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The market for digital oilfields is anticipated to reach USD 28.66 billion between 2023 and 2030, growing at a CAGR of over 7.5%.
There are many different technologies, jobs, and expertise covered by digital oilfields. Modern software and data analysis techniques are used to boost the profitability of oil and gas operations. Digital oilfields' primary objectives are to cut down on idle time, improve oilfield recovery, and increase profitability. The Internet of Things, collaboration, data integration, production optimisation, operational efficiency, decision assistance, and the Internet of Things are all components of the digital oilfield. A technology-driven concept called the "digital oilfield" enables companies to maximise their meagre resources. Operations technology (OT) and information technology (IT) are used in the smart fields of the oil and gas sector to enhance decision-making and operational effectiveness, hence raising return on investment (ROI).
It includes network sensors, cloud computing, sophisticated big data analytics, and artificial intelligence. Real-time analysis and forecasting of equipment failure, maintenance needs, and the overall condition of the oil and gas field are made easier by these characteristics. Finally, digital oilfield technology is a method for boosting output by fusing a variety of technologies in fresh methods. The main factors driving the global digital oilfield market are the advancement of technology, the rise in productivity demands from mature oil and gas wells, the appropriate application of cloud computing in the oil and gas industry, and the development of operational efficiency.
The increase in oil and gas consumption around the world, as well as an increase in offshore exploration and drilling activities, are predicted to drive the global digital oilfield market to grow by USD 28.66 billion, or a CAGR of more than 7.5%, between 2022 and 2030. Due to the increasing market competitiveness, the companies involved in this are also taking R & D extremely seriously to ensure higher operational efficiency throughout the process. This section comprises Reservoir, Production, and Drilling Optimisation based on 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.
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 oilfield's primary goals are to reduce non-productive time, maximise oilfield recovery, and raise profitability. Production optimisation, operational effectiveness, decision support, collaboration, data integration, the blending of operations with information technology, and Internet of Things are all components of the digital oilfield. It combines artificial intelligence, powerful big data analytics, cloud computing, and network sensors. These factors aid in the comprehension and forecasting of equipment breakdown, upkeep, and the actual state of the oil and gas field in real time. Last but not least, digital oilfield technology combines numerous technologies in novel ways to boost productivity.
Report Coverage
Global Digital Oilfield research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Digital Oilfield report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Digital Oilfield competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Digital Oilfield market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Digital Oilfield market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Digital Oilfield market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
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)
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Digital Oilfield market based on the below-mentioned segments:
Global Digital Oilfield Market, By Process
Reservoir
Production
Drilling Optimization
Global Digital Oilfield market, By Solution
Hardware
Software
Data Storage
Global Digital Oilfield Market, By Application
Onshore
Offshore
Global Digital Oilfield market, Regional Analysis
There are many different technologies, jobs, and expertise covered by digital oilfields. Modern software and data analysis techniques are used to boost the profitability of oil and gas operations. Digital oilfields' primary objectives are to cut down on idle time, improve oilfield recovery, and increase profitability. The Internet of Things, collaboration, data integration, production optimisation, operational efficiency, decision assistance, and the Internet of Things are all components of the digital oilfield. A technology-driven concept called the "digital oilfield" enables companies to maximise their meagre resources. Operations technology (OT) and information technology (IT) are used in the smart fields of the oil and gas sector to enhance decision-making and operational effectiveness, hence raising return on investment (ROI).
It includes network sensors, cloud computing, sophisticated big data analytics, and artificial intelligence. Real-time analysis and forecasting of equipment failure, maintenance needs, and the overall condition of the oil and gas field are made easier by these characteristics. Finally, digital oilfield technology is a method for boosting output by fusing a variety of technologies in fresh methods. The main factors driving the global digital oilfield market are the advancement of technology, the rise in productivity demands from mature oil and gas wells, the appropriate application of cloud computing in the oil and gas industry, and the development of operational efficiency.
The increase in oil and gas consumption around the world, as well as an increase in offshore exploration and drilling activities, are predicted to drive the global digital oilfield market to grow by USD 28.66 billion, or a CAGR of more than 7.5%, between 2022 and 2030. Due to the increasing market competitiveness, the companies involved in this are also taking R & D extremely seriously to ensure higher operational efficiency throughout the process. This section comprises Reservoir, Production, and Drilling Optimisation based on 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.
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 oilfield's primary goals are to reduce non-productive time, maximise oilfield recovery, and raise profitability. Production optimisation, operational effectiveness, decision support, collaboration, data integration, the blending of operations with information technology, and Internet of Things are all components of the digital oilfield. It combines artificial intelligence, powerful big data analytics, cloud computing, and network sensors. These factors aid in the comprehension and forecasting of equipment breakdown, upkeep, and the actual state of the oil and gas field in real time. Last but not least, digital oilfield technology combines numerous technologies in novel ways to boost productivity.
Report Coverage
Global Digital Oilfield research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Digital Oilfield report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Digital Oilfield competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Digital Oilfield market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | 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) |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Digital Oilfield Market from 2021 to 2030.
- Market Forecast for Digital Oilfield Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Digital Oilfield competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Digital Oilfield
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Digital Oilfield market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Digital Oilfield market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
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)
Primary Target Market
- Market Players of Digital Oilfield
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Digital Oilfield market based on the below-mentioned segments:
Global Digital Oilfield Market, By Process
Reservoir
Production
Drilling Optimization
Global Digital Oilfield market, By Solution
Hardware
Software
Data Storage
Global Digital Oilfield Market, By Application
Onshore
Offshore
Global Digital Oilfield market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
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