Digital Oilfield Market Estimated to Experience a Hike in Growth By 2031

The digital oilfield is a digital transformation for the oil sector. Utilizing a combination of emerging technologies such as the internet of things (IoT), artificial intelligence (AI), mobile connectivity, augmented reality, and cloud computing the digital oilfield promises to help the oil industry to analyze, gather, and make quick decisions.

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The factors contributing to the market growth are intense competition in the oil sector and the advantages of the digital oil field. Because of the intense competition, the oil majors are investing heavily in the digital oilfield.

Integrating advanced digital technology with innovative processes eases the operation. The digital oilfield has the capability to improve output, manage operational costs, and reduce the unplanned shutdowns of equipment and wells. In addition, oil companies can use data from all parts of their value chains captured by operators, the internet of things (IoT), and engineers. However, the growth of the 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 oilfields also hinders the digital oilfield market growth.

On the basis of solutions, the hardware solutions segment garnered 46.6% in terms of revenue and is expected to grow at a CAGR of 6.9% during the forecast period. This is attributed to the increased adoption of digital solutions in oilfields. Implementing digital solutions in the oilfield required intelligent hardware.

On the basis of process, the production optimization segment garnered 20.8% in terms of revenue and is anticipated to grow at a CAGR of 7.8% during the forecast period. The advantages of production optimization to the oil & gas industry are one of the major growth factors for production optimization. The advantages of production optimization are increasing or decreasing the target production of gas and oil across multiple locations, and decreasing the production cost.

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On the basis of application, the offshore segment garnered 81.3% in terms of revenue and is expected to grow at a CAGR of 7.7% during the forecast period. Rising deepwater drilling and production activities are driving market growth.

On the basis of region, the Asia-Pacific region garnered a 37.2% share in terms of revenue and is anticipated to grow at a CAGR of 8.4% during the forecast period. China has a strong presence in the South China Sea. Chinese oil & gas companies have come across gas fields with reserves of around 300 billion tons along with oil fields reserves of around 200 million tons of oil.

The digital oilfield market is segmented into solution, process, application, and region. On the basis of solutions, the digital oilfield market is fragmented into hardware solutions, software and service solutions, and data storage solutions. By process, the market is analyzed across reservoir optimization, drilling optimization, production optimization, safety management, and others. On the basis of application, the market is divided into onshore and offshore. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The digital oilfield market share is analyzed across all significant regions and countries and segments.

The digital oilfield market analysis covers in-depth information on 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.

Key findings of the study

• The report outlines the current digital oilfield market trends and future scenarios of the market from 2021 to 2030 to understand the prevailing opportunities and potential investment pockets.
• The digital oilfield market size is provided in terms of revenue.
• On the basis of process, the safety management segment garnered a market share of 18.2% in 2020 in terms of revenue.
• On the basis of application, the onshore segment gained an 18% share in 2020 in terms of revenue.
• On the basis of region, the Asia-Pacific region garnered a market share of more than 37% in 2020 in terms of revenue.

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Impact of COVID-19 on the Digital Oilfield Market

• 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 industrial activities.
• This resulted in an oversupply scenario in the oil industry.
• This consequently resulted in decreased demand for drilling activities.
• The decrease in drilling activities resulted in decreased demand for drilling optimization solutions.

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