Digital Oilfield Solutions Market to be Worth $41.7 Billion by 2030

Meticulous Research®-leading global market research company, published a research report titled 'Digital Oilfield Solutions Market by Offering (Hardware, Software, Services), Process (Production Optimization, Drilling Optimization, Others), Technology (IoT, AI, Others), Application (Onshore, Offshore), and Geography - Global Forecast to 2030.'

According to this latest publication from Meticulous Research®, the digital oilfield solutions market is projected to reach $41.7 billion by 2030, at a CAGR of 7.6% from 2023 to 2030. Some of the major factors driving the growth of this market are oil & gas companies' growing need to increase production from mature oilfields and technological advancements in the oil & gas industry. In addition, the growing demand for offshore/ultra-deepwater discoveries is expected to create market growth opportunities. However, data retrieval and analysis and the scarcity of quality information hamper decision-making processes, restraining the growth of this market.

The digital oilfield solutions market is segmented by offering, process, technology, application, and geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on offering, the digital oilfield solutions market is segmented into hardware, software, and services. In 2023, the software segment is expected to account for the largest share of the digital oilfield solutions market. The segment's large share is attributed to oil & gas companies' rising need to streamline processes, increase productivity, ensure shorter response and intervention times, increase cost savings, improve operational safety and asset integrity, and ensure sustainable resource treatment. However, the hardware segment is expected to record the highest CAGR during the forecast period.

Based on process, the digital oilfield solutions market is segmented into production optimization, drilling optimization, reservoir optimization, safety management, and other processes. In 2023, the production optimization segment is expected to account for the largest share of the digital oilfield solutions market. Production optimization includes maintaining well integrity, efficient designing of surface facilities, removal of near-wellbore damage, sand control management, and other activities aimed at maximizing yield. Globally, unplanned outages caused by damage or failure can result in production lags of thousands of barrels of oil per day.

According to IBM Corporation (U.S.), an average offshore oil & gas company experiences about 27 days of unplanned downtime a year, which can lead to annual losses from $38 million to upwards of $88 million. Thus, oil & gas companies' rising need to optimize production processes contributes to the segment's large market share. However, the reservoir optimization segment is expected to record the highest CAGR during the forecast period.

Based on technology, the digital oilfield solutions market is segmented into IoT, artificial intelligence, big data analytics, cloud computing, cybersecurity, blockchain, and other technologies. In 2023, the IoT segment is expected to account for the largest share of the digital oilfield solutions market. The segment's large share is attributed to oil & gas companies' rising need to optimize production and consumption processes, reduce wastage, enhance efficiency, gain real-time visibility into operations, enable predictive maintenance, and improve hazard management.

According to Birlasoft (India), the implementation of digital technologies such as IoT potentially increases revenues by up to 1.2%. Progressive companies are investing in IoT to create more intelligent business models. However, the big data analytics segment is expected to record the highest CAGR during the forecast period.

Based on application, the digital oilfield solutions market is segmented into onshore and offshore. In 2023, the onshore segment is expected to account for the larger share of the digital oilfield solutions market, mainly due to the accessibility of large-capacity reservoirs on land in conventional and unconventional reserves. Additionally, discoveries of oil, gas, and shale reserves and production from mature wells are expected to drive the growth of this segment. However, the offshore segment is expected to record the higher CAGR during the forecast period.

Based on geography, the digital oilfield solutions market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the digital oilfield solutions market. The region has some of the largest petroleum reserves in the world, which enables companies to use digitalization techniques to enhance production efficiency. The oil & gas industry in this region is growing; hence, many mature oilfields are expected to become digitalized over the coming years, driving the growth of this market. However, Asia-Pacific is slated to register the highest CAGR during the forecast period.

Key Players:

The key players operating in the digital oilfield solutions market are Schlumberger (U.S.), Halliburton (U.S.), Rockwell Automation (U.S.), NOV Inc. (U.S.), ABB Ltd. (Switzerland), Siemens (Germany), Schneider Electric (France), Baker Hughes Company (U.S.), Weatherford (U.S.), Infosys Limited (India), Emerson Electric Co. (U.S.), Honeywell International Inc. (U.S.), IBM Corporation (U.S.), Intel Corporation (U.S.), Microsoft Corporation (U.S.), and KONGSBERG (Norway).

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5529

Key Questions Answered in the Report:

Which are the high-growth market segments based on offering, process, technology, and application?
What was the historical market size for digital oilfield solutions?
What are the market forecasts and estimates for the period 2023-2030?
What are the major drivers, restraints, and opportunities in the digital oilfield solutions market?
Who are the major players, and what shares do they hold in the digital oilfield solutions market?
How is the competitive landscape in the digital oilfield solutions market?
What are the recent developments in the digital oilfield solutions market?
What are the different strategies adopted by major players in the digital oilfield solutions market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the global digital oilfield solutions market, and how do they compete with the other players?

Contact Us:
Meticulous Research®
Email- sales@meticulousresearch.com
Contact Sales- +1-646-781-8004
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research

Meticulous Market Research Pvt Ltd
Office No-202, 203,204,205,206
2nd Floor, Pushpak Business Hub,
Wakad, Pimpri-Chinchwad,
411057, India.

We are the trusted research partners for leading businesses around the world, providing market intelligence focused towards building revenue transformation strategies. Our research is used by Fortune 500 organizations to attain success by scouting next generation revenue opportunities well ahead of their competition.

This release was published on openPR.