Digital Oilfield Market

Digital Oilfield Market is predicted to reach at USD 33,856 million by 2028 at a CAGR of 5.8% during the forecast period.

Digital Oilfield Market Overview

Digital oilfield is a technology-centric concept that allows oil companies to combine business process management with information technology (IT) to improve the decision-making process and enhance operational performance; thus, improving the productivity, and increasing profitability through design and deployment of integrated workflows. Digital oilfield encompasses both tools and solutions to gather data across the entire set of upstream activities. Thus, optimizing reservoir, well, and facility performance, which results in an increased Return on investment.

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Major Digital Oilfield Market Drivers

The factors driving the global digital oilfield market include increasing global exploration and production (E&P) activities globally. For instance, according to International Energy Agency, in 2020, the world oil production capacity is expected to surge by 5.9 mb/d by 2025. Non-OPEC supply will rise by 4.5 mb/d while OPEC is adding production of 1.4 mb/d of crude and natural gas liquid capacity, which can likely to surge the demand of the digital oilfield market.

Furthermore, technological advancement coupled with increasing applicability of security systems, smart wells, distributed control systems, and SCADA to improve production efficiency and analyze the real-time data will foster the demand for digital oilfield solutions. For instance, in 2019, ABB launched the digital wellhead with cloud-based SCADA, which allows the operator to proactively prevent issues, predict productivity and easily scale up or down as necessary. The system supports better decision-making, with field production data digitally gathered and visualized using a progressive web application.

Restraint in the Digital Oilfield Market

However, the collection of real-time data and productive analysis is time-consuming, and tough to collate large informative data and deliver it as information for wellhead which may hamper the global digital oilfield market.

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Solution – Segment Analysis

Based on the solution, software & services segment is expected to grow at the fastest rate in the global digital oilfield market during the forecast period owing to the rising need to improve production efficiency. The implementation of digital oilfields has become an essential tool for operators and companies are leveraging advanced simulation and analytic tools to derive their production allocation through well-gathering network and process conditions in their surface facilities. For instance, in 2020, Baker Hughes and artificial intelligence software provider C3.ai have launched an AI-based application that allows operator to view real-time production data and more accurately predict future production.

Processes – Segment Analysis

Based on the processes, the offshore segment is expected to grow at high CAGR over the forecast period in the global digital oilfield market due to the continuous development of offshore fields coupled with future potential in the offshore field to satisfy the future demand. For instance, Upper Zakum, the second largest offshore oilfield globally, located off the coast of Abu Dhabi, is estimated to hold around 50 billion barrels of oil equivalent. In 25 years of operation, only 10% of its total capacity is thought to have been processed through 173 wells which signifies the further well penetration and can surge the demand for digital oilfield in the future.

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Regional – Segment Analysis:

Based on the region, the North American region is expected to grow at a high CAGR over the forecasted period owing to more oilfield discoveries and domestic production that have accelerated the business growth. Moreover, refurbishment of oil and gas platforms across the shore with integrated advancement AI and machine learning solutions will further surge the product demand. According to Baker Hughes, in 2021, the average number of oil rig counts across the U.S. is 533, which is 264 more when compared to 2020. Such factors are expected to surge the demand in the coming years.

Top Market Players

Various notable players operating in the market, include Halliburton, Weatherford, Kuwait Oil Company, Schlumberger Limited, ABB Limited, National Oilwell Varco, Sinopec Oilfield Service Corporation, Saudi Arabian Oil Company (Saudi Aramco), Siemens, Baker Hughes, among others. 

Key Developments:

• • In November 2020, Schlumberger introduced MagniSphere, a high-definition NMR logging-while-drilling service This new service delivers accurate, real-time producibility analysis for optimum well placement, resulting in improved production and recovery in complex reservoirs.
  • In 2021, Halliburton Company released the iStar intelligent drilling and logging platform, a comprehensive measurement platform comprising multiple services for greater control of drilling and logging operations. The platform’s digital architecture supports automation, machine learning, and artificial intelligence for reservoir evaluation, faster drilling, and consistent well delivery.

Segments covered in the Report:

The digital oilfield market has been segmented on the basis of solution, processes, application, and regions. Based on solution, the market is segmented into hardware, software & service, and data storage solutions. Based on application, the market is segmented into onshore and offshore. Based on processes, the market is segmented into reservoir, production, drilling optimization, safety management. 

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Market Segmentation

Global Digital Oilfield Market by Solution

• • Hardware
  • Software & Service
  • Data Storage Solutions

Global Digital Oilfield Market by Processes

• • Reservoir
  • Production
  • Drilling Optimization

Global Digital Oilfield Market by Application

• • Onshore
  • Offshore

Global Digital Oilfield Market by Region

• • North America Digital Oilfield Market (Option 1: As a part of the free 25% customization)

    • North America Digital Oilfield Market by Solution
    • North America Digital Oilfield Market by Processes
    • North America Digital Oilfield Market by Application
    • US Digital Oilfield Market All-Up
    • Canada Digital Oilfield Market All-Up

  • Europe Digital Oilfield Market (Option 2: As a part of the free 25% customization)

    • Europe Digital Oilfield Market by Solution
    • Europe Digital Oilfield Market by Processes
    • Europe Digital Oilfield Market by Application
    • UK Digital Oilfield Market All-Up
    • Germany Digital Oilfield Market All-Up
    • France Digital Oilfield Market All-Up
    • Spain Digital Oilfield Market All-Up
    • Rest of Europe Digital Oilfield Market All-Up

  • Asia-Pacific Digital Oilfield Market (Option 3: As a part of the free 25% customization)

    • Asia-Pacific Digital Oilfield Market by Solution
    • Asia-Pacific Digital Oilfield Market by Processes
    • Asia-Pacific Digital Oilfield Market by Application
    • China Digital Oilfield Market All-Up
    • India Digital Oilfield Market All-Up
    • Japan Digital Oilfield Market All-Up
    • Rest of APAC Digital Oilfield Market All-Up

  • RoW Digital Oilfield Market (Option 4: As a part of the free 25% customization)

    • RoW Digital Oilfield Market by Solution
    • RoW Digital Oilfield Market by Processes
    • RoW Digital Oilfield Market by Application
    • Brazil Digital Oilfield Market All-Up
    • South Africa Digital Oilfield Market All-Up
    • Saudi Arabia Digital Oilfield Market All-Up
    • UAE Digital Oilfield Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Digital Oilfield Market All-Up

Major Players Operating in the Digital Oilfield (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Halliburton
  • Weatherford
  • Kuwait Oil Company
  • Schlumberger Limited
  • ABB Limited
  • National Oilwell Varco
  • Sinopec Oilfield Service Corporation
  • Saudi Arabian Oil Company (Saudi Aramco)
  • Siemens
  • Baker Hughes