Press release
Digital Oilfield Market: Global Opportunity Analysis and Industry Forecast, 2021-2030
According to the report published by Allied Market Research, the global digital oilfield market generated $27.4 billion in 2020, and is anticipated to reach $54.4 billion by 2030, manifesting a CAGR of 7.2% from 2021 to 2030. The report offers an in-depth analysis of the market size, emerging and current trends, future estimations, and key players.The factors contributing toward the market growth are intense competition in oil sector and advantages of digital oil filed. Because of the intense competition the oil majors are investing heavily in the digital oilfield.
Integrating the advance digital technology with innovative processes eases the operation. The digital oilfield has the capability to improve output, and manage the operational costs and reduce the unplanned shutdowns of equipment and wells. In addition, oil companies can use data from all parts their value chains captured by the operators, internet of things (IoT), and engineers. However, the growth of renewable energy industry is hindering the oil industry which is negatively impacting the demand for digital oilfield services. This is consequently hindering the growth of the digital oilfield market. The renewable energy market is expected to grow at a CAGR of 8.4%. In addition, the high initial cost of digital solutions for oilfield also hinders the digital oilfield market growth.
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The report segments the global digital oilfield market on the basis of process, solution, application, and region.
Based on application, the offshore segment accounted for the largest market share in 2020, contributing to more than four-fifths of the total share, and is expected to maintain the lead throughout the forecast period. The segment is estimated to witness the fastest CAGR of 7.7% from 2021 to 2030. The report also covers the onshore segment.
Based on the solution, the hardware solutions segment contributed to the highest market share in 2020, attributing to nearly half of the total market share, and is anticipated to dominate the market during the forecast period. On the other hand, the software & service solution segment is expected to manifest the fastest CAGR of 8.2% from 2021 to2030.
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Based on region, Asia-Pacific, followed by Europe and North America, contributed to the highest share in 2020, holding nearly two-fifths of the total share, and is anticipated to maintain dominance throughout the forecast period. The global digital oilfield market across Asia-Pacific is anticipated to exhibit the fastest CAGR of 8.4% during the forecast period.
The digital oilfield market analysis covers in-depth information of the major industry participants. Some of the major players in the digital oilfield industry include Schlumberger, Halliburton, National Oil Varco, ABB, Schneider, Baker Hughes, Weatherford international, Infosys, and Siemens.
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Impact of COVID-19 on the Digital Oilfield Market
• The COVID-19 has hindered the oil demand which has correspondingly hindered the demand for digital oilfield solutions
• The spread of COVID-19 in numerous countries halted the industrial activities.
• This resulted into oversupply scenario in oil industry.
• This consequently resulted into decreased demand for drilling activities.
• The decrease in drilling activities resulted in decreased demand for drilling optimization solutions.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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