The digital oilfield revolution was born, in part, due to the emergence of Big Data and Internet of Things technologies in the software industry. North America is positioned to develop due to the emergence of leading oil and tech companies, having superior technical capabilities.
Dallas, United States - April 19, 2021 /MarketersMedia/ —
The digital oilfield contains the automation of upstream, downstream, and midstream oilfield operations. It is a segment of the energy industry that has implemented advanced software and data processing techniques into its activities in order to increase outputs and the profitability of the manufacturing process. Digital oilfields offer benefits such as increased safety, increased hydrocarbon production rate, environmental protection, and ease of discovering reserves and fully exploiting them. Oilfield digitization, in business terms, is the application of resources (both machine and human) to achieve cost-effective and reliable performance.
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A broad range of technologies, such as predictive maintenance and fleet management are included in the digital oilfield. Likewise, enabling innovations like Big Data analytics, low-cost sensors, and cloud computing have all contributed to these technological advances. For more than a decade, digital oilfield technologies have been in progress. Benefits offered by the digital oilfield technology include increased productivity and viability of oil and gas activities, improved health and safety, and increased compliance with environmental regulations. In the digital oilfield, the development includes raising awareness, naming champions, encouraging cooperation, and expanding the dialogue, among other things.
The use of sophisticated technologies and data processing techniques to increase the profitability of oil and gas production activities is known as a digital oilfield. Digital oilfield applications include increasing operational performance, optimizing output, providing decision support, integrating data, and automating workflows. The oil and gas industry is in desperate need of digital oilfield components like Big Data and the cloud. Companies may use big data to help them grow the digital oilfield. Information technology (IT) and Operational Technology (OT) are linked in integrated operations to enhance decision-making and boost operational and business efficiency. By combining scientific analytics with current physics-based analytics, the oil and gas industry will achieve a new level of business improvement.
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Furthermore, both OPEX and CAPEX expenditures for oil and gas firms are under considerable pressure. These organizations are now conscious of the various cloud computing benefits. Therefore, the oil and gas industry is likely to increase its investment in Big Data and analytics in the coming years.
Key players operating in the global digital oilfield market include Schlumberger, Halliburton, Baker Hughes, Sinopec Oilfield Service, Honeywell International, Siemens, National Oil well Varco, ABB, Kongsberg Gruppen, Cisco Systems, Emerson Electric, General Electric, Weatherford International, Rockwell Automation, Pason Systems, International Business Machines (IBM), Accenture, Wipro, and Dell EMC among others.
Key Segments of the Global Digital Oilfield Market
Solutions Overview, 2015-2025 (USD Million)
• Hardware
• Software and Services
• Data Storage
Processes Overview, 2015-2025 (USD Million)
• Reservoir Production
• Drilling Optimizations
Application Overview, 2015-2025 (USD Million)
• Onshore
• Offshore
Regional Overview, 2015-2025 (USD Million)
• North America
o U.S.
o Canada
• Europe
o Germany
o United Kingdom
o France
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o Rest of Asia Pacific
• Central and South America
o Brazil
o Mexico
o Rest of Central and South America
• Middle East & Africa
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Reasons for the study
• The digital oilfield market share is set to grow on account of growing requirement for optimizing the oil and gas operations. Declining production from existing wells along with need to devise an economic well recovery method will accelerate the industry growth.
• Growing focus toward operational management and reduction of capital and operating expenses will lead to the adoption of intelligent digitalized devices and solutions. Advancement in wireless technologies, mobility, data analysis and collection platforms have enabled substantial improvement in decision making and performance.
What does the report include?
• The study on the global digital oilfield market includes qualitative insights such as drivers, restraints, challenges and opportunities
• Additionally, the market has been evaluated using the Porter’s Five Forces analysis
• The study covers qualitative and quantitative analysis of the market segmented on the basis of solutions, processes, application, and end-users. Moreover, the study on digital oilfield market provides similar information for the key geographies.
• Actual market sizes and forecasts have been provided for all the above-mentioned segments
• The study includes the profiles of key players operating in the market with a significant global and/or regional presence
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