Press release
Digital Oilfield Market Expansion Continues, with Forecast Valuation of $39.15 Billion by 2029
Digital Oilfield
Digital Oilfield Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
There has been consistent growth in the size of the digital oilfield market in the past few years. With a compound annual growth rate (CAGR) of 4.9%, it is set to increase from a $28.91 billion valuation in 2024 up to $30.33 billion in 2025. Various factors contribute to this growth during the historical period, including the emergence of edge computing, an intensified emphasis on sustainability, an upsurge in the adoption of data analytics, the automation of oilfield operations, enhanced communication and connectivity, and a heightened focus on health, safety, and environmental (HSE) issues.
Digital Oilfield Market Size Forecast: What's the Projected Valuation by 2029?
In the upcoming years, the digital oilfield market size is predicted to experience robust expansion. It is projected to escalate to a market worth of $39.16 billion in 2029, growing at a compound annual growth rate (CAGR) of 6.6%. This estimated growth in the forecast period is down to the evolution in artificial intelligence (AI), heightened demand for oil and gas, the move towards predictive maintenance, steps towards cybersecurity, remote functioning and collaboration, and sustainably-focused practices within the oil and gas industries. The major trends poised to shape this period include remote operations and collaboration, the incorporation of the internet of things (IoT), the introduction of digital twins, as well as partnerships and predictive maintenance orientations.
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What Are the Drivers Transforming the Digital Oilfield Market?
Offshore exploration and drilling activities, which involve the extraction of petroleum and natural gas from water-based reserves as opposed to land ones, have been on the rise, and this is anticipated to fuel the expansion of the digital oilfields market. A variety of tools and solutions related to digital oilfield technology are utilized in the offshore oil industry, particularly for facilitating drilling in deep-water. Moreover, these digital oilfield services and products aid in boosting productivity, cutting down costs, and reducing risks linked to oil and gas operations. Data provided by the Newfoundland and Labrador Statistics Agency, an economic and statistical department within Canada, revealed that between January and July 2022, offshore Newfoundland and Labrador, situated in the eastern part of Canada, produced 52 million barrels of oil. In addition, the Bureau of Ocean Energy Management, which is a part of the U.S. Department of the Interior, oversees 12.1 million outer continental shelf (OCS) acres comprising 2,287 oil and gas leases, as of May 1, 2021. The agency declared that approximately 641 million barrels of oil and 882 billion cubic feet of gas were extracted from offshore areas by the federal government during fiscal year 2020, with the majority being from the Gulf of Mexico. This accounted for 2% of the total domestic natural gas and 15% domestic oil production. Thus, it is clear that the upward trend in offshore exploration and drilling activities is pushing the growth of the digital oilfields market forward.
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What Long-Term Trends Will Define the Future of the Digital Oilfield Market?
Technological progression is emerging as a prevalent trend in the digital oilfields market. Leading businesses in this sector are gravitating towards cutting-edge automation technology for strategic advantage. For example, in February 2023, US-based Baker Hughes, a champion of energy tech, introduced Leucipa. This new digital tool aims to augment both efficacy and eco-friendliness in oil and gas procedures. Leucipa is a cloud-based, automated field production software that guides operators in managing production whilst concurrently diminishing carbon emissions. The core intent of Leucipa is to accomplish specific results via data-driven intelligent operations. This illustrates Baker Hughes' dedication towards progressing digital proficiencies for smarter, more informed, and greener energy dealings.
Which Segments in the Digital Oilfield Market Offer the Most Profit Potential?
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 Firms Dominate the Digital Oilfield Market by Market Share and Revenue in 2025?
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
Which Regions Offer the Highest Growth Potential in 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.
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