Press release
Global Digital Oilfield Market Projected to Surpass $39.16 Billion by 2029 with 7% Annual Growth
Global Digital Oilfield Market
The surge in offshore exploration and drilling activities is anticipated to boost the expansion of the digital oilfields market in the future. This refers to the extraction of petroleum and natural gas from oceanic reserves instead of onshore reserves. It utilizes either mobile or fixed platforms located offshore. The offshore oil sector employs digital oilfield technology to facilitate deep-sea drilling. Moreover, digital oilfield goods and services are utilized to enhance productivity, cut costs, and lessen risks in oil and gas operations. An example would be from the Newfoundland and Labrador Statistics Agency, a Canada-based sector of the economics and statistics branch of the finance department, which reported that from January to July 2022, 52 million barrels of oil were extracted from offshore Newfoundland and Labrador, an eastern province of Canada. In addition, the Bureau of Ocean Energy Management, a division within the United States Department of the Interior, manages 12.1 million outer continental shelf (OCS) acres under 2,287 active oil and gas leases as of May 1, 2021. The federal government produced approximately 641 million barrels of oil and 882 billion cubic feet of gas offshore in FY 2020, predominantly in the Gulf of Mexico. This accounts for 2% of domestic natural gas production and 15% of all domestic oil production. Consequently, the rise in offshore exploration and drilling activities is stimulating the growth of the digital oilfields market.
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What is the projected compound annual growth rate (CAGR) of the digital oilfield market from 2025 to 2034, and what factors influence it?
Over the past few years, the size of the digital oilfield market has experienced consistent growth. With a compound annual growth rate (CAGR) of 4.9%, it is predicted to expand from $28.91 billion in 2024 to $30.33 billion in 2025. The surge observed in the historic period can be credited to factors such as the emergence of edge computing, heightened emphasis on sustainability, the increased adoption of data analytics, oilfield operations automation, improved connectivity and communication, and a heightened focus on health, safety, and the environment (HSE).
The market size of the digital oilfield is predicted to considerably expand in the upcoming years, eventually reaching a value of $39.16 billion in 2029 with a compound annual growth rate (CAGR) of 6.6%. The progression during the predicted period is due to the advancements in artificial intelligence (AI), rise in oil and gas demand, transition towards predictive maintenance, measures in cybersecurity, sustainable norms in oil and gas, and remote operations and collaboration. Significant trends during this period encompass remote operations and collaboration, the integration of internet of things (IoT), the implementation of digital twins, partnerships, and a shift towards predictive maintenance.
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How are the latest trends influencing the growth of the digital oilfield market?
The rise of technology is a prevalent trend emerging in the digital oilfields market. Top companies in the industry are moving towards state-of-the-art automation technology to secure a competitive advantage. For instance, Baker Hughes, a US-based energy technology firm, launched Leucipa, a novel digital solution, in February 2023, aiming to boost efficiency and sustainability in oil and gas operations. This cloud-based automated field production software is structured to aid operators in actively managing production while simultaneously minimizing carbon emissions. Leucipa is focused on achieving specific results by utilizing data to power intelligent operations. This invention showcases Baker Hughes' dedication to the advancement of digital abilities for smarter, more enlightened, and eco-friendly energy operations.
What are the major segments of the digital oilfield market and their role in driving growth?
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
Subsegments:
1) By Hardware Solutions: Sensors And Monitoring Devices, Automation And Control Systems, Drilling Equipment
2) By Software And Service Solutions: Oilfield Management Software, Production Optimization Software, Consulting And Engineering Services
3) By Data Storage Solutions: Cloud Storage Solutions, On-Premises Data Storage, Big Data Analytics Platforms
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Which regions are key players in the growth of the digital oilfield market?
North America was the largest region in the digital oilfield market share in 2024. The regions covered in the digital oilfield market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the key firms paving the way for growth in the digital oilfield market?
Major companies operating in the digital oilfield market are TE Connectivity Ltd., 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., Weco Electrical Connectors Inc., Ningbo Degson Electrical Co.Ltd., Metz Connect GmbH, Dinkle Group, K.A. Schmersal GmbH & Co. KG, Altech Corporation, Amphenol Corporation, Bourns Inc., E-T-A Engineering Technology, FCI Connectors Ltd., Keystone Electronics Corp., Lumberg Automation Components GmbH & Co., 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
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What Is Covered In The Digital Oilfield Global Market Report?
• Market Size Forecast: Examine the digital oilfield market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the digital oilfield market for a structured understanding.
• Key Players Overview: Analyze major players in the digital oilfield market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the digital oilfield market.
• Segment Contributions: Evaluate how different segments drive overall growth in the digital oilfield market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the digital oilfield market.
• Industry Challenges: Identify potential risks and obstacles affecting the digital oilfield market.
• Competitive Landscape: Review strategic developments in the digital oilfield market, including expansions, agreements, and new product launches.
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