Digital Oilfield Market Bwc19413
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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
- Published Date: March 2020
- Report ID: BWC19413
- Available Format: PDF
- Page: 180
Report Overview
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
recommended that they recognize the Digital Oilfield technologies with the
highest potential to improve productivity and profitability and provide
leadership at all levels to facilitate the cross-organizational coordination
needed to optimize their benefit.
Growth
drivers
New Technological
Advancements in the Digital Oilfield
The new advancement in technologies
for mobility, surveillance, connectivity, and storage, coupled with the ability
to process and analyze data quickly, enhance alertness, and support real-time
decision-making and execution, is propelling the digital oilfield market across
the globe. Collecting and analyzing flow, temperature, vibration, and integrity
sensor data to improve operational safety and decision making related to
performance. The seamless flow of information to the field through technologies
such as digital mobile communications and satellite allows analysis and
response in real-time. And with the advancement in Artificial intelligence and
machine learning implementation for making the oil and gas operation easier is
expected to fuel the digital oilfield market.
Demand to scale up
hydrocarbon production
Growing numbers of mature
fields across the globe, together with increasing adoption of enhanced oil
recovery techniques, are boosting the digital oilfield adoption. Advanced
solutions, including reservoir characterization, development planning,
reservoir monitoring, and equipment, including sensors, actuators, smart
alarms, and others, have resulted in reservoir development and optimization.
The oil & gas industry has followed the model of advanced technology and
smarter software/hardware to perform tasks in the upstream sector of the
oilfield. Automation allows companies in the oil & gas sector to capture
more data in real-time that helps to increase performance and boost the production
efficiency of the wells.
Restraints
The increasing number of
cyberattacks
The growing use of digital
technologies, reliance on cyberinfrastructures and cost-conscious operating
principles leaves the industry vulnerable to new cyber threats. Focusing on the
availability of data makes ransomware attacks financially motivated a critical
risk to the industry. Ransomware attacks that are carefully planned and
well-executed can cost millions of dollars in damages and downtime.
Global
Digital Oilfield Market: By Solution
Based on Solution, the
Digital Oilfield market is segmented into Software, Hardware, and Services. The
hardware segment is expected to dominate during the forecast period of 2026.
The Hardware Cover Distributed Control System (DCS), Supervisory Control and
Data Acquisition (SCADA), Smart Wells, Safety Systems, Wireless Sensors,
Programmable Logic Controller (PLC), Process Automation, and Human-Machine
Interaction Instrument are responsible for communication, data transfer in both
offshore and onshore. Oilfield operator's capital investment in technology
enhancement and process automation allows companies to reduce unproductive
time, maximize output, and enhanced control. Track oil & gas fields are the
major reason for the growth of the digital oilfield market.
Global
Digital Oilfield Market: By Process
Based on the process, the Digital Oilfield market is segmented into Production Optimization, Reservoir Optimization, Drilling Optimization, and Others. Production optimization is expected to grow at the highest rate due to increased production activities among the major oil & gas suppliers worldwide, and the segment is expected to grow during the forecast period for improving their respective oil outputs. The acceptance and implementation of digital optimization techniques can enable these companies to achieve their production goals and enhance their respective profitability.
Global
Digital Oilfield Market: By Application
Based on Application, the
Digital Oilfield market segmented into Onshore and Offshore. Offshore segment
is expected to grow due to increasing energy demand, combined with increasing
oil consumption across emerging economies, would drive growth in the industry.
The rapid discovery of new oilfields will improve the industry environment.
Global
Digital Oilfield Market: Regional insights
By geography, the Global Robotic Process Automation Market segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America is expected to grow due to the presence of leading oil and gas companies and also due to the ultimate technological capabilities. The different companies in the USA offer a wide range of products and solutions. The surge in domestic production and discoveries on the oilfield have increased the landscape of the industry. With it, the US remains the biggest investment hub for investors in digital oilfield.
Digital
Oilfield Market: Competitive Landscape
Notable players operating in
the Digital Oilfield market are Halliburton, Weatherford, Osprey Informatics,
IBM, Digi International, Microsoft, Baker Hughes, National Oilwell Varco,
Kongsberg Digital, General Electric, Rockwell Automation, Accenture, Honeywell
Process Solutions, ABB, Emerson, Schlumberger, Cisco, National Oilwell Varco,
Siemens, and Other Prominent Companies are expanding their presence in the
market by implementing various innovations and technology.
Recent
Developments:
In
January 2020, KONGSBERG and DNV GL have signed an
agreement to enable customers of KONGSBERG's Vessel Insight data infrastructure
solution to share their data for use in DNV GL's digital class and assurance
services.
