TORONTO, Nov. 08, 2022 (GLOBE NEWSWIRE) -- Data Bridge Market research has a newly released expansive study titled “ which guarantees you will remain better informed than your competition. This study provides a broader perspective of the marketplace with its comprehensive market insights and analysis which eases survival and succeeding in the market. This Digital Oilfield report has been produced, which results in significant growth, as well as robust sustainability in the market for the firms. This is due to the inclusion of precise facts and insights gained from market research. This study analyzes and talks about a variety of topics, including significant industry trends, estimations of market size, and market share. This report provides an advantage that not only allows one to compete but also allows one to excel over one's rivals. It classifies the global Digital Oilfield market size in terms of value and volume according to the various types of manufacturers, applications, and regions. The outlook for the Digital Oilfield market and the Digital Oilfield industry as a whole appears to be quite positive during the projection period.
Data Bridge Market Research analyses that the global digital oilfield market is expected to reach a value of USD 41,654.30 million by 2029, at a CAGR of 7.2% during the forecast period. The global digital oilfield market report also comprehensively covers pricing, patent, and technological advancements.
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is defined as the automation of upstream, midstream, and downstream oilfield activities. It is a part of the energy industry that has incorporated advanced software and data analysis techniques into its operations to provide enhanced outputs and improve the profitability of the production process. They offer advantages such as optimized production rate of hydrocarbons, improved safety, environmental protection, and ease in finding reserves and exploiting them to the fullest. Digital oilfield is about sensors and screens installed on an oil and gas field. Integrating business processes with digital technologies and automating workflows is a concept. It allows a company to reduce human interference and minimize the risks associated with oil and gas operations. The flow of data and information is rapidly integrated with the analysis interface, allowing timely and best decisions for the operation.
Although the rising ongoing advancement toward wireless technologies, data analysis, mobility, and collection platforms, rising E&P activities across on-shore and off-shore sectors fuelled by ongoing oil price recovery, continuous declining production from conventional wells coupled with a growing inclination toward devising an economic well recovery process, the rising deployment of enhanced oil recovery systems along with the rising number of mature gas fields across the Middle East are the major factors, among others expected to drive the global digital oilfield market.
The Global Research Report Provides a Detailed Analysis of Market. Based on Competitive Intensity and How the Competition Will Take Shape in Coming Years.
The Digital Oilfield industry is witnessing a tremendous growth owing to the rapidly rising demands, a surge in industrialization, consumer awareness, emerging industries, and technological advancements. The industry has reported exponential revenue growth and sales volume. Factors driving the growth of the market are anticipated to boost the market size and boost the growth of the market throughout the forecast period.
The leading companies of the global Digital Oilfield market are engaging in various developmental activities such as product developments, extensive product research, innovations, and advancements in product processes to re-launch updated products in the market to gain substantial customer base and market size. The report consists of all the business strategies adopted by the companies along with their financial standing, revenue, gross margin, and growth rate.
Opportunities
- Increase in exploration operations in uncharted off-shore/ultra-deep-waters
The rise in the consumption of oil and petroleum products across the globe has been highly uncertain over the past two decades. The uncertainty depicts the demand and supply of petroleum and oil products, which drives oil and gas production or extraction of new oil wells globally. Moreover, oil companies are surveying oilfields to understand the adoption of digital solutions to increase production capacity. Some companies, such as ABB and CGG, are involved in exploring new off-shore and on-shore oilfields. Nowadays, 70% of the world's oil and gas is extracted from on-shore sites, and the rest 30% is extracted from off-shore oilfields. Thus, exploration of the on-shore oilfield is more and has been very common, and most companies have explored the majority of on-shore oilfields.
