Middle East and Africa Digital Oilfield Market is Expected to Reach USD 5,593.70 Million by 2029

Data Bridge Market Research analyses that the Middle East and Africa digital oilfield market is expected to reach a value of USD 5,593.70 million by 2029, at a CAGR of 8.2% during the forecast period. The Middle East and Africa digital oilfield market report also cover pricing analysis, patent analysis, and technological advancements in depth.

Although the rising ongoing advancement toward wireless technologies, data analysis, mobility, and collection platforms, rising E&P activities across on-shore and off-shore sectors fuelled by ongoing oil price recovery, continuous declining production from conventional wells coupled with a growing inclination toward devising an economic well recovery process, the rising deployment of enhanced oil recovery systems along with the rising number of mature gas fields across the Middle East are the major factors, among others expected to drive the Middle East and Africa digital oilfield market.

However, rising delays in the decision-making process by deploying various analytic tools and rising cyber security threats are the major factors that may restrain engaging new digital talent and rising interoperability of multiple system components from different solution providers.

Recent Developments

In September 2022, IBM Corporation partnered with Saudi Data, the AI Authority (SDAIA), and the Ministry of Energy to accelerate sustainability initiatives in Saudi Arabia using artificial intelligence. This partnership will help the company to drive digitalization in the oil and gas industry and accelerate revenue growth

In April 2021, Microsoft announced the partnership with Ambyint to provide oil and gas exploration and production solutions to optimize rod lift and plunger lift wells. This partnership will help the company leverage the solutions and software to transform oil fields, attract customers toward digitalization, and accelerate revenue growth

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Market Definition

Digital oilfield is defined as the automation of upstream, midstream, and downstream oilfield activities. It is a part of the energy industry that has incorporated advanced software and data analysis techniques into its operations to provide enhanced outputs and improve the profitability of the production process. They offer advantages such as optimized production rate of hydrocarbons, improved safety, environmental protection, and ease in finding reserves and exploiting them to the fullest. Digital oilfield is about sensors and screens installed on an oil and gas field. Integrating business processes with digital technologies and automating workflows is a concept. It allows a company to reduce human interference and minimize the risks associated with oil and gas operations. The flow of data and information is rapidly integrated with the analysis interface, allowing timely and best decisions for the operation.

Competitive Landscape and Middle East and Africa Digital Oilfield Market Share Analysis

The Middle East and Africa digital oilfield market competitive landscape provide details by the competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Middle East and Africa presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to the Middle East and Africa digital oilfield market.

Some of the major players operating in the Middle East and Africa digital oilfield market are Baker Hughes Company, IBM Corporation, Microsoft, Rockwell Automation, Inc., Halliburton Energy Services, Inc., CGG, Schlumberger Limited, Osperity, Emerson Electric Co., Siemens AG., ABB, Honeywell International Inc., NOV Inc., Petrolink., Weatherford, Kongsberg Digital (a subsidiary of KONGSBERG), among others.

Market Development

In May 2022, Halliburton Energy Services, Inc. launched a drilling and intervention system. The main feature of this system was its real-time solutions with anaconda (TM) technology, which will have a major impact on the exploration, development, and production of oil and gas, especially offshore. This company further enhanced its product portfolio for the consumer

In April 2021, Microsoft announced the partnership with Ambyint to provide oil and gas exploration and production solutions to optimize rod lift and plunger lift wells. This partnership will help the company leverage the solutions and software to transform oil fields, attract customers toward digitalization, and accelerate revenue growth

In March 2022, Weatherford won Offshore Technology Conference Asia (OTC Asia) Spotlight on New Technology award for OTC Asia 2022 Exhibitors. This recognition will help the company to assure the customers about the solutions offered, which enables quality assurance for the customers and increases the company's brand value

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Segment Analysis:

The global digital oilfield market is segmented into four notable segments based on offering, process, technology, and application.

On the basis of offering, the global digital oilfield market is segmented into software, services, and hardware. In 2022, the software segment is expected to dominate the market with a 40.99% share as it offers integration of hardware and digital technology, further providing better user interface solutions to manage the oilfield.

On the basis of process, the global digital oilfield market is segmented into production optimization, reservoir optimization, drilling optimization, safety management, and others. In 2022, the production optimization segment is expected to dominate the market with a 39.57% share as it is considered one of the major requirements to boost the production capacity of oilfields.

On the basis of technology, the global digital oilfield market is segmented into IoT & mobile devices, AI & advance analytics, cloud computing, robotics, and others. In 2022, the IoT & mobile devices segment is expected to dominate the market with a 36.54% share owing to the rise in mobile device usage and its importance over daily usage.

The IoT & mobile devices segment will dominate the technology segment of the digital oilfield market

The IoT & mobile devices segment will emerge as the dominating segment under technology. This is because of the growing number of infrastructural development activities in the market especially in the developing economies. Further, growth and expansion of the oil and gas industry all around the globe will further bolster the growth of this segment.

On the basis of application, the global digital oilfield market is segmented into onshore and offshore. In 2022, the onshore segment is expected to dominate the market with a 67.43% share as most companies focus on onshore oilfields.

The onshore segment will dominate the application segment of the digital oilfield market

The onshore segment will emerge as the dominating segment application segment. This is because of the growing number of oilfields in the market especially in the developing economies. Further, growth and expansion of research development services on a global scale will further bolster the growth of this segment.

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Research Methodology: Middle East And Africa Digital Oilfield Market

Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes the obtainment of market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analyzed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

Reasons to Purchase this Report:

Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects

Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.

Market value USD Million and volume Units Million data for each segment and sub-segment
Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years

Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

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