PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1451939
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1451939
The global digital oilfield market is estimated to grow from USD 30.1 billion in 2023 to USD 43.0 Billion by 2029; it is expected to record a CAGR of 6.3% during the forecast period. The Growing global demand for hydrocarbons and growing focus on environmental sustainability drives the digital oilfield market.
Scope of the Report | |
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Years Considered for the Study | 2019-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD Million/Billion) |
Segments | Digital Oilfield Market by Process, Solution Application, Technology, and Region. |
Regions covered | North America, Europe, Asia Pacific, Middle East, Africa, and South America. |
"Reservoir Optimization: The second largest segment of the digital oilfield market, by process "
Based on process, the digital oilfield market has been segmented into Production optimization, Drilling optimization, Reservoir optimization, safety management and asset management. The reservoir optimization segment is expected to be the second largest segment during the forecast period. Reservoir optimization enhances hydrocarbon recovery by gaining gain detailed insights into reservoir behavior, adjust production strategies, and optimize well placements. Reservoir optimization also helps in reducing wastage such as unutilized hydrocarbons and inefficient resource extraction.
"Software & Service solutions is expected to be the second largest segment during the forecast period based on solution."
By solution, the digital oilfield market has been split into three types: hardware solutions, software & services solutions, and data storage solutions. The software & service solutions segment is expected to hold the second largest market share during the forecast period. Software & service solutions are crucial for the successful integration of digital technologies into existing oilfield infrastructure. Also, software & service solutions allow companies to customize them to their specific needs and scale them up or down as their operations evolve.
"By technology, artificial intelligence segment is expected to be the fastest growing segment during the forecast period."
Based on the Technology, the digital oilfield market is segmented into artificial intelligence, internet of things, robotics and automation, big data and analytics, cloud computing and others. The artificial intelligence segment is expected to be the fastest growing segment of the digital oilfield market during the forecast period. AI algorithms can identify patterns, anomalies, and correlations in data from exploration, drilling, and production activities, providing valuable insights for decision-making. Also, AI can optimize well placement and production strategies for maximum hydrocarbon recovery.
"North America is expected to be the largest region in the digital oilfield market."
North America is expected to be the largest region in the digital oilfield market during the forecast period. North America has abundant presence of diverse and mature oil and gas reservoirs, particularly in unconventional resources like shale, fuels the necessity for advanced technologies to optimize extraction and production processes. North America is home to major players of the digital oilfield. For example, SLB, Baker Hughes, NOV and more have their headquarters in North America region only.
By Company Type: Tier 1- 57%, Tier 2- 29%, and Tier 3- 14%
By Designation: C-Level- 35%, Director Level- 20%, and Others- 45%
By Region: North America- 15%, Europe- 15%, Asia Pacific- 31%, Middle East- 23%, Africa- 8%, South and Central America- 8%
Note: Others include sales managers, engineers, and regional managers.
Note: The tiers of the companies are defined on the basis of their total revenues as of 2022. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million
The digital oilfield market is dominated by a few major players that have a wide regional presence. The leading players in the digital oilfield market are SLB (US), Weatherford (US), Halliburton (US), Baker Hughes Company (US), and NOV Inc. (US). The major strategy adopted by the players includes new product launches, partnerships, collaboration, acquisition, and investments & expansions.
The report defines, describes, and forecasts the global digital oilfield market by process, solution, application, technology and region. It also offers a detailed qualitative and quantitative analysis of the market. The report comprehensively reviews the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the direct air capture market.
Key Benefits of Buying the Report
Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players, like include SLB (US), Weatherford (US), Halliburton (US), Baker Hughes Company (US), and NOV Inc. (US)among others in the digital oilfield market.