Digital Oilfield Market Growth 2020: Global Industry Trends, Size, Share, Key Players and Forecast By 2025

As per the latest report by IMARC Group, titled “Digital Oilfield Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global digital oilfield market size reached US$ 24.3 Billion in 2019. Digital oilfield is an emerging concept that enhances the operations and workflows of oil and gas exploration through a combination of technologies. Some of these include artificial intelligence (AI), augmented reality (AR), the Internet of Things (IoT), mobile connectivity and the cloud, which enable operators to gather, analyze and interact with production-related information in the field. This helps in obtaining actionable insights in real-time that help in driving calculated business decisions. As a result, digital oilfield technologies effectively maximize productivity, lower operating costs, reduce unscheduled shutdowns of wells and equipment, and minimize the overall risks associated with oil and gas operations.

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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviors of the consumers globally–our estimates about the latest market trends and forecast values after considering the impact of this pandemic. These observations will be integrated into the report.

Global Digital Oilfield Market Trends:

Digital oilfield technologies help in predicting equipment breakdown, tracking workers in the field, supplying them the data they need via various platforms and removing them from hazardous situations. These technologies not only offer improved efficiencies and cost savings but additional benefits in areas such as health, safety and environmental compliance. Apart from this, the top oilfield service providers are entering into partnerships to develop digital technologies for minimizing risks and improving equipment diagnostics. For instance, Schlumberger, the world's leading oilfield service provider, has recently announced a joint venture named Sensia, with Rockwell Automation, to build products for digital oilfield automation. Moreover, the growing number of exploration activities, significant demand for oil and oil derivatives from various sectors and advancements in technology are some of the other factors contributing to market growth. Looking forward, the market value is projected to reach US$ 30.9 Billion by 2025, expanding at a CAGR of 3.9% during 2020-2025.

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Key Market Segmentation:

Competitive Landscape:

The competitive landscape of the market has also been examined, with some of the key players being Schlumberger Limited, Weatherford International Plc, General Electric Company, Halliburton Company, Honeywell International, Inc., Siemens AG, Rockwell Automation, Inc., Kongsberg Gruppen ASA, Paradigm Group BV, Pason Systems Inc., Petrolink AS, Accenture Plc, International Business Machines (IBM) Corporation, EDG, Inc. and OleumTech Corporation.

Market Breakup by Solution:

1. Hardware Solution
2. Software Solution
3. Others

Based on the solution, the market has been segmented into hardware, which includes distributed control systems (DCS), supervisory control and data acquisition (SCADA), smart wells, safety systems and wireless sensors; software, including IT outsourcing, software, IT services and commissioning, collaborative product management (CPM); and others, which include hosted and on-premise data storage solutions.

Market Breakup by Process:

1. Production Optimization
2. Drilling Optimization
3. Reservoir Optimization
4. Safety Management
5. Others

On the basis of the process, the market has been segmented into production, drilling and reservoir optimization, safety management and others.

Market Breakup by Application:

1. Onshore
2. Offshore

The market has been bifurcated based on the application into the onshore and offshore segments.

Market Breakup by Region:

1. Asia Pacific
2. Europe
3. North America
4. Middle East and Africa
5. Latin America

Region-wise, the market has been classified into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others); Latin America (Brazil, Mexico and others); and Middle East and Africa.

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