Digital oilfields encompass various tasks, tools, and disciplines altogether. Advanced software and data analysis procedures can improve the profitability of oil and gas operations. Market Research Future (MRFR) has published a research report about the global digital oilfield market that foretells hike for this market at 5.5% CAGR (Compound Annual Growth Rate) between 2018 and 2023. By value, the market has been figured to be worth the US $ 22.36 bn by the end of forecast period.
The primary objective of digital oilfield is to reduce down-time, optimise the oilfield recovery and improve profitability. Some of the key applications of digital oilfield include operational efficiency, collaboration, production optimization, data integration, and decision support. Digital oilfield solutions utilize IoT (internet of things) and information technology to drive operations. In addition, specific applications use technologies such as cloud computing, network sensors, artificial intelligence and big data analytics. The periphery technologies help in predicting and understanding technical requirements such as maintenance, equipment monitoring, equipment failure. With the help of digital oilfield, operators can track oil and gas field functioning in real-time.
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The most important factors extending the global digital oilfield market growth include technological advancement and increase the need for productivity from the mature oil & gas wells. Other factors bolstering the market growth include proper usability of cloud computing in the oil & gas industry, meticulous efforts from service provider companies to secure the networks, and improvisation of operational efficiency. However, cyber theft can slow down market growth.
The high-profile factors pushing the global digital oilfield market growth are the advancement of technology and increase the need for productivity from the mature oil & gas wells. Other factors nurturing the market growth include meticulous efforts from service provider companies in order to secure the networks, improvisation of operational efficiency, and proper usability of cloud computing in the oil & gas industry. However, cyber theft can restrain market growth.
The global digital oilfield market has been segmented on the basis of application, process, solution, and lastly, region.
The application-based segmentation segments this market into the onshore application and offshore application. As per process-based segmentation, the market has been segmented into the reservoir, production, drilling optimization.
Based on a solution, the market has been segmented into hardware, software, and data storage.
MRFR in its report has profiled some of the leading companies operating in the market Schlumberger Limited (US), Halliburton (US), Baker Hughes Incorporated (US), Kongsberg Oil & Gas Technologies Inc. (UK), Rockwell Automation, Inc. (US), Weatherford International plc (Switzerland), Emerson Electric Co. (US), National Oilwell Varco (US), and Siemens AG (Germany).
The regional segmentation of the global digital oilfield market covers North America, Asia Pacific, Europe, and the Middle East & Africa (MEA).
During the forecast period, North America is likely to grab the largest share in the global digital oilfield market due to the presence of many large shale oil & gas reserves. Other factors playing an important role in market growth include the presence of many key market players and technological advancement in the USA. After USA, Canada is the most important country-specific market.
The Asia Pacific region is the second-largest regional market due to the presence of growing economies like China and India that are attaining technological advancement and attracting investment. To maximize development, various companies in this region are working to integrate, interpret, and act on production-related information on a real-time basis. Australia is another important country-specific market in this region. Other countries of the Asia Pacific region are also making a significant contribution to the Asia Pacific region.
Europe is another prominent regional market due to technological advancement. Here, the major country-specific markets are Norway and Russia. Other countries of Europe also make a sizable contribution to the market revenue in this region as many strong economies are there in Europe.
Although the MEA region has lots of oilfields, the limited reach of technology makes the scope for market growth limited.
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Latest Industry News
- Houston-based Marathon Oil has rolled out several new digital tools to facilitate oilfield automation. Marathon Oil is scaling those technologies across its four US onshore business units. 20 JUNE 2019
- Buying a minority stake in California-based artificial intelligence (AI) company C3.ai, Baker Hughes has entered into a joint venture agreement with former to increase the use of AI in the oil & natural gas industry. Under the terms of the agreement, the two companies are also set to combine C3.ai’s technical savvy with Baker Hughes’ industry experience. The purpose of AI software is to improve productivity and efficiency at oil and natural gas operations. The software will ingest massive quantities of data and predict problems in advance. The terms of contract making the partnership official also give Baker Hughes, a seat at C3.ai’s board of directors. 24 JUNE 2019
- WFS Technologies, a Subsea Internet of Things (SIOT®) device specialist WFS Technologies, is set to expand its operations into Houston and Brazil. Their devices are useful for Asset Integrity Management. 4 JUL 2019
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