In
October 2019, Halliburton and Repsol Sign Cloud Data
Management Agreement for Exploration and Production.
The
objective of the Study:
To analyze and forecast the
global Digital Oilfield market size of the market in terms of value.
To examine the careful
market segmentation and forecast the market size, in terms value, based on the
region by segmenting the Global Digital Oilfield market into five regions,
namely, North America, Europe, Asia Pacific, Middle East & Africa, Latin
America, and their leading countries.
To outline, categorized, and
forecast the global Digital Oilfield market based on the Solutions, Process,
and Applications with the region.
To examine competitive
developments like technological advancement, services, and regulative framework
within the global Digital Oilfield Market.
To highlight the impact
analysis of the factors affecting the market dynamics such as drivers,
restraints, opportunities, and challenges.
To strategically profile the
key players and comprehensively analyze their market shares along with
detailing the competitive landscape for market leaders.
Scope of the Report
Attribute |
Details |
Years
Considered |
Historical
data – 2016-2019 Base Year –
2019 Forecast –
2020 – 2026 |
Facts Covered |
Revenue in USD Million/Billion |
Market Coverage |
U.S, Canada, Germany, UK,
France, Italy, Spain, Brazil, Mexico, Argentina, Japan, South Korea, China,
India, UAE, South Africa, Saudi Arabia |
Product/Service Segmentation |
By Solution,
Process, and Application |
Key Players |
Halliburton, Weatherford, Osprey Informatics,
IBM, Digi International, Microsoft, Baker Hughes, National Oilwell Varco,
Kongsberg Digital, General Electric, Rockwell Automation, Accenture,
Honeywell Process Solutions, ABB, Emerson, Schlumberger, Cisco, National
Oilwell Varco, Siemens, and Other Prominent Players |
By Solution
·
Software
·
Hardware
·
Services
By Process
·
Production Optimization
·
Reservoir Optimization
·
Drilling Optimization
·
Others
By Application
·
Onshore
·
Offshore
By Region
·
North America
·
Europe
·
Asia Pacific
· Latin America
·
Middle East & Africa
1. Research Framework
1.1. Research
Objective
1.2. Solution
Overview
1.3. Market
Segmentation
2. Research Methodology
2.1. Qualitative
Research
2.1.1.
Primary & Secondary Types
2.2. Quantitative
Research
2.2.1.
Primary & Secondary Types
2.3. Breakdown
of Primary Research Respondents, By Region
2.3.1.
Secondary Research
2.3.2.
Primary Research
2.4. Breakdown
of Primary Research Respondents
2.5. Market
Size Estimation
2.6. Assumption
For The Study
2.7. Market
Breakdown & Data Triangulation
3. Executive Summary
4. Global Digital Oilfield Insights
4.1. DROC
Analysis
4.1.1.
Growth Drivers
4.1.2.
Restraints
4.1.3.
Opportunities
4.1.4.
Challenges
4.2. Technological
Landscape
4.3. Regulatory
Framework
4.4. Company
Market Share Analysis,2019
4.5. Porter’s
Five forces analysis
4.5.1.
Bargaining Power of Suppliers
4.5.2.
Bargaining Power of Buyers
4.5.3.
Threat of New Entrants
4.5.4.
Threat of Substitutes
4.5.5.
Intensity of Rivalry
5. Global Digital Oilfield Market Overview
5.1. Market
Size & Forecast By Value, 2016-2026
5.1.1.
By Value (USD Billion)
5.2. Market
Share & Forecast
5.2.1.
By Solution
5.2.1.1.
Software
5.2.1.2.
Hardware
5.2.1.3.
Services
5.2.2.
By Process
5.2.2.1.
Production Optimization
5.2.2.2.
Reservoir Optimization
5.2.2.3.
Drilling Optimization
5.2.2.4.
Others
5.2.3.
By Application
5.2.3.1.
Onshore
5.2.3.2.
Offshore
5.2.4.
By Region
5.2.4.1.
North America
5.2.4.2.
Europe
5.2.4.3.
Asia Pacific
5.2.4.4.
Latin America
5.2.4.5.
Middle East & Africa
6. North America Digital Oilfield Market
6.1. Market
Size & Forecast By Value, 2016-2026
6.1.1.
By Value (USD Billion)
6.2. Market
Share & Forecast
6.2.1.
By Solution
6.2.2.
By Process
6.2.3.
By Application
6.2.4.
By Country
6.2.4.1.
U.S
6.2.4.2.
Canada
7. Europe Digital Oilfield Market
7.1. Market
Size & Forecast By Value, 2016-2026
7.1.1.
