WASHINGTON, Jan. 16, 2023 (GLOBE NEWSWIRE) — The Global Digital Oilfield Market was valued at $24.1 billion in 2021 and is projected to reach a value of $34.7 billion by 2028 at a CAGR (Compound Annual Growth Rate) of 6.3%. over the forecast period 2022-2028.
Market Overview
According to Vantage Market Research, some of the key factors expected to accelerate the growth of the Digital Oilfield market over the forecast period. The increasing demand for oil and gas worldwide and improvement in deepwater drilling and production operations are predicted to drive the growth of the digital oilfield market worldwide. Due to the increasing competitiveness of the market, the parties operating for this are taking R&D very seriously to ensure higher business performance during the process.
We predict that digital oilfield market sales will account for more than 62% of total sales in the hardware category. Hardware solutions handle data transfer and surveillance in both onshore and offshore areas. The market expansion of this sector is mainly driven by the growing desire to reduce idle time.
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Market Dynamics
Expansion of Exploration Operations in Offshore/Uncharted Global Waters to Drive Market Growth
Demand for aviation components in the aviation and military sector will see a significant boost after 2021, when aircraft firms will begin operating at full capacity without travel limitations or supply chain issues. Prior to the COVID-19 epidemic, the consumer air transport market had grown throughout the global aviation industry. In the market, low-cost operators have proven to be tough competitors, especially in APAC and the developing nations of South America. In APAC and MEA, more tourists are likely to travel more frequently.
Presence of Market Players to Drive Market Growth
The main market participants are looking for intelligent answers regarding the use of data from cutting-edge systems in the oilfields. In addition, they are actively funding R&D initiatives to advance current technology. These actions and technological developments can be favorable for the expansion of the digital oilfield market.
Top Players in the Global Digital Oilfield Market
- Schlumberger, (United Kingdom)
- Halliburton, UAE
- Rockwell Automation, (USA)
- Varco National Oil, (USA)
- ABB, (Switzerland)
- Siemens, Germany
- Schneider, (France)
- Baker Hugh, (USA)
- Weatherford International, USA
- Infosys, (India)
For More Information on Digital Oilfield Market Players and Detailed List, Download Report PDF Brochure
Top Trends in the Global Digital Oilfield Market
- One trend Vantage Market Research (VMR) expects to see in the Digital Oilfield industry is growing digitization. Oilfield firms are digitizing their operations so they can examine the data they have collected to assess the operational status of equipment. Two benefits of digital oilfields are reducing equipment downtime and enabling remote real-time monitoring.
- Another trend that VMR predicts will continue in the digital oilfield industry is its increased technological innovation. To handle remote and deep sea areas, oil field companies are implementing digital technology in their oil fields. Additional digital oilfields support increased productivity and labor minimization. Improved performance, economic efficiency, environmental considerations, and employee safety are benefits of oilfield technology.
Top Report Results
- Based on the solution, most of the revenue of the digital oilfield market is controlled by the hardware solutions category. The hardware market is expected to expand due to the urgent need to eliminate manual touch and wasted time. At the same time, manufacturers’ increased emphasis on improving or upgrading existing equipment and launching more efficient hardware solutions would also spur growth.
- Based on the process, the drilling optimization category controls most of the digital oilfield market revenue. The two main trends in the drilling optimization market are increasing restrictions imposed on improved drilling supervision and rising global oil production costs to meet the skyrocketing energy demand.
- Based on application, most of the digital oilfield market revenue is controlled by the offshore category. The production and intervention programs are just a handful of services provided to upstream oil and gas generation businesses at various stages of the oil field in the offshore oilfield services industry. The market is expected to be driven by increasing offshore exploration and production and total investment over the forecast period.
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Recent Developments in the Global Digital Oilfield Market
- In December 2021, Weatherford International PLC announced that it had received a Digital Oilfield contract from the Kuwait Oil Company, which would last for three years. In a press release, Petrofac indicated that they would continue to work with Neo Energy beyond the end date of their contract in January 2022. It will operate 27 wells across multiple regions in the UK.
- US-based oil and natural gas firm OspreyData unveiled its groundbreaking OspreyData Vision platform in November 2021, making it accessible from any mobile device. Beam operators, artificial lift technicians, and production engineers could sit at the ‘Virtual Control Center’, giving them access to critical operational information and facilitating problem solving from virtually anywhere.
Hardware Category in Oilfield Digital Market to Generate Over 62% Revenue
Digital Oilfield are an expensive investment. Vantage Market Research has analyzed the market for digital oil field to understand its current state and potential future growth factors. For better understanding, based on the solution, the market is divided into hardware and software solution & service solution.
During the forecast period, the market for digital oil field is expected to have the highest CAGR in the hardware category. Investments by oilfield operators in process automation and technological advancements can eliminate half-time and increase output.
On the other hand, the software solutions & service category is expected to grow significantly over the forecast period. The simplicity of finding consulting firms can offer technical, philosophical and expert support as a network operator for the digital oilfield sector. The market for software solutions in the digital oilfield sector is growing mainly due to the rapid development of artificial intelligence and new information storage technologies.
North America Region in Digital Oilfield Market to Generate 33% More Revenue
The North American region is the largest market, and this trend will continue throughout the projection period due to the industry in terms of mechanization and rising demand for oil. During the assessment period, the US market is expected to grow due to the continuous upgrading of technological solutions already in place to control and optimize oil and gas operations.
Browse market data Tables and Figures spread through 149 Pages and in-depth TOC on Digital Oilfield Market Forecast Report (2022-2028).
Global Digital Oilfield Market Segmentation
According to Solution
- Hardware Solutions
- Software & Service Solutions
- Data Storage Solutions
By Process
- Production Optimization
- Drilling Optimization
- Safety Management
- Other people
By Application
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- SAY
- France
- Italy
- Spain
- The rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- The rest of Asia and the Pacific
- Latin America
- Brazil
- Argentina
- The rest of Latin America
- Middle East & Africa
- GCC countries
- South Africa
- The rest of MEA
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Scope of the Report:
| Report Characteristics | Details |
| Market Size in 2021 | USD 24.1 Billion |
| Revenue Forecast by 2028 | USD 34.7 Billion |
| CAGR | 6.3% from 2022 to 2028 |
| Base year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | Schlumberger, Halliburton, Rockwell Automation, National Oil Varco, ABB Ltd., Siemens, Schneider, Baker Hugh, Weatherford International, Infosys |
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