- March 2020 |
- Energy and Power / Oil and Gas
Digital Oilfield Market, By Solution (Software, Hardware, and Services), By Process (Production Optimization, Reservoir Optimization, Drilling Optimization, and Others), By Application (Onshore and Offshore) and By Region (North America, Europe, Asia Pacific, Middle East & Africa and Latin America); Trend Analysis, Competitive Market Share & Forecast, 2016-26
Global Digital Oilfield Market Forecast and Trends
The global Digital Oilfield market has reached USD 24.19 Billion and anticipated to grow nearly at a CAGR of 4.68% to reach USD 33.2 billion by 2026. The upcoming technological transition is caused by today's low-cost of crude oil along with the combination of information technology and the Internet of Things with Virtual Oilfield operational technology. Increasing emphasis on operational management, capital, and operating expenses reduction will contribute to the adoption of smart digitized devices and solutions.
Advancement in wireless technology, connectivity, data analysis, and collection systems have allowed significant improvements in decision making and efficiency. The market share of digital oilfields is set to grow due to the increasing need to optimize oil and gas operations. The declining output from existing wells, along with the need to develop a method of economic recovery would accelerate the growth of the industry. Rising O&G production across remote locations with requirements for remote monitoring and automated operations will also boost the outlook for the industry.
Global Digital Oilfield Market Overview:
The digital oilfield is the use of technology to manage production, personnel, and safety, allowing for lower costs, increased production, and improved oil and gas efficiency. The digital oilfield aims to optimize recovery of the oilfield, minimize unproductive time, and increase productivity by developing and deploying automated workflows. Digital Oilfield innovations have not penetrated deeply into the otherwise highly innovative oil and gas industry, given the benefits that they offer. There is a low overall understanding of technology and benefits. Oil and gas companies are responding to low oil and gas prices with a renewed focus on improving efficiencies and cutting costs. Industry leaders are emphasizing the use of innovation and technology to bring significant improvements in performance.
Digital Oilfield covers a wide range of technologies, including fleet management and predictive maintenance. Such advances are a direct result of maturing enabling technologies such as low-cost sensors, big data analytics, cloud computing, among others. Most Digital Oilfield solutions are field test and under implementation for well over a decade, and already pay dividends for early adopters. It is providing not only increased efficiencies and cost savings but additional benefits as well in areas such as health and safety and environmental enforcement. When organizations look toward investment, it is...