By Value (USD Billion)
7.2. Market
Share & Forecast
7.2.1.
By Solution
7.2.2.
By Process
7.2.3.
By Application
7.2.4.
By Country
7.2.4.1.
Germany
7.2.4.2.
U.K
7.2.4.3.
France
7.2.4.4.
Italy
7.2.4.5.
Rest of Europe
8. Asia Pacific Digital Oilfield Market
8.1. Market
Size & Forecast By Value, 2016-2026
8.1.1.
By Value (USD Billion)
8.2. Market
Share & Forecast
8.2.1.
By Solution
8.2.2.
By Process
8.2.3.
By Application
8.2.4.
By Country
8.2.4.1.
China
8.2.4.2.
India
8.2.4.3.
Japan
8.2.4.4.
South Korea
8.2.4.5.
Rest of Asia Pacific
9. Latin America Digital Oilfield Market
9.1. Market
Size & Forecast By Value, 2016-2026
9.1.1.
By Value (USD Billion)
9.2. Market
Share & Forecast
9.2.1.
By Solution
9.2.2.
By Process
9.2.3.
By Application
9.2.4.
By Country
9.2.4.1.
Brazil
9.2.4.2.
Mexico
9.2.4.3.
Argentina
9.2.4.4.
Rest of Latin America
10. Middle
East & Africa Digital Oilfield Market
10.1.
Market Size & Forecast By Value,
2016-2026
10.1.1.
By Value (USD Billion)
10.2.
Market Share & Forecast
10.2.1.
By Solution
10.2.2.
By Process
10.2.3.
By Application
10.2.4.
By Country
10.2.4.1.
Saudi Arabia
10.2.4.2.
UAE
10.2.4.3.
South Africa
10.2.4.4.
Rest of Middle East & Africa
11.Company Profile (Company Overview,
Financial Matrix, Solution landscape, Key Personnel, Key Competitors, Contact
Address, and Strategic Outlook) *
11.1.
Halliburton
11.2.
Weatherford
11.3.
Siemens
11.4.
Osprey Informatics
11.5.
IBM
11.6.
Digi International
11.7.
Microsoft
11.8.
Baker Hughes
11.9.
National Oilwell Varco
11.10.
Kongsberg Digital
11.11.
GENERAL ELECTRIC
11.12.
Rockwell Automation
11.13.
Accenture
11.14.
Honeywell Process Solutions
11.15.
ABB
11.16.
Emerson
11.17.
Schlumberger
11.18.
Cisco
11.19.
National Oilwell Varco
11.20.
Other Prominent Players
List
of Figures
Fig: Global Digital Oilfield
Segmentation
Fig: Global Digital Oilfield
Market Value Chain Analysis
Fig: Company Market Share
Analysis, 2019
Fig: Global Digital Oilfield
Market Size, By Value (USD Billion), 2016-2026
Fig: Global Digital Oilfield
Market Share, By Solution, By Value, 2016-2026
Fig: Global Digital Oilfield
Market Share, By Process, By Value, 2016-2026
Fig: Global Digital Oilfield
Market Share, By Application, By Value, 2016-2026
Fig: Global Digital Oilfield
Market Share, By Region, By Value, 2016-2026
Fig: North America Digital
Oilfield Market Size, By Value (USD Billion), 2016-2026
Fig: North America Digital
Oilfield Market Y-o-Y Growth, By Value, 2017-2026
Fig: North America Digital
Oilfield Market Share, By Solution, By Value, 2016-2026
Fig: North America Digital
Oilfield Market Share, By Process, By Value, 2016-2026
Fig: North America Digital
Oilfield Market Share, By Application, By Value, 2016-2026
Fig: North America Digital
Oilfield Market Share, By Country, By Value, 2016-2026
Fig: Europe Digital Oilfield
Market Size, By Value (USD Billion), 2016-2026
Fig: Europe Digital Oilfield
Market Y-o-Y Growth, By Value, 2017-2026
Fig: Europe Digital Oilfield
Market Share, By Solution, By Value, 2016-2026
Fig: Europe Digital Oilfield
Market Share, By Process, By Value, 2016-2026
Fig: Europe Digital Oilfield
Market Share, By Application, By Value, 2016-2026
Fig: Europe Digital Oilfield
Market Share, By Country, By Value, 2016-2026
Fig: Asia-Pacific Digital
Oilfield Market Size, By Value (USD Billion), 2016-2026
Fig: Asia-Pacific Digital
Oilfield Market Y-o-Y Growth, By Value, 2017-2026
Fig: Asia-Pacific Digital
Oilfield Market Share, By Solution, By Value, 2016-2026
Fig: Asia-Pacific Digital
Oilfield Market Share, By Process, By Value, 2016-2026
Fig: Asia-Pacific Digital
Oilfield Market Share, By Application, By Value, 2016-2026
Fig: Asia-Pacific Digital
Oilfield Market Share, By Country, By Value, 2016-2026
Fig: Latin America Digital
Oilfield Market Size, By Value (USD Billion), 2016-2026
Fig: Latin America Digital
