Digital Oilfield Market
Digital Oilfield Market: Global Market Size, Trends, Competitive, Historical & Forecast Analysis, 2020 – 2030- Gradual technological advancements along with the transition of the oil and gas sector towards digitalization to achieve efficiency and cost effectiveness are major factors driving the digital oilfield market.
The Global Digital Oilfield Market was valued at USD 23.97 billion in 2019 and is predicted to reach USD 38.90 billion by 2030 with a CAGR of 4.5% during the forecast period.
Digital oilfields employ advanced software and various data analysis techniques to achieve better output and thereby improving the profitability of the production process. Digital oilfields offer a number of advantages such as ease in finding and exploiting reserves, improved workplace safety, and reduced environmental impact. However, increased number of cyber-attacks and data security concerns are expected to inhibit the growth of digital oilfield market.
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The major market players of the digital oilfield market are Emerson Electric, General Electric, Weatherford International, Schlumberger, Halliburton, Baker Hughes, Sinopec Oilfield Service, Honeywell International, and Siemens, National Oil well Varco, Pason Systems, and International Business Machines (IBM).
The global digital oilfield market share has been segmented on the basis of process, component and geography. On the basis of process, the market is categorized into reservoir optimization, drilling optimization, production optimization, and others. On the basis of component, the market is segmented into hardware, software and services. Based on geography the market is segmented into North America, Europe, Asia Pacific and RoW.
Recent analysis indicate that North America held the lion share of the digital oilfield market in 2019 due to the re-engineering efforts of oilfield solutions for optimization and management of the operations and increasing discoveries of oil reserves resulting stiff growth in the production. However, Asia Pacific is predicted to show rapid and consistent growth in terms of market share within the forecast period. Factors such as low-cost production along with rise in acceptance of the digital oilfield solutions are major contributors to the market growth in this region.
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