant share and grow substantially over the forecast timeframe. Availability of established technological networks along with the existence of oil & gas technological giants like Halliburton, Schlumberger, Baker Hughes, and various others will favor the North America market outlook. The U.S. and Canada are the leading countries operating in the digital oilfield technology across the region.
Increasing exploration & production activities to suffice the rising energy demand is set to fuel the Asia Pacific industry outlook. Developing countries like India and China are continuously facing a rise in the overall energy need to serve industrial and automobile demand. Various Southeast Asian countries, including Indonesia and Thailand, have witnessed a substantial increase in the E&P operations along with discoveries of new O&G reserves. In February 2019, a global energy company, Repsol, declared the largest gas discovery in Indonesia in about two decades. The company’s initial estimates suggest that the asset holds over 2 trillion cubic feet (TCF) of recoverable resources.
North America Digital Oilfield Market Size, 2018
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Europe's digital oilfield market is anticipated to grow considerably over the forecast timeframe. Increasing onshore and offshore developments across different countries will complement the industry outlook. The continental shelves of the UK and Norway possess a huge capacity for the development and production of hydrocarbons. Additionally, Russia is witnessing large investments for E&P operations in different assets along with bulk new oil & gas discoveries, which will tend to outline the regional technology demand. Other prominent countries operating in the territory are Germany and France.
Huge untapped capacity for hydrocarbon development along with the presence of non-complex formations to effectively drill the wells will favor the Middle East and Africa market dynamics. Various nations like Saudi Arabia, Kuwait, and UAE are members of the Organization of the Petroleum Exporting Countries (OPEC) and are thereby focused on abiding by the organization’s production targets. Other key countries participating in the digital oilfield market across the region are Qatar, Oman, Algeria, and Nigeria.
“Industry Players Like Schlumberger, Halliburton, Weatherford, Microsoft, And IBM Will Continue To Shape The Global Industry Trends”
The digital oilfield market has witnessed various regional and international players across the globe. Different industry participants are focused on entering into collaborations through joint ventures for developing advanced products & solutions. Companies are also focused on delivering a complete set of hardware and software tools to efficiently carry out numerous tasks across all oil & gas development & transportation phases.
Digital oilfield technology is a collection of virtual technologies to optimize O&G development with the least amount of risks. It is incorporated in every stage and implements automated operations to reduce accident & spill situations, lower functioning costs, and improve productivity. Furthermore, it helps to comprehend reservoir conditions and design better drilling & completion plans to operate effectively, even in low oil price conditions. Digital oilfield includes several technological advancements combining remote monitoring, sensing, cloud computing, artificial intelligence, data analysis, and numerous other functions to improve the oilfield operations to deliver increased output.
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Along with this, the report provides an elaborative analysis of the global market dynamics and competitive landscape. Various key insights presented in the report are the recent industry developments such as mergers & acquisitions, the regulatory scenario in crucial countries, investment scenario, technological advancement, and key strategies adopted by market leaders, competitive landscape, and company profiles.
Value (USD Billion)
Fortune Business Insights says that the digital oilfield market was valued at USD 23.65 billion in 2018.
The digital oilfield market is projected to reach USD 34.58 billion by 2026.
Growing at a CAGR of 4.91%, the digital oilfield market will exhibit steady growth in the forecast period.
North America digital oilfield market was valued at about USD 7.60 billion in 2018.
The production optimization process is anticipated to be the leading segment in the digital oilfield market during the forecast timeframe.
Rising need to produce through mature O&G wells to suffice the rising energy needs will be the key market driver. However, susceptibility to cyber-attacks may obstruct the industry growth.
Schlumberger, Halliburton, Weatherford, Microsoft, and IBM are among the top players in the digital oilfield market.
Various competitors are focused on cutting costs and non-productive time during E&P activities. Therefore, discovering new reserves will lead participants to incorporate digital oilfield technology to develop the wells with the least risk and maximum output.
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