Market Research Future Insights:
The digital oilfield market refers to the use of advanced technologies to improve the efficiency and productivity of oil and gas exploration and production operations. It encompasses a wide range of solutions, including sensors, data analytics, software, and automation.
The digital oilfield market is expected to grow significantly in the coming years, driven by a number of factors, including:
- Rising demand for oil and gas: The global demand for oil and gas is expected to continue to grow in the coming years, driven by population growth and economic development. This will create a need for more efficient and productive ways to produce oil and gas.
- Declining reserves: Oil and gas reserves are declining globally, making it more difficult and expensive to extract oil and gas from conventional sources. This is driving interest in digital oilfield solutions that can help operators to improve the recovery rate from existing wells and develop unconventional resources.
- Technological advancements: Technological advancements in sensors, data analytics, and software are making digital oilfield solutions more affordable and effective. This is making digital oilfield solutions more accessible to a wider range of operators.
By 2030, the digital oilfield market is expected to reach USD 28.61 billion, growing at a CAGR of more than 6.5%.
The term "digital oilfields" refers to a broad range of instruments, jobs, and professions. The profitability of oil and gas operations is increased through the employment of cutting-edge software and data analysis techniques. Digital oilfields’ primary goals are to reduce non-productive time, maximise oilfield recovery, and raise profitability.
Production optimization, operational effectiveness, decision support, collaboration, data integration, the blending of operations with information technology, and the Internet of Things are all components of the digital oilfield. It combines artificial intelligence, powerful big data analytics, cloud computing, and network sensors.
This section comprises Reservoir, Production, and Drilling Optimization based on the method. Due to the rising demand for oil and gas, production is predicted to have the fastest growth and the biggest market share during the projection period. This component covers Hardware, Software, and Data Storage depending on the solution.
During the projection period, hardware solutions are expected to develop more quickly and have the biggest market share. Smart wells, distributed control systems, wireless sensors, SCADA (Supervisory Control and Data Acquisition), and other components are key elements of digital oilfields that are widely used as part of hardware solutions. This section comprises both offshore and onshore, depending on the application.
Key Players:
- The key players of digital oilfield are as follows:
- Schlumberger Limited (US)
- Weatherford International plc (Switzerland)
- Halliburton (US)
- National Oilwell Varco (US)
- Baker Hughes Incorporated (US)
- Siemens AG (Germany)
- Kongsberg Oil & Gas Technologies Inc. (UK)
- Emerson Electric Co. (US)
- Rockwell Automation Inc. (US)
Market Segmentation:
The Smart oilfield technology Market Size is divided based on process, solution, application and region.
Based on the Process it is further identified as Reservoir, Production & Drilling Optimization.
By Solution, it is further divided into Hardware, Software
and Data Storage.
By Application, it is further classified as Onshore
and Offshore
By Regions it is divided as North America , Asia-Pacific, Europe, Middle East & Africa
Regional Analysis:
The greatest market share belongs to North America, whereas the fastest-growing area is Asia-Pacific.
With their established oilfields, North America and Western Europe have a variety of projects that combine digital oilfields. Wireless networking, which enables high-speed communication, is the primary advantage of digital oilfield technology. For instance, in March 2018, BP granted Kongsberg Digital a contract for the design, construction, installation, and acceptance of a sophisticated digital twin.
To develop a realistic simulation environment that will provide dynamic decision support for production efficacy in the Gulf of Mexico region, the Kongsberg Digital model will be coupled to the Mad Dog 2 facility. The Asia-Pacific region is anticipated to develop at the fastest rate throughout the projection period.
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