Global Digital Oilfield Market 2021 | Analysis by SWOT, Investment, Future Growth and Top Key Players - Emerson Electric, Honeywell International, Weatherford International, Schlumberger, Halliburton, General Electric

The Digital Oilfield is defined as the concept which includes the set of business process management & the implementation of digital technologies to automates interrelated tasks to reduce the risk related to the oil & gas operations enhances productivity & reduce cost. It includes the advanced software &data analysis technique to improve productivity. The technologically advanced components incorporate cloud computing, network sensors, artificial intelligence (AI), and big data analytics. They are find their application in oil & gas industry.

Market Drivers

The increase in demand for oil, gas and other petroleum products from the developing countries, coupled with increasing efforts to mitigate the product cost is expected to boost the global digital oilfield market growth during this forecast timeframe. Exploring discoveries of high potential conventional & unconventional reserves in various formations are projected to accelerate the industry growth.

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The Digital technology incorporates a wide range of equipment & functions deployed in various upstream, downstream, and mid-stream stages to improve the operational efficiency of oil and gas processes. The technology adopted by oilfield organizations to achieve a blend of benefits such as improves recovery; optimize resources, and other benefits to ensure flexible & reliable operations. The increase in initiatives to integrate efficient production technique & escalate yields from mature wells in various regions will positively influence the revenue in the forthcoming years.
Market Restraints

The collection of real-time data & productive analysis is a time consuming which expected to hinder the global digital oilfield market growth. A suitable experienced & proficient skilled workforce is essential for collecting & analyzing the data. Key players in the oil and gas industry are focuses on exploring discoveries by tapping the potential with precise & accurate data. Hence, analytical tools adopted for exploring & defining the potential of wellheads are time-consuming processes. Thus, the delay in decision making processes due to analytical tools hampers the market growth.
Market segmentation

The Global Digital Oilfield Market is segmented into process such as Reservoir Optimization, Drilling Optimization, Production Optimization, Safety Management, and Others, by solution such as hardware solution (Distributed Control System, Supervisory Control & Data, Acquisitions, Smart Well, Safety System, Wireless Sensor, Programmable Logic Controller, Computers, Process Automation Manager, and Human-Machine Interaction), Software & Service Solution (IT Outsourcing, Software, IT Servicing & Commissioning, Collaborative Product, and Management), Data Storage Solution (On-Premise, and Hosted), by application such as Onshore, and offshore.

Also, the Global Digital Oilfield Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

Regional Analysis

The North America region is expected to hold largest revenue share in overall market due to re-engineering of technological solutions to improve optimization & management of the oil and gas operations will drive the market growth in this region. United State digital oilfield market is expected to grow on account of accelerating energy demand followed by paradigm shift toward technological advanced solutions.

The rise in production and exploration activities to cater to the growing energy demand is expected to propel the Asia Pacific market growth. Developing countries such as China, India, and South Korea are continuously facing an increase in the overall energy need to suffice the industrial, commercial, and automobile demand.

Market key Players

Various key players listed in this report such as Emerson Electric, Honeywell International, Weatherford International, Schlumberger, Halliburton, General Electric, Baker Hughes, Sinopec Oilfield Service, Siemens, International Business Machines (IBM), etc.

Market Taxonomy

By Process

• Reservoir Optimization
• Drilling Optimization
• Production Optimization
• Safety Management
• Others

By Solution

• Hardware Solutions
o Distributed Control System
o Supervisory Control & Data
o Acquisitions
o Smart Well
o Safety System
o Wireless Sensor
o Programmable Logic Controller
o Computers
o Process Automation Manager
o Human-Machine Interaction
• Software & Service Solutions
o IT Outsourcing
o Software
o IT Servicing & Commissioning
o Collaborative Product
o Management
• Data Storage Solutions
o On-premise
o Hosted

By Application

• Onshore
• Offshore

By Region

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

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Vishal Thakur
Research Support Specialist
QualiKet Research
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