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The global digital oilfield market size is expected to reach USD 29.82 billion by 2027. The constant innovations by companies to reduce the production cost in oil procurement will spur opportunities for the market, states Fortune Business Insights, in a report, titled “Digital Oilfield Market Size, Share & COVID-19 Impact Analysis, By Process (Production Optimization, Reservoir Optimization, Drilling Optimization, and Others), By Solution (Services, Software, and Hardware), By Application (Onshore and Offshore), and Regional Forecast, 2020-2027.” The market size stood at USD 24.88 billion in 2019 and is expected to exhibit a CAGR of 5.04% between 2020 to 2027.
Introduction of Weatherford’s Centro™ to Amplify Growth
Weatherford International, an Irish-domiciled multinational oil and gas company unveiled Centro™. The digital well delivery will help to effectively manage well-site operations digitally. Centro™ enables accessibility of the operator’s well data from any location and allows us to integrate, share, and store all important information in real-time. Centro also consolidates data, meanwhile enabling advanced domain viewing and live analytics. The introduction of Centro will provide smart solutions to the oilfield companies owing to its technological management and precise data, which, in turn, will bolster the healthy growth of the market. Moreover, data management, visualization, and real-time engineering technologies in Centro make it effective in operations. The benefits offered by Centro such as advanced 2D and 3D renderings, innovative interface, high operational performance, and monitoring will fuel its demand, therefore boosting the market.
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Advancements in Exploration Tools to Contribute Growth
The growing improvements in equipment and tools such as hardware, software, and services for smooth effective operations will have a tremendous impact on the market. The increasing focus on innovative smart solutions to optimize capital investments, improve asset tracking, enable fast data interpretations, and reduce operational risk will encourage the growth of the market for digital oilfield. Besides, the ongoing advancements for enhanced statistical and analytical tools & software will have an excellent effect on the market.
Introduction of Innovative Technologies by Major Companies to Enhance Business
Market players such as Schlumberger, Halliburton, And Weatherford are constantly innovating to offer advanced and effective tools for the oil & gas industry. The companies are also focused on mergers & acquisitions, product development, partnerships to strengthen its position in the market. The introduction of novel hardware and software tools for operations in the oil & gas industry is expected to enable speedy expansion of the market. For instance, in November 2019, Weatherford launched digital wellhead flow-measurement technology which provides precise flow measurements for any fluid mixture without separation.
The Report Lists the Main Companies in the Digital Oilfield Market:
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The Market is Segmented into:
Value (USD Billion)