Oilfield Market Y-o-Y Growth, By Value, 2017-2026
Fig: Latin America Digital
Oilfield Market Share, By Solution, By Value, 2016-2026
Fig: Latin America Digital
Oilfield Market Share, By Process, By Value, 2016-2026
Fig: Latin America Digital
Oilfield Market Share, By Application, By Value, 2016-2026
Fig: Latin America Digital
Oilfield Market Share, By Country, By Value, 2016-2026
Fig: Middle-East &
Africa Digital Oilfield Market Size, By Value (USD Billion), 2016-2026
Fig: Middle-East &
Africa Digital Oilfield Market Y-o-Y Growth, By Value, 2017-2026
Fig: Middle-East &
Africa Digital Oilfield Market Share, By Solution, By Value, 2016-2026
Fig: Middle-East &
Africa Digital Oilfield Market Share, By Process, By Value, 2016-2026
Fig: Middle-East &
Africa Digital Oilfield Market Share, By Application, By Value, 2016-2026
Fig: Middle East &
Africa Digital Oilfield Market Share, By Country, By Value, 2016-2026
List
of Tables:
Table: Global Digital
Oilfield Market Size, By Solution, By Value, 2016-2026
Table: Global Digital
Oilfield Market Size, By Process, By Value, 2016-2026
Table: Global Digital
Oilfield Market Size, By Application, By Value, 2016-2026
Table: Global Digital
Oilfield Market Size, By Region, By Value, 2016-2026
Table: North America Digital
Oilfield Market Size, By Solution, By Value, 2016-2026
Table: North America Digital
Oilfield Market Size, By Process, By Value, 2016-2026
Table: North America Digital
Oilfield Market Size, By Application, By Value, 2016-2026
Table: North America Digital
Oilfield Market Size, By Country, By Value, 2016-2026
Table: Europe Digital
Oilfield Market Size, By Solution, By Value, 2016-2026
Table: Europe Digital
Oilfield Market Size, By Process, By Value, 2016-2026
Table: Europe Digital
Oilfield Market Size, By Application, By Value, 2016-2026
Table: Europe Digital
Oilfield Market Size, By Country, By Value, 2016-2026
Table: Asia-Pacific Digital
Oilfield Market Size, By Solution, By Value, 2016-2026
Table: Asia-Pacific Digital
Oilfield Market Size, By Process, By Value, 2016-2026
Table: Asia-Pacific Digital
Oilfield Market Size, By Application, By Value, 2016-2026
Table: Asia-Pacific Digital
Oilfield Market Size, By Country, By Value, 2016-2026
Table: Latin America Digital
Oilfield Market Size, By Solution, By Value, 2016-2026
Table: Latin America Digital
Oilfield Market Size, By Process, By Value, 2016-2026
Table: Latin America Digital
Oilfield Market Size, By Application, By Value, 2016-2026
Table: Latin America Digital
Oilfield Market Size, By Country, By Value, 2016-2026
Table: Middle-East &
Africa Digital Oilfield Market Size, By Solution, By Value, 2016-2026
Table: Middle-East &
Africa Digital Oilfield Market Size, By Process, By Value, 2016-2026
Table: Middle-East &
Africa Digital Oilfield Market Size, By Application, By Value, 2016-2026
Table: Middle East &
Africa Digital Oilfield Market Size, By Country, By Value, 2016-2026
Table: Halliburton Financial
Analysis
Table: Weatherford Financial
Analysis
Table: Siemens Financial
Analysis
Table: Osprey Informatics
Financial Analysis
Table: IBM Financial
Analysis
Table: Digi International
Financial Analysis
Table: Microsoft Financial
Analysis
Table: Baker Hughes
Financial Analysis
Table: National Oilwell
Varco Financial Analysis
Table: Kongsberg Digital
Financial Analysis
* Financial information of
non-listed companies will be provided as per the availability.
**The segmentation and the
companies are subjected to modifications based on the in-depth secondary for
the final deliverable.
Market Segmentation
By Solution
· Software
· Hardware
· Services
By Process
· Production Optimization
· Reservoir Optimization
· Drilling Optimization
· Others
By Application
· Onshore
· Offshore
By Region
· North America
· Europe
· Asia Pacific
· Latin America
· Middle East & Africa
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