Digital Oilfield Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
Description
Digital Oilfield Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
Market Overview:
The global digital oilfield market size reached US$ 26.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 36.4 Billion by 2028, exhibiting a growth rate (CAGR) of 5.91% during 2023-2028.
Digital oilfield is an umbrella term referring to technology-centric solutions that incorporate advanced data analysis and software systems in order to enhance oil recovery from the oil seabed. The software replicates the functioning of an oil and gas field using workflows and predictive analysis generated by using the information relating to wellbores, reservoirs and surface facilities. This simplifies the decision-making process through intelligently filtered data and optimum utilization of technology. Digitalization of oilfields assists in the effective deployment of both human and machine resources and enhances the overall cost-effectiveness of the operations. It improves overall safety, environmental protection, optimizes hydrocarbon production rate and eliminates wastage of resources.
The rising trend of digitalization across several industries, including oil and gas, is the key factor driving the market growth. The increasing demand for oil and oil derivates across various industries coupled with the potentially hazardous working environment of the oil and gas sector, has significantly enhanced the need for digital oilfields. Furthermore, many oilfields are saturating, owing to which digital mechanisms are being employed to enhance oil recovery. Advanced solutions such as well testing facilities and reservoir optimization are gaining traction amongst the end use industries. An increasing number of exploration activities that are leading to discoveries of new oilfields is also catalyzing the growth of the market. Moreover, the growing usage of real-time monitoring of operations to reduce non-productive functions and losses is projected to drive the market further. These systems also enable more efficient management of the plants with accurate and reliable administration as compared to manually supervised fields and related operations. Other factors such as advancements in wireless technologies, data analysis and collection services along with the rising investment in offshore oil exploration activities are also expected to positively impact the market growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global digital oilfield market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on solution, process and application.
Breakup by Solution:
Hardware Solution
Distributed Control Systems (DCS)
Supervisory Control and Data Acquisition (SCADA)
Smart Wells
Safety Systems
Wireless Sensors
Software Solution
IT Outsourcing
Software
IT Services and Commissioning
Collaborative Product Management (CPM)
Others
Data Storage Solutions (Hosted)
Data Storage Solutions (On-Premise)
Breakup by Process:
Production Optimization
Drilling Optimization
Reservoir Optimization
Safety Management
Others
Breakup by Application:
Onshore
Offshore
Breakup by Region:
Asia Pacific
Europe
North America
Middle East and Africa
Latin America
Competitive Landscape:
The report has also analyzed the competitive landscape of the market with some of the key players being Schlumberger, Weatherford International Plc, General Electric, Halliburton, Honeywell International, Siemens AG, Rockwell Automation, Kongsberg Gruppen ASA, Paradigm Group B.V, Pason Systems, Petrolink AS, Accenture PLC, IBM Corporation, EDG Inc, Oleumtech, etc.
Key Questions Answered in This Report
1. How big is the global digital oilfield market?
2. What is the expected growth rate of the global digital oilfield market during 2023-2028?
3. What are the key factors driving the global digital oilfield market?
4. What has been the impact of COVID-19 on the global digital oilfield market?
5. What is the breakup of the global digital oilfield market based on the solution?
6. What is the breakup of the global digital oilfield market based on the process?
7. What is the breakup of the global digital oilfield market based on the application?
8. What are the key regions in the global digital oilfield market?
9. Who are the key players/companies in the global digital oilfield market?
Table of Contents
142 Pages
- 1 Preface
- 2 Scope and Methodology
- 2.1Objectives of the Study
- 2.2Stakeholders
- 2.3Data Sources
- 2.3.1Primary Sources
- 2.3.2Secondary Sources
- 2.4Market Estimation
- 2.4.1Bottom-Up Approach
- 2.4.2Top-Down Approach
- 2.5Forecasting Methodology
- 3 Executive Summary
- 4 Introduction
- 4.1Overview
- 4.2Key Industry Trends
- 5 Global Digital Oilfield Market
- 5.1Market Overview
- 5.2Market Performance
- 5.3Impact of COVID-19
- 5.4Market Breakup by Solution
- 5.5Market Breakup by Process
- 5.6Market Breakup by Application
- 5.7Market Breakup by Region
- 5.8Market Forecast
- 6 Market Breakup by Solution
- 6.1Hardware Solution
- 6.1.1Market Trends
- 6.1.2Major Types
- 6.1.2.1 Distributed Control Systems (DCS)
- 6.1.2.2 Supervisory Control and Data Acquisition (SCADA)
- 6.1.2.3 Smart Wells
- 6.1.2.4 Safety Systems
- 6.1.2.5 Wireless Sensors
- 6.1.3Market Forecast
- 6.2Software Solution
- 6.2.1Market Trends
- 6.2.2Major Types
- 6.2.2.1 IT Outsourcing
- 6.2.2.2 Software
- 6.2.2.3 IT Services and Commissioning
- 6.2.2.4 Collaborative Product Management (CPM)
- 6.2.3Market Forecast
- 6.3Others
- 6.3.1Market Trends
- 6.3.2Major Types
- 6.3.2.1 Data Storage Solutions (Hosted)
- 6.3.2.2 Data Storage Solutions (On-Premise)
- 6.3.3Market Forecast
- 7 Market Breakup by Process
- 7.1Production Optimization
- 7.1.1Market Trends
- 7.1.2Market Forecast
- 7.2Drilling Optimization
- 7.2.1Market Trends
- 7.2.2Market Forecast
- 7.3Reservoir Optimization
- 7.3.1Market Trends
- 7.3.2Market Forecast
- 7.4Safety Management
- 7.4.1Market Trends
- 7.4.2Market Forecast
- 7.5Others
- 7.5.1Market Trends
- 7.5.2Market Forecast
- 8 Market Breakup by Application
- 8.1Onshore
- 8.1.1Market Trends
- 8.1.2Market Forecast
- 8.2Offshore
- 8.2.1Market Trends
- 8.2.2Market Forecast
- 9 Market Breakup by Region
- 9.1Asia Pacific
- 9.1.1Market Trends
- 9.1.2Market Forecast
- 9.2Europe
- 9.2.1Market Trends
- 9.2.2Market Forecast
- 9.3North America
- 9.3.1Market Trends
- 9.3.2Market Forecast
- 9.4Middle East and Africa
- 9.4.1Market Trends
- 9.4.2Market Forecast
- 9.5Latin America
- 9.5.1Market Trends
- 9.5.2Market Forecast
- 10 SWOT Analysis
- 10.1Overview
- 10.2Strengths
- 10.3Weaknesses
- 10.4Opportunities
- 10.5Threats
- 11 Value Chain Analysis
- 12 Porter’s Five Forces Analysis
- 12.1Overview
- 12.2Bargaining Power of Buyers
- 12.3Bargaining Power of Suppliers
- 12.4Degree of Competition
- 12.5Threat of New Entrants
- 12.6Threat of Substitutes
- 13 Price Analysis
- 14 Competitive Landscape
- 14.1Market Structure
- 14.2Key Players
- 14.3Profiles of Key Players
- 14.3.1Schlumberger
- 14.3.2Weatherford International Plc
- 14.3.3General Electric
- 14.3.4Halliburton
- 14.3.5Honeywell International
- 14.3.6Siemens AG
- 14.3.7Rockwell Automation
- 14.3.8Kongsberg Gruppen ASA
- 14.3.9Paradigm Group B.V
- 14.3.10Pason Systems
- 14.3.11Petrolink AS
- 14.3.12Accenture PLC
- 14.3.13IBM Corporation
- 14.3.14EDG, Inc
- 14.3.15Oleumtech
Pricing
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