Digital Oilfield Market Latest Advancements and Business Opportunities 2021-2030

According to the report published by Allied Market Research, the global digital oilfield market generated $27.4 billion in 2020, and is anticipated to reach $54.4 billion by 2030, manifesting a CAGR of 7.2% from 2021 to 2030. The report offers an in-depth analysis of the market size, emerging and current trends, future estimations, and key players. The factors contributing toward the market growth are intense competition in oil sector and advantages of digital oil filed. Because of the intense competition the oil majors are investing heavily in the digital oilfield.

Rise in investments toward digital technologies in the oil & gas industry and surge in demand for manufacturing optimization drive the global digital oilfield market. On the other hand, surge in cyber security risk and awareness regarding data safety hinder the market growth. On the contrary, demand from the pharmaceutical sector is expected to create several market opportunities.

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The report segments the global digital oilfield market on the basis of process, solution, application, and region.

Based on application, the offshore segment accounted for the largest market share in 2020, contributing to more than four-fifths of the total share, and is expected to maintain the lead throughout the forecast period. The segment is estimated to witness the fastest CAGR of 7.7% from 2021 to 2030. The report also covers the onshore segment.

Based on the solution, the hardware solutions segment contributed to the highest market share in 2020, attributing to nearly half of the total market share, and is anticipated to dominate the market during the forecast period. On the other hand, the software & service solution segment is expected to manifest the fastest CAGR of 8.2% from 2021 to2030.

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Based on region, Asia-Pacific, followed by Europe and North America, contributed to the highest share in 2020, holding nearly two-fifths of the total share, and is anticipated to maintain dominance throughout the forecast period. The global digital oilfield market across Asia-Pacific is anticipated to exhibit the fastest CAGR of 8.4% during the forecast period.

Key players of the global digital oilfield market analyzed in the research include Halliburton, Schlumberger, Rockwell Automation, ABB, National oil Varco, Siemens, Baker Hugh, Weatherford international, Schneider, and Infosys.

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COVID-19 scenario:

  • Due to social and economic lockdown in the pandemic, manufacturing and other sectors suffered. This lead to a drop in the demand for petroleum products, hampering the digital oilfield market in 2020.
  • Lack of workforce and interrupted manufacturing of oil led to decreased demand for drilling activities.
  • Lesser drilling activities caused a decline in the demand for drilling optimization solutions.

Key findings of the study

  • The report outlines the current digital oilfield market trends and future scenario of the market from 2021 to 2030 to understand the prevailing opportunities and potential investment pockets.
  • The digital oilfields market size is provided in terms of revenue.
  • On the basis of process, safety management segment garnered market share of 18.2% in 2020 in terms of revenue.
  • On the basis of application, the onshore segment gained 18% share in 2020 in terms of revenue.
  • On the basis of region, the Asia-Pacific region garnered market share of more than 37% in 2020 in terms of revenue.

About us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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