PUBLISHER: The Business Research Company | PRODUCT CODE: 1270515
PUBLISHER: The Business Research Company | PRODUCT CODE: 1270515
“Digital Oilfield Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on digital oilfield market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for digital oilfield? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The digital oilfield market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Major players in the digital oilfield market are Halliburton Company, Schlumberger Limited, Baker Hughes Company, Weatherford International plc., ABB Ltd., Emerson Electric Co., Rockwell Automation Inc., Siemens AG, Honeywell International Inc., Kongsberg Gruppen, Digi International, National Oil Varco, Accenture PLC., Infosys Limited, and International Business Machines Corporation.
The global digital oilfield market is expected to grow from $26.20 billion in 2022 to $27.68 billion in 2023 at a compound annual growth rate (CAGR) of 5.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The digital oilfield market is expected to grow to $33.93 billion in 2027 at a CAGR of 5.2%.
The digital oilfield market consists of revenues earned by entities by providing advance analytics, robotics, cloud computing, and mobility technologies. The market value includes the value of related goods sold by the service provider or included within the service offering. The digital oilfield market also includes sales of pistons, bearings, cylinder heads, intake manifolds, crankshafts, transmissions and automotive pumps which are used in providing digital oilfields services. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Digital oilfield refers to a concept that automates workflows by combining business process management and digital technologies. The digital oilfield allows operators to gather, analyze and react to production-related information in real-time using emerging technologies such as artificial intelligence (AI), the internet of things (IoT), augmented reality, mobile connectivity, and the cloud.
North America was the largest region in the digital oilfield market in 2022. The regions covered in the digital oilfield market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main solutions for digital oilfields are hardware solutions, software and service solutions, and data storage solutions. Hardware solutions refer to hardware components used in digital oilfields that include SCADA and distributed control systems (DCS) among others and are used in including giving operators a means to monitor pipelines or gas wells and providing processes and equipment control functionality. The various processes involved are production optimization, drilling optimization, reservoir optimization, safety management, and others that offer instrumentation and automation, and information technology services used for onshore, and offshore applications.
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 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 October 2020, Weatherford International, a US-based oilfield service company that provides innovative energy services, launched ForeSite Sense, a next-generation automation technology for reservoir monitoring. This solution is installed in more than 7,000 wells and delivers real-time intelligence across mature wells, shale wells, and deep-water wells. By integrating ForeSite Sense into the ForeSite ecosystem, ForeSite becomes the world's only single-source, production-performance solution.
Rising oil and gas demand across the world is expected to propel the growth of the digital oilfield market going forward. The oil and gas demand is increasing mainly due to the economic growth. Using digital oilfield, oil and gas firms and oilfield service providers can remotely monitor and manage crucial operations at production facilities which will help to increase exploration and production (E&P) productivity and efficiency by reducing equipment downtime and enhancing hydrocarbon recovery. Additionally, in the oil and gas industry, digital oilfields lessen the requirement for on-site physical personnel deployment, increasing worker safety. For instance, according to BP p.l.c., a UK-based oil and gas company, global oil consumption was increased by 5.3 million barrels per day (b/d) in 2021 whereas global oil production increased by 1.4 million b/d in 2021 with an average price of $70.91/bbl in 2021. Therefore, the rising oil and gas demand across the world is driving the growth of the digital oilfield market.
The countries covered in the digital oilfield market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The digital oilfield market research report is one of a series of new reports from The Business Research Company that provides digital oilfield market statistics, including digital oilfield industry global market size, regional shares, competitors with digital oilfield market share, detailed digital oilfield market segments, market trends, and opportunities, and any further data you may need to thrive in the digital oilfield industry. This digital oilfield market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.