Digital Oilfield Solutions Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Digital Oilfield Solutions Market grew at a CAGR of 5.8% between 2017-2021 and is estimated to be US$ 29,746.5 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 6.3% and is expected to reach a valuation of US$ 54,798.5 Mn by 2032 end.
The oil and gas market has witnessed exponential growth due to increased demand for crude and natural gas. The escalating need to maximize the production capacity after mature wells and the surging return on investment in the oil and gas industry is anticipated to propel sales in this market. In addition, the vital need to lower the capital and operating expenditures subject to the utilization of smart systems and digitalized solutions is probable to drive the market.
RISE IN INVESTMENT IN THE OIL & GAS INDUSTRY
Digital oilfields adopt life cycle theories that let businesses make the most of their limited resources. The oil and gas industry’s integrated operations in “smart fields” use operational technology and information technology to improve Rol by advancing decision-making and enhancing operational performance.
It increases operational productivity, lowers the total cost of ownership, and decreases downtime. Data collection across the entire upstream activities is accomplished using tools and processes in the digital oilfield. Data from every stage of the oil and gas value chain is quickly collected and examined in real-time by operational and information technology.
LACK OF QUALITY INFORMATION, DATA RETRIEVAL, AND ANALYSIS HAMPER THE MARKET GROWTH
The demand for operational digital oilfield solutions is cumulative due to the inadequate fuel supply in the market. Yet, many challenges and constraints hamper the oil industry’s adoption of new and improved technologies. Collecting real-time data and its productive analysis is one of the main hurdles in this market.
Large amounts of data can be condensed through predictive analytics, increasing their value. However, it is essential to understand how to make the information cross-functional to provide useful insights into assets.
THE RISE IN ULTRA-DEEP-WATER DISCOVERIES PROJECTS WILL CREATE MORE OPPORTUNITIES FOR THE MARKET
The deepwater exploration and production activities of the oil and gas industry are going through a phase of technological advancements in survey technology, as well as the commercial viability of the projects. Oil companies can increase recovery and increase production thanks to current promotions. A new company program called GeDlg allows multiple teams across Petrobras to collaborate remotely through remote command centers equipped with internet technology, allowing connectivity between groups without a physical presence in different areas or time zones.
Market Segments Covered in Report
By End Use:
By Region and Country:
Why is the market for digital oilfield solutions for hardware booming?
The hardware segment will likely dominate the digital oilfield solutions market in terms of share over the forthcoming years. The growing demand for process automation managers, Distributed Control Systems (DCS), Programmable Logic controllers (PLC), and human-machine interaction instruments to transfer data and monitor offshore. Onshore fields are anticipated to fuel the growth of this segment.
Why are Automation Solutions Dominating projected to ensure the most revenue during the forecast period?
The automation solutions segment was the largest revenue-generating segment, accounting for over 60.0% of the market. The growth in oilfield automation solutions has been seen due to the accumulative usage of distributed control systems, smart wells, and security systems to evaluate real-time data. Furthermore, various oil and gas companies strive to develop unique products to automate the overall process without harming the environment.
Why is the upstream segment expected to expand the fastest during the forecast period?
In 2021, The surge in the use of digital oilfield solutions was expected to boost the growth of the upstream segment over the forecast period. Technological advancements such as hybrid convoys and storage tanks are anticipated to augment the demand for these systems. Additionally, population growth, changing lifestyles due to technological advances, and green initiatives will contribute to the development of this segment.
Furthermore, increasing investments in shale exploration, enhanced oil recovery (EOR) techniques, drilling for tight gas wells, and the quest for deepwater oil deposits are likely to drive industry growth.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
Most regional and international companies in the market for digital oilfield solutions are concentrating on creating cutting-edge goods and technology to serve the oil and gas industry better. Some of the other major firms are supplying full toolkits of hardware and software for carrying out a wide range of operations, from production to the transportation of oil and gas.
Some of the key developments that have taken place in the Digital Oilfield Solutions Market include:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Component, Domain, End Use, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 6.3%.
The rising sales of digital oilfield solutions are fueled by the growing demand for process automation and good mature production.
Major global Digital Oilfield Solutions Market players are ABB, Emerson Electric Co., Rockwell Automation, Inc, General Electric, Siemens AG, Schneider Electric, Eaton, and Honeywell International, Inc.
The global oil and gas industry faces the challenges of a changing market, low demand for natural resources, and increasing costs.
The North American region is expected to account for the largest market revenue share in the Global Digital Oilfield Solutions market.
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