The global digital oilfield market size is expected to reach USD 40.21 billion by 2025, expanding at a CAGR of 4.7%, according to a new report by Grand View Research, Inc. Expected growth in the number of oil and gas reserves, coupled with the need for increased operational efficiency, is likely to strengthen the demand for digital oilfields.
Growing requirement for real-time monitoring systems that provide timely updates through wireless connectivity is anticipated to provide growth opportunities for digital oilfield technology. The market is primarily driven by the need to maximize oilfield recovery, eliminate nonproductive time, and reduce capital and operating expenses by integrating the workflow.
The upstream application segment accounts for a significant share in the industry. Digitalization of upstream processes, including production, reservoir, and drilling optimization through digital twin well evaluation, is expected to benefit the industry growth. In addition, growing digitalization of other upstream processes such as production surveillance, predictive process control, intelligent command centers, and control systems is anticipated to positively impact the market growth. Such control systems include Supervisory Control and Data Acquisition (SCADA).
Industry participants are adopting several strategic initiatives such as technological collaborations with software providers to expand their foothold in the industry. For instance, in February 2019, ExxonMobil partnered with Microsoft, adopting the latter’s integrated cloud technology to gain access to real-time data from oilfield assets.
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Further key findings from the report suggest:
- Instrumentation & automation will emerge as the fastest growing segment exhibiting a CAGR of 5.8% over the forecast period, on account of the development of advanced data acquisition and interpretation systems and rising adoption of wireless networks
- The downstream application segment was valued at USD 10.84 billion in 2018 owing to factors such as rapid digitalization of refining processes, adoption of smart refineries, higher yields, and reduced inventory costs
- North America dominated the global digital oilfield market accounting for 30.70% of the global revenue in 2018 due to surge in domestic production and shale gas reserves discoveries across the region
- Europe was valued at USD 7.08 billion in 2018 and is forecast to witness substantial growth on account of new development projects in North Sea fields such as Johan Sverdrup field, Johan Castberg Field, and Mariner Heavy Oil Field
- The industry witnessed a number of new product launches with Weatherford launching an advanced technology called ForeSite Edge, which increases productivity by identifying optimization opportunities and reducing downtime through predictive-failure analytics.
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Key Topics Covered
Chapter 1 Methodology and Scope
1.1 Market Segmentation & Scope
1.2 Market Definition
1.3 Information Procurement
1.3.1 Purchased Database
1.3.2 GVR’s Internal Database
1.3.3 Secondary Sources & Third-Party Perspectives
1.3.4 Primary Research
1.4 Information Analysis
1.4.1 Data Analysis Model
1.5 Market Formulation & Data Visualization
1.6 Data Validation & Publishing
1.7 Research Methodology
1.8 Research Scope and Assumptions
1.9 List of Data Sources
Chapter 2 Executive Summary
2.1 Market Outlook
2.2 Segmental Outlook
2.3 Competitive Insights
Chapter 3 Market Variables, Trends, and Scope
3.1 Market lineage outlook
3.1.1 Global Oil & Gas Market
3.2 Penetration & Growth Prospect Mapping
3.3 Industry Value Chain Analysis
3.3.1 Upstream Trends
3.3.2 Midstream Trends
3.3.3 Downstream Trends
3.3.4 List of Key Applications by Sector
3.4 Technological Overview
3.5 Digital Oilfield Market Dynamics
3.5.1 Market Driver Analysis
3.5.2 Market Restraint Analysis
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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