Digital Oilfield Market Share Set for Broad Growth by 2024
Global Digital Oilfield Market: Overview
In order to optimize the recovery of the hydrocarbons and to improve the safety of the operations, an advanced application in the information technology is used which is termed as digital oilfield. The solutions that are provided by the digital oilfield include providing optimum reservoir management and support the exploration and production activities. The benefit that the digital oilfield solutions provide is it integrates the traditional practices of the oil and gas with the modern information technology, communication, and automation.
Global Digital Oilfield Market: Segmentation
The digital oilfield market is globally segmented into its process and service. On the basis of process, the global market is segregated into drilling optimization, asset management, maintenance & repair, production optimization, reservoir optimization, and safety management. Based on the service, the market is categorized into IT expenditure and instrumentation and automation. The IT expenditure segment is further sub-segmented into IT outsourcing, IT services & commissioning, software, and computer equipment and application hardware. The instrumentation and automation are sub-segmented into Scada, safety systems, PLC, distributed control system, smart well, wireless sensor, CPM, and others.
Global Digital Oilfield Market: Growth Factors
The inclination and the attempts made by the industries to upstream their assets are the key factors that are driving the digital oilfield market. The investments that are made in the digital oilfield solutions are likely to increase owing to the factor that the prices of the crude oil have recovered after the recent plummeting. Moreover, the unsafe nature of the gas and oil industry and the concerns regarding the human resource and the environment are rising amid the accidents that have occurred in the past years. The increasing exploration and production activities in regions where there are unfavorable weather conditions contribute to the market growth of digital oilfield. The key factor that is restraining the market growth is the unwillingness to adopt the method of digital oilfield over the conventional methods.
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Global Digital Oilfield Market: Regional Analysis
The global digital oilfield market is regionally diversified into Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. The North America region is one of the regions that is leading the digital oilfield market. Asia Pacific region will have a healthy market growth in the coming years owing to the rising acceptance of the digital oilfield technology. The production costs are low in the Middle East market and the oil prices are also low thus investments made in the development of the digital oilfield are more. The oil and gas industry is growing in this region; hence, many of the mature oilfields are expected to become digitalized in the coming years.
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Global Digital Oilfield Market: Competitive Players
The major market players in the digital oilfield market include Kongsberg Oil & Gas Technologies AS, Halliburton Company, Schlumberger Limited, Baker Hughes Inc., Paradigm, and Honeywell International.
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