Digital Oilfield Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global digital oilfield market size reached US$ 26.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 36.4 Billion by 2028, exhibiting a growth rate (CAGR) of 5.91% during 2023-2028.

Digital oilfield is an umbrella term referring to technology-centric solutions that incorporate advanced data analysis and software systems in order to enhance oil recovery from the oil seabed. The software replicates the functioning of an oil and gas field using workflows and predictive analysis generated by using the information relating to wellbores, reservoirs and surface facilities. This simplifies the decision-making process through intelligently filtered data and optimum utilization of technology. Digitalization of oilfields assists in the effective deployment of both human and machine resources and enhances the overall cost-effectiveness of the operations. It improves overall safety, environmental protection, optimizes hydrocarbon production rate and eliminates wastage of resources.

The rising trend of digitalization across several industries, including oil and gas, is the key factor driving the market growth. The increasing demand for oil and oil derivates across various industries coupled with the potentially hazardous working environment of the oil and gas sector, has significantly enhanced the need for digital oilfields. Furthermore, many oilfields are saturating, owing to which digital mechanisms are being employed to enhance oil recovery. Advanced solutions such as well testing facilities and reservoir optimization are gaining traction amongst the end use industries. An increasing number of exploration activities that are leading to discoveries of new oilfields is also catalyzing the growth of the market. Moreover, the growing usage of real-time monitoring of operations to reduce non-productive functions and losses is projected to drive the market further. These systems also enable more efficient management of the plants with accurate and reliable administration as compared to manually supervised fields and related operations. Other factors such as advancements in wireless technologies, data analysis and collection services along with the rising investment in offshore oil exploration activities are also expected to positively impact the market growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global digital oilfield market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on solution, process and application.

Breakup by Solution:

Hardware Solution

Distributed Control Systems (DCS)

Supervisory Control and Data Acquisition (SCADA)

Smart Wells

Safety Systems

Wireless Sensors

Software Solution

IT Outsourcing

Software

IT Services and Commissioning

Collaborative Product Management (CPM)

Others

Data Storage Solutions (Hosted)

Data Storage Solutions (On-Premise)

Breakup by Process:

Production Optimization

Drilling Optimization

Reservoir Optimization

Safety Management

Others

Breakup by Application:

Onshore

Offshore

Breakup by Region:

Asia Pacific

Europe

North America

Middle East and Africa

Latin America

Competitive Landscape:

The report has also analyzed the competitive landscape of the market with some of the key players being Schlumberger, Weatherford International Plc, General Electric, Halliburton, Honeywell International, Siemens AG, Rockwell Automation, Kongsberg Gruppen ASA, Paradigm Group B.V, Pason Systems, Petrolink AS, Accenture PLC, IBM Corporation, EDG Inc, Oleumtech, etc.

Key Questions Answered in This Report

1. How big is the global digital oilfield market?
2. What is the expected growth rate of the global digital oilfield market during 2023-2028?
3. What are the key factors driving the global digital oilfield market?
4. What has been the impact of COVID-19 on the global digital oilfield market?
5. What is the breakup of the global digital oilfield market based on the solution?
6. What is the breakup of the global digital oilfield market based on the process?
7. What is the breakup of the global digital oilfield market based on the application?
8. What are the key regions in the global digital oilfield market?
9. Who are the key players/companies in the global digital oilfield market?

Product Code: SR112023A1581

1 Preface

2 Scope and Methodology

2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
2.5 Forecasting Methodology

3 Executive Summary

4 Introduction

4.1 Overview
4.2 Key Industry Trends

5 Global Digital Oilfield Market

5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Breakup by Solution
5.5 Market Breakup by Process
5.6 Market Breakup by Application
5.7 Market Breakup by Region
5.8 Market Forecast

6 Market Breakup by Solution

6.1 Hardware Solution
- 6.1.1 Market Trends
- 6.1.2 Major Types
  - 6.1.2.1 Distributed Control Systems (DCS)
  - 6.1.2.2 Supervisory Control and Data Acquisition (SCADA)
  - 6.1.2.3 Smart Wells
  - 6.1.2.4 Safety Systems
  - 6.1.2.5 Wireless Sensors
- 6.1.3 Market Forecast
6.2 Software Solution
- 6.2.1 Market Trends
- 6.2.2 Major Types
  - 6.2.2.1 IT Outsourcing
  - 6.2.2.2 Software
  - 6.2.2.3 IT Services and Commissioning
  - 6.2.2.4 Collaborative Product Management (CPM)
- 6.2.3 Market Forecast
6.3 Others
- 6.3.1 Market Trends
- 6.3.2 Major Types
  - 6.3.2.1 Data Storage Solutions (Hosted)
  - 6.3.2.2 Data Storage Solutions (On-Premise)
- 6.3.3 Market Forecast

7 Market Breakup by Process

7.1 Production Optimization
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
7.2 Drilling Optimization
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
7.3 Reservoir Optimization
- 7.3.1 Market Trends
- 7.3.2 Market Forecast
7.4 Safety Management
- 7.4.1 Market Trends
- 7.4.2 Market Forecast
7.5 Others
- 7.5.1 Market Trends
- 7.5.2 Market Forecast

8 Market Breakup by Application

8.1 Onshore
- 8.1.1 Market Trends
- 8.1.2 Market Forecast
8.2 Offshore
- 8.2.1 Market Trends
- 8.2.2 Market Forecast

9 Market Breakup by Region

9.1 Asia Pacific
- 9.1.1 Market Trends
- 9.1.2 Market Forecast
9.2 Europe
- 9.2.1 Market Trends
- 9.2.2 Market Forecast
9.3 North America
- 9.3.1 Market Trends
- 9.3.2 Market Forecast
9.4 Middle East and Africa
- 9.4.1 Market Trends
- 9.4.2 Market Forecast
9.5 Latin America
- 9.5.1 Market Trends
- 9.5.2 Market Forecast

10 SWOT Analysis

10.1 Overview
10.2 Strengths
10.3 Weaknesses
10.4 Opportunities
10.5 Threats

11 Value Chain Analysis

12 Porter's Five Forces Analysis

12.1 Overview
12.2 Bargaining Power of Buyers
12.3 Bargaining Power of Suppliers
12.4 Degree of Competition
12.5 Threat of New Entrants
12.6 Threat of Substitutes

13 Price Analysis

14 Competitive Landscape

14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players
- 14.3.1 Schlumberger
- 14.3.2 Weatherford International Plc
- 14.3.3 General Electric
- 14.3.4 Halliburton
- 14.3.5 Honeywell International
- 14.3.6 Siemens AG
- 14.3.7 Rockwell Automation
- 14.3.8 Kongsberg Gruppen ASA
- 14.3.9 Paradigm Group B.V
- 14.3.10 Pason Systems
- 14.3.11 Petrolink AS
- 14.3.12 Accenture PLC
- 14.3.13 IBM Corporation
- 14.3.14 EDG, Inc
- 14.3.15 Oleumtech