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Digital Oilfield Global Market Report 2024 - By Size, Demand, Share And Industry Trends, Forecast To 2033
Digital Oilfield Market
As per the report, the digital oilfield market size has grown strongly in recent years. It will grow from $27.89 billion in 2023 to $29.59 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The digital oilfield market size is expected to see strong growth in the next few years. It will grow to $36.59 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%.
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Offshore Exploration And Drilling Driving Digital Oilfields Market Growth
The increase in offshore exploration and drilling activities is expected to propel the growth of the digital oilfields market going forward. Offshore exploration and drilling refer to extracting petroleum and natural gas from oceanic reserves instead of from land-based reserves by using a platform that is mobile or fixed and located off the coast. The offshore oil industry uses digital oilfield technology to assist with deep-water drilling. Additionally, digital oilfield products and services are used for increasing productivity, reducing costs, and minimizing risks in oil and gas operations. For instance, according to Newfoundland and Labrador Statistics Agency, a Canada-based part of the economics and statistics branch of the department of finance, between January and July 2022, 52 million barrels of oil were extracted from offshore Newfoundland and Labrador, an easterly province of Canada. Furthermore, As of May 1, 2021, the Bureau of Ocean Energy Management, an agency within the United States Department of the Interior, is in charge of managing 12.1 million outer continental shelf (OCS) acres under 2,287 current oil and gas leases. Approximately 641 million barrels of oil and 882 billion cubic feet of gas were produced offshore by the federal government in FY 2020, almost all of which was done in the Gulf of Mexico. This is responsible for 2% of domestic natural gas output and 15% of all domestic oil production. Therefore, an increase in offshore exploration and drilling activities is driving the growth of the digital oilfields market.
Technological Advancements Shaping The Digital Oilfields Market
Technological advancements are a key trend gaining popularity in the digital oilfields market. Major companies operating in the digital oilfields market are advancing toward next-generation automation technology to gain a competitive edge in the market. For instance, in February 2023, Baker Hughes, a US-based energy technology company, unveiled Leucipa, a new digital solution aimed at enhancing efficiency and sustainability in oil and gas operations. The cloud-based automated field production software is designed to assist operators in proactively managing production while concurrently reducing carbon emissions. The focus of Leucipa is on achieving specific outcomes by leveraging data to drive intelligent operations. This innovation reflects Baker Hughes' commitment to advancing digital capabilities for more efficient, informed, and sustainable energy operations.
The digital oilfield market covered in this report is segmented -
1) By Solution: Hardware Solutions, Software and Service Solutions, Data Storage Solutions
2) By Process: Production Optimization, Drilling Optimization, Reservoir Optimization, Safety Management, Other Process
3) By Service: Instrumentation and Automation, Information Technology
4) By Application: Onshore, Offshore
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Major companies operating in the digital oilfield market report are TE Connectivity Ltd., Omron Corporation, Eaton Corporation plc, Rockwell Automation Inc., Molex LLC, Weidmüller Interface GmbH & Co. KG, WAGO Kontakttechnik GmbH & Co. KG, Phoenix Contact GmbH & Co. KG, Wieland Electric GmbH, ABB Ltd., Vicor Corporation, Crane Aerospace and Electronics, Weco Electrical Connectors Inc., Modular Devices Inc., Ningbo Degson Electrical Co.Ltd., Metz Connect GmbH, Stark Industries, Metro Hydraulic Jac Co., Dinkle Group, Hotel Reservation Service, K.A. Schmersal GmbH & Co. KG, Altech Corporation, Amphenol Corporation, Bourns Inc., CUI Devices Inc., Curtis Industries LLC, EBY Electro Inc., E-T-A Engineering Technology, FCI Connectors Ltd., Keystone Electronics Corp., Lumberg Automation Components GmbH & Co., Regal Rexnord Corporation, Groupe Carbone Lorraine SA, OMEGA Engineering Inc., Panduit Corp., RIA Connect Inc., Sprecher + Schuh Inc., Struthers-Dunn LLC, Weiland Electric Inc., Würth Elektronik GmbH & Co. KG
Contents of the report:
1. Executive Summary
2. Digital Oilfield Market Report Structure
3. Digital Oilfield Market Trends And Strategies
4. Digital Oilfield Market - Macro Economic Scenario
5. Digital Oilfield Market Size And Growth
…..
27. Digital Oilfield Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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