Digital Oilfield Market Current Trends, Solution, Process, Application, Geography, Shares, Growth Rate and Forecast to 2028

Digital Oilfield holds the potential to improvise the oil & gas industry. Wide application of digital oilfield is capable to assist oil & gas companies to enhance workflow automation, data integration, operational efficiency, decision support, and collaboration and production optimization. It can also benefit in attaining productivity gains with improvised reservoir understanding, logistics, and supply chain optimization. The global digital oilfield market is anticipated to reach USD 21.6 billion in 2021 growing at a CAGR of 6.9% during the forecasting period, 2021-2028.

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Key players in the global digital oilfield market are Schlumberger, Weatherford, Halliburton, Baker Hughes Company, and National Oilwell Varco.

Key Findings

The global digital oilfield market is segmented into Solution, Process, Application, and Geography.

Solution segment is segmented into Hardware, Software & Service, and Data Storage Solutions

Process segment is segmented into Production Optimization, Drilling Optimization, Reservoir Optimization, Safety Management, Others

Application segment is segmented into Onshore and Offshore

Geographically, the global digital oilfield market is sub-segmented into North America, Europe, Asia-Pacific, Middle East and Africa and South America and insights are provided for each region and major countries within the regions

Digital oilfield uses the advanced technology to achieve efficiency, personnel, and safety, increased production, improved efficiency in the oil and gas sector, and allows reduced costs. The core focus of the digital oilfield is to:

Enhance the oilfield recovery
Exclude non-productive time
Increase profitability

Such intelligent oilfield joins business process management with innovative information technology and engineering proficiency to modernize and in several cases, automate the implementation of tasks accomplished by cross-functional teams.

Delvens estimates that the global digital oilfield market is anticipated to increase at a healthy compound annual growth rate of 7.8 percent through 2019 and 5.9 percent for forecasts up to 2028. Wherein, the Asia-Pacific and Middle East regions are projected to indicate the highest growth rate in the forecast period up to 2028. This astonishing growth is highly dependent on the enactment of digital oilfield technology in various areas.

As per Delvens' analysis, the digital oilfield services market will have grown by more than 40 percent USD 3.25 billion approximately. The core profit of positioning these services is expected to be more than 20 percent upsurge in the net present value to raise efficiency, slash downtime, enhance worker safety and health; reduce E&P costs and curtail schedules, make better use of the shrinking pool of experienced technical staff; commence more complex projects to contact reserves in difficult environments, extend the lifetime of 'brown fields'

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Developments by various companies:

Halliburton Company announced that it was awarded a contract from Kuwait Company (KOC) to collaborate on their digital transformation journey through the upkeep and enlargement of digital solutions for the North Kuwait asset. This will assist KOC to accelerate their data-to-decisions cycle by coming up with and operative digital twins of the sphere to automatize work processes, supported by DecisionSpace 365, a cloud-based subscription service for E&P applications. With this, the company can improve production by coming up with, programing, and change virtual and autonomous reservoir improvement

Schlumberger and NOV announced the collaboration to accelerate automated drilling solutions adoption by oil and gas operators and drilling contractors. This collaboration with NOV will integrate the rig automation interface with the drilling automation solutions to unlock higher performance for operators and drilling contractors.

Baker Hughes announced that it has deployed its industry-leading remote operations digital technology across Aramco's drilling operations, covering 200+ sites, the most important disposition of its kind in Baker Hughes' history. The project supports Aramco's in-progress efforts to more drive digital opportunities and initiatives and to boost operative performance and scale back emissions

Weatherford International has introduced Centre, a holistic approach to effectively managing advanced well site operations digitally. Centro makes consolidated knowledge accessible in real-time, sanctioning advanced domain viewing and live analytics.

Conclusion

The big quantity and also the planning of information collected from the field operation forms the 'Big Data' as inputs to oil & gas companies' private cloud for the various analytical tools, progress virtualization package, and business improvement and higher cognitive process systems. This drives the requirement for fundamental networking infrastructure that promises the reliable and timely delivery of the huge scale and style of information from each corner of the area operation.

Reasons to Acquire

Increase your understanding of the market for identifying the best and suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors

Gain authentic and granular data access for the digital oilfield market so as to understand the trends and the factors involved in changing market situations

Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future

In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns

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