The global digital oilfield market is driven by several factors. Ongoing advancements in wireless technologies, data analysis, mobility, and collection platforms are enabling more efficient operations. Additionally, the recovery of oil prices is fueling increased exploration and production activities. The declining production from conventional wells and the focus on economic good recovery processes are also contributing to the market growth. Furthermore, the deployment of enhanced oil recovery systems and the presence of mature gas fields in the Middle East are key drivers of the digital oilfield market.
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Data Bridge Market Research analyses that the 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 growing global population and industrialization have led to a significant rise in energy consumption. Digital oilfield technologies enable efficient exploration, production, and distribution of oil and gas, meeting the increasing energy demand.
Enhanced production and reservoir management is expected to drive the market's growth rate
Digital oilfield technologies leverage real-time monitoring and analysis to optimize well performance, reservoir characteristics, and production parameters. Through continuously collecting and analyzing data, operators gain insights that help them make informed decisions to enhance production levels, improve recovery rates, and implement effective reservoir management strategies. This data-driven approach enables proactive decision-making, leading to increased operational efficiency and ultimately maximizing the productivity and profitability of oil and gas fields.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014-2019)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Offering (Software, Hardware, and Services), Process (Production Optimization, Reservoir Optimization, Drilling Optimization, Safety Management, and Others), Technology (IoT and Mobile Devices, AI and Advance Analytics, Cloud Computing, Robotics, and Others), Application (On-Shore and Off-Shore)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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Market Players Covered
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Baker Hughes Company (U.S.), IBM Corporation (U.S.), Microsoft (U.S.), Rockwell Automation, Inc. (U.S.), Halliburton Energy Services, Inc. (U.S.), CGG (France), Schlumberger Limited (U.S.), Redline Communications (Canada), Osperity (Canada), Emerson Electric Co. (U.S.), Siemens AG (Germany), ABB (Switzerland), Honeywell International Inc. (U.S.), OleumTech (U.S.), NOV Inc. (U.S.), Petrolink (U.S.), Weatherford (U.S.), Katalyst Data Management (U.S.), Digi International Inc. (U.S.), Kongsberg Digital (a subsidiary of KONGSBERG) (Norway) among others.
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
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Segment Analysis:
The digital oilfield market is segmented on the basis of offering, process, technology, and application.
- On the basis of offering, the global digital oilfield market is segmented into software, services, and hardware. In 2022, the software segment is expected to dominate the market with a 40.99% share in the forecast period due to the integration of hardware and digital technology, further providing better user interface solutions to manage the oilfield.
In 2022, the software segment is expected to dominate the offering segment of the global digital oilfield market
In 2022, the software segment is expected to dominate the market owing to combination of hardware and digital technology, further providing better user interface solutions to accomplish the oilfield with a 40.99% share during the forecast period of 2022 to 2029.
- On the basis of process, the global digital oilfield market is segmented into production optimization, reservoir optimization, drilling optimization, safety management, and others. In 2022, the production optimization segment is expected to dominate the market with a CAGR of 7.7% in the forecast period due to its being considered one of the major requirements to boost the production capacity of oilfields.
- On the basis of technology, the global digital oilfield market is segmented into IoT and mobile devices, AI and advance analytics, cloud computing, robotics, and others. In 2022, the IoT and mobile devices segment is expected to dominate the market with a CAGR of 7.1% in the forecast period due to the rise in mobile device usage and its importance over daily usage.
In 2022, the IoT and mobile devices segment is expected to dominate the technology segment of the global digital oilfield market
In 2022, the IoT and mobile devices segment is expected to dominate the market owing to the upsurge in mobile device practice and its significance over daily usage with a CAGR of 7.1% in the forecast period.
- On the basis of application, the global digital oilfield market is segmented into on-shore and off-shore. In 2022, the on-shore segment is expected to dominate the market with a CAGR of 7.6% in the forecast period due to most companies focusing on on-shore oilfields.
Major Players
Data Bridge Market Research recognizes the following companies as the major digital oilfield market players in digital oilfield market are Baker Hughes Company (U.S.), IBM Corporation (U.S.), Microsoft (U.S.), Rockwell Automation, Inc. (U.S.), Halliburton Energy Services, Inc. (U.S.), CGG (France), Schlumberger Limited (U.S.), Redline Communications (Canada), Osperity (Canada), Emerson Electric Co. (U.S.).
Market Development
- In 2022, IBM Corporation collaborated with Saudi Data, the AI Authority (SDAIA), and the Ministry of Energy to use artificial intelligence to speed up sustainability initiatives in Saudi Arabia. Through this partnership, the business will accelerate revenue growth and help the oil and gas sector go digital.
- In 2021, In order to optimize rod lift and plunger lift wells, Microsoft and Ambyint announced their partnership to provide oil and gas exploration and production solutions. Through this partnership, the business will be better able to use the solutions and software to transform oil fields, draw clients toward digitalization, and increase revenue.
- In 2022, Weatherford won Offshore Technology Conference Asia (OTC Asia) Spotlight on New Technology award for OTC Asia 2022 Exhibitors. This recognition will help the company to assure the customers about the solutions offered, which enables the quality assurance for the customers and increases the company's brand value
- In 2022, ABB announced that the subsea system technology had been recognized by Frost and Sullivan as the best for saving power and cutting emissions for energy industries. This recognition will help the company to develop to empower oil and gas operators by lowering expenses and carbon emissions which develops demand for the solutions in the market
- In 2022, Halliburton Energy Services, Inc. launched a drilling and intervention system. The main feature of this system was its real-time solutions with anaconda (TM) technology.
- In 2021, Microsoft announced the partnership with Ambyint to provide oil and gas exploration and production solutions to optimize rod lift and plunger lift wells.
Regional Analysis
Geographically, the countries covered in the digital oilfield market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
As per Data Bridge Market Research analysis:
North America is expected to dominate the region in the digital oilfield market during the forecast period 2022 -2029
North America is poised to be a dominant force in the global digital oilfield market due to the widespread adoption of industrial IoT, particularly in the oil and gas industry. The U.S. is expected to lead the way in North America, benefiting from its position as a hub for major technology companies. With the presence of numerous tech giants, the U.S. is well-positioned to drive innovation and propel the digital transformation of the oilfield sector in the region.
Europe is estimated to be the fastest growing region in the digital oilfield market for the forecast period 2022 to 2029
Germany is anticipated to dominate the digital oilfield market in Europe due to multiple factors. The country's growing oil demand, coupled with a strong focus on automation and digitalization in the industry, positions Germany as a key player. With a robust industrial base and advanced technological capabilities, Germany is well-equipped to drive the adoption of digital oilfield solutions. This leadership role is expected to contribute to the overall growth and advancement of the digital oilfield market in Europe.
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