Digital Oilfield Market to Witness Strong Growth over 2021-2030 | Key Manufacturers Overview- Emerson Electric, General Electric

At an estimated value of over USD 23.97 billion in 2019, the global Digital Oilfield Market is predicted to thrive at a CAGR of 4.5% and valued at USD 38.90 billion by 2030.

Digital Oilfield or digitization of oilfield means the automation of various upstream, midstream, and downstream oilfield activities. This is done with the help of advanced software and various data analysis techniques to achieve better output and thereby improving the profitability of the production process. The smart solutions comprising of sophisticated hardware and software help in collecting, analyzing and processing large amount of data in a short span of time, which in turn help in finding reserves, improve workplace safety, reduce environmental impact, and optimize production rate of hydrocarbons. In other words, it is also known as the deployment of various resources to get efficient and cost-effective results. Some other advantages of the digital oilfield are reduced rig downtime, improved recovery, resource optimization, and ease in locating and exploiting reserves.

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Top Players - Emerson Electric, General Electric, Weatherford International, Schlumberger, Halliburton, Baker Hughes, Sinopec Oilfield Service, Honeywell International, Siemens, National Oil well Varco, Pason Systems, and International Business Machines (IBM).

Market Dynamics and Trends

Modernization of various activities has been taking place in every industry including Oil & Gas. Also, increasing demand for crude oil in various industries and specially from developing economies along with the need to reduce the production cost is among the key factors driving the growth of digital oilfield market. Additionally, increasing focus on automation for process optimization, remote management, and intelligent decision making through effective measurement, analysis, and modeling of data are contributing to the growth of the market.

Other factors driving the growth of digital oilfield market include surging investment by the major players to improve the existing processes in the oilfields and increased consumption of fuel and gas due to the expanding global population. However, increased number of cyber-attacks and data security concerns are expected to inhibit the growth of digital oilfield market. On the other hand, increased strategic collaborations with new product launches and software upgrades are expected to create numerous opportunities in the digital oilfield market.

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Market Segmentations and Scope of the Study:

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.

Geographical Analysis

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. Europe is expected to hold a significant share due to the presence of various mature oilfields in the North Sea and other places, coupled and the presence of developed infrastructure. The Asia Pacific region 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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