Digital Oilfield Market is Expected to Grow USD 28.61 Billion at a CAGR of 6.5% by 2027 - Report by Market Research Future (MRFR)
Growing Need for Effective Production to Bolster the Digital Oilfield Market Growth
New York, US, Dec. 15, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Digital Oilfield Market Research Report: Information by Process, by Solution, and by Application and by Region – Forecast till 2030, the market is anticipated to acquire a valuation of approximately USD 28.61 Billion by the end of 2027. The reports further predict the market to flourish at a robust CAGR of over 6.5% during the assessment timeframe.
*Digital Oilfield Market Key Players *
Eminent industry players profiled in the global digital oilfield market report include-
· 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)
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*Report Scope:*
*Report Metric* *Details*
Revenue forecast in 2027 USD 28.61 Billion
Growth Rate CAGR of 6.5% from 2021 to 2027
Base Year 2020
Study Period 2021-2027
Key Market Opportunities New product launches and R&D Amongst major key Players
Key Market Drivers Increase the need of productivity from the mature oil and gas wells.
Advancement of technology
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*Drivers *
*Growing Need for Effective Production to Bolster Market Growth *
In the upcoming years, industry revenue will be boosted by the expanding initiatives to incorporate efficient production techniques and increase production yields from mature wells in various regions. Through the use of statistical and analytical tools and software, digital oilfield techniques play a crucial role in the efficient planning, production, and exploration of oil and gas wells. This will bolster market growth in the forecast period.
*Opportunities *
*Increasing Adoption in Offshore and Onshore Projects to offer Robust Opportunities *
The increasing use of digital oilfield technology in offshore and onshore projects for its good operational efficiency will provide lucrative opportunities for Digital Oilfield Market in the forecast period.
*Restraints *
*Lengthy Execution Times to act as Market Restraint *
The lengthy execution times, change management at every level and inefficient workflows may remain as market restraints in the forecast period.
*Challenges *
*Shift towards Sustainability to act as Market Challenge *
The shift towards sustainability, increase in cyber security threats, change in crude oil prices, and constant geopolitical concerns may act as market challenges over the forecast period.
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*Digital Oilfield Market Segmentation *
The global digital oilfield market has been bifurcated based on application, solution, and process.
By process, production will lead the market over the forecast period.
By solution, hardware will dominate the market over the forecast period.
By application, the digital oilfield market is segmented into offshore and onshore.
*Digital Oilfield Market COVID-19 Analysis *
Major decline in exploration activities numerous global industries, including the automotive, aviation, power, manufacturing, and transportation sectors, are suffering as a result of rising COVID-19 anxiety. Manufacturing activities have generally been exempted from the lockdown measures because they are generally regarded as essential activities for the global construction, industrialization, & power industries. Due to the COVID-19 outbreak's impact on commercial, industrial, and transportation operations, the global market is seriously threatened. Major oil & gas projects have also been put on hold by companies from various regions. Additionally, the COVID-19 pandemic has had a significant impact on crude oil prices, production activities, well drilling, and the oil and gas supply chain.
*Regional Analysis *
*Europe to Head Digital Oilfield Market *
A significant portion of the digital oilfield market is likely to be dominated by Europe because of the region's growing need for extensive data management. Additionally, European businesses are observing the expansion and production optimization, which could position Europe as a market leader in the digital oilfield space. In 2020, Europe grabbed the maximum market share for digital oilfields worldwide. The UK, Russia, Norway, and the rest of Europe are included in the European market. The majority of the oil production in the area is characterized by mature fields; as a result, businesses plan to speed up digitalization and the adoption of latest technologies in order to renew the oil fields. This will probably accelerate the region's oil fields'. The EUGOA study also includes information for a total of 82 shale formations within 38 geological basins that span 21 European nations. The region will have opportunities for new field developments thanks to these untapped resources, which will necessitate the digitalization of the oil fields. The growth of the regional market is anticipated to be supported by an increasing number of new development projects in North Sea fields, such as the Johan Castberg field, Johan Sverdrup field, and Mariner Heavy Oil Field.
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*APAC to Have Admirable Growth in Digital Oilfield Market *
Due to increased production and exploration activities, Asia Pacific is anticipated to grow exponentially during the forecast period. The region's market is anticipated to grow thanks to the constant demand for energy. Opportunities will arise for the market in the region as a result of India's, China's, and South Korea's growing industrialization, commercialization, and urbanization. The booming automotive sector will have an impact on the market's wholesome expansion. Rising exploration activities and oil and gas reserve discoveries in Thailand, Indonesia, Malaysia, and Myanmar are encouraging signs for the Asia Pacific market. In the assessment period, the APAC region is anticipated to experience significant growth at a CAGR of 5.4%. Large oilfields in the area and an increase in the use of digital solutions there are credited with the region's growth. Additionally, the region's digital oilfield market is anticipated to grow as a result of rising industrialization and rising investment in the oil and gas sectors in developing nations like China and India. Regional growth is anticipated to be fueled by significant investments in IoT and analytics, as well as a strong downstream sector across China and India. Over 50% of market revenue in 2018 came from these two nations. Digital oilfield technologies, such as intelligent refineries in the downstream refining sector, will be more widely adopted in China as a result of national strategies like "Industry 4.0" & the "Special Project on Intelligent Equipment Manufacturing.".
*Industry Updates *
Petrofac stated that their contract with Neo Energy had been extended through January 2022. This will be in use for 27 wells spread across the different regions of the UK.
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