Digital Oilfield Technology Market : Porter Analysis Identifies Competitive Forces Within The Market

The ‘device’ segment in the digital oilfield technology market is classified into remote terminal unit (RTU) and gateway. Gateway is expected to be the faster growing device category in the market, advancing at a CAGR of 4.7% during the forecast period. Gateway in digital oil fields collate data from RTUs in the field and remote sites and integrate these data into the company’s IT network. This makes data communication in the oilfield faster and easy, thus leading to the category’s growth in the market.

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The instrumentation and automation category is further classified into distributed control system (DCSs), smart well, supervisory control and data acquisition, wireless sensor, safety system, programmable logic controller, and others; ‘others’ include process and human machine interface instrument. DCSs was the largest category in the instrumentation and automation market. Distributed control systems unlike other automation system, control the oilfield process directly, together with the integration of packaged process units having independent programmable logic controllers. The IT expenditure category of the service in the digital oilfield technology market is further classified into software, IT outsourcing, IT services, and others.

Digital oilfield technologies are readily available and have proved their value in the form of reduced operating cost, and increased efficiency and revenue generation; for example, fiber-optic pressure and temperature gauges allow sustained down-hole profiling, which offers managers more robust information, resulting in more comprehensive asset awareness. Hence, pertaining to such advantages of these technologies in in oilfield processes, the major market players such as British Petroleum and Kuwait Oil Company are making huge investments to expand their global footprints in the digital oilfield technology market.

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Major software companies are working with oilfield companies to offer their services in digitizing the field. EMC Corporation announced a development center in Rio de Janeiro to focus on big data analytics for oil and gas. Other large IT and software companies with solutions designed for oil and gas companies are IBM, Microsoft, Progress, and SAS. A smaller company in this space is Mobilize (backed by Chevron Technology Ventures), which enables energy firms to aggregate data in real time from multiple vendors. Hence, such growing involvement of software companies in oilfield processes is expected to boost the digital oilfield technology market growth.

Some of the major players operating in the global digital oilfield technology market are Schlumberger Limited, Baker Hughes Incorporated, National Oilwell Varco Inc., Weatherford International plc, Siemens AG, Honeywell International Inc., Kongsberg Gruppen, Paradigm Ltd., and Petrolink.

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