Some of the major players operating in the Digital Oilfield market are
- Baker Hughes Company,
- IBM Corporation,
- Microsoft,
- Rockwell Automation, Inc.,
- Halliburton Energy Services, Inc.,
- CGG,
- Schlumberger Limited,
- Redline Communications,
- Osperity,
- Emerson Electric Co.,
- Siemens AG.,
- ABB,
- Honeywell International Inc.,
- OleumTech,
- NOV Inc.,
- Petrolink.,
- Weatherford,
- Katalyst Data Management,
- Digi International Inc.,
- Kongsberg Digital (a subsidiary of KONGSBERG)
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Recent Development
- In September 2022, IBM Corporation partnered with Saudi Data, the AI Authority (SDAIA), and the Ministry of Energy to accelerate sustainability initiatives in Saudi Arabia using artificial intelligence. This partnership will help the company to drive digitalization in the oil and gas industry and accelerate revenue growth
- In April 2021, Microsoft announced the partnership with Ambyint to provide oil and gas exploration and production solutions to optimize rod lift and plunger lift wells. This partnership will help the company leverage the solutions and software to transform oil fields, attract customers toward digitalization, and accelerate revenue growth
Segmentation Covered: Digital Oilfield Market
By Offering
- Software
- Services
- Hardware
By Process
- Production Optimization
- Reservoir Optimization
- Drilling Optimization
- Safety Management
By Technology
- IoT & Mobile Devices
- AI & Advanced Analytics
- Robotics
By Application
- On-Shore
- Off-Shore
Digital Oilfield Market Regional Analysis/Insights:
Some countries covered in the global digital oilfield market report are the U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, the Rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, South Africa, Egypt, Israel, U.A.E and Rest of the Middle East and Africa.
North America is expected to dominate the global digital oilfield market owing to the increasing adoption of industrial IoT, especially in the oil and gas sector. The U.S. is anticipated to dominate in the North American region as it is home to many tech giants worldwide. Germany may dominate in the Europe region due to increasing oil demand and automation in the industry. China is expected to dominate in the Asia-Pacific region due to heavy investment in the marine digitalization of the oil and gas industry.
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Drivers
- Advent of digitization in the oil and gas sector across the region
Digitalization is becoming increasingly evident, and digital technology is transforming the oil and gas sector, further driven by real-time data, cloud computing, and digital worlds. Digital oilfields have been designed to overhaul oil and gas systems and enable full optimization throughout the supply chain by combining process management with digital technologies. Furthermore, adopting digital oilfields helps oil and gas businesses transition into greener practices. For instance, artificial intelligence and predictive analytics can help identify oil spills after or even before they occur, which helps companies to minimize various damages. By investing in digital oilfield technologies, oil and gas operators can automate maintenance and manage equipment more efficiently while continuing to drive innovation.
- Rising penetration of emerging technologies such as artificial intelligence (AI) and IoT
Technology plays an important role in the growth of every business, and also it helps organizations to improve the quality and work speed by supporting and enhancing operations. Companies are adopting big data analytics techniques in their businesses to improve operations and ease facility performance. Disruptive technologies such as artificial intelligence (AI) and the Internet of Things (IoT) are driving digital transformation across the global oil and gas automation market, thereby increasing efficiency, safety, and sustainability.
Benefits of Considering this report:
- This report is compiled using a vigorous and thorough research methodology. Data Bridge Market Research is also known for its data accuracy and granular market reports.
- A complete picture of the competitive scenario of Digital Oilfield market is depicted by this report.
- The report consists of a vast amount of data about the recent product and technological developments in the markets.
- The extensive spectrum of analysis regarding the impact of these advancements on the future of market growth.
- The insights in the report are easy to understand and include a graphical representation of the numbers in the form of histograms, bar graphs, pie charts, etc.
- It also provides a complete assessment of the expected behavior about the future market and changing market scenario.
- Making an informed business decision is a tough job; this report offers several strategic business methodologies to support you in making those decisions.
Table of Contents:
- Introduction
- Market Segmentation
- Executive Summary
- Premium Insights
- Market Overview
- Global Digital Oilfield Market, By Offering
- Global Digital Oilfield Market, By Process
- Global Digital Oilfield Market, By Technology
- Global Digital Oilfield Market, By Application
- Global Digital Oilfield Market, By Region
- Global Digital Oilfield Market: Company Landscape
- SWOT Analyses
- Company Profile
- Questionnaires
- Related Reports
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