The digital oilfield is a digital transformation for the oil sector. Utilizing a combination of emerging technologies such as the internet of things (IoT), artificial intelligence (AI), mobile connectivity, augmented reality, and cloud computing the digital oilfield promises to help the oil industry to analyze, gather, and make quick decisions. The digital oilfield market size was valued at $27.4 billion in 2020 and is projected to reach $54.4 billion by 2030, growing at a CAGR of 7.2% from 2021 to 2030.
The factors contributing to the market growth are intense competition in the oil sector and the advantages of the digital oil field. Because of the intense competition, the oil majors are investing heavily in the digital oilfield.
Get a PDF brochure for Industrial Insights and Business Intelligence @ https://www.alliedmarketresearch.com/request-sample/1623
Integrating advanced digital technology with innovative processes eases the operation. The digital oilfield has the capability to improve output, manage operational costs, and reduce the unplanned shutdowns of equipment and wells. In addition, oil companies can use data from all parts of their value chains captured by operators, the internet of things (IoT), and engineers. However, the growth of the renewable energy industry is hindering the oil industry which is negatively impacting the demand for digital oilfield services. This is consequently hindering the growth of the digital oilfield market. The renewable energy market is expected to grow at a CAGR of 8.4%. In addition, the high initial cost of digital solutions for oilfields also hinders the digital oilfield market growth.
On the basis of solutions, the hardware solutions segment garnered 46.6% in terms of revenue and is expected to grow at a CAGR of 6.9% during the forecast period. This is attributed to the increased adoption of digital solutions in oilfields. Implementing digital solutions in the oilfield required intelligent hardware.
On the basis of process, the production optimization segment garnered 20.8% in terms of revenue and is anticipated to grow at a CAGR of 7.8% during the forecast period. The advantages of production optimization to the oil & gas industry are one of the major growth factors for production optimization. The advantages of production optimization are increasing or decreasing the target production of gas and oil across multiple locations, and decreasing the production cost.
On the basis of application, the offshore segment garnered 81.3% in terms of revenue and is expected to grow at a CAGR of 7.7% during the forecast period. Rising deepwater drilling and production activities is driving the market growth.
Enquiry Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/1623
On the basis of region, the Asia-Pacific region garnered a 37.2% share in terms of revenue and is anticipated to grow at a CAGR of 8.4% during the forecast period. China has a strong presence in the South China Sea. Chinese oil & gas companies have come across gas fields with reserves of around 300 billion tons along with oil fields reserves of around 200 million tons of oil.
The digital oilfield market is segmented into solution, process, application, and region. On the basis of solutions, the digital oilfield market is fragmented into hardware solutions, software and service solutions, and data storage solutions. By process, the market is analyzed across reservoir optimization, drilling optimization, production optimization, safety management, and others. On the basis of application, the market is divided into onshore and offshore. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The digital oilfield market share is analyzed across all significant regions and countries and segments.
The digital oilfield market analysis covers in-depth information on the major industry participants. Some of the major players in the digital oilfield industry include Schlumberger, Halliburton, National Oil Varco, ABB, Schneider, Baker Hughes, Weatherford International, Infosys, and Siemens.
Key findings of the study
- The report outlines the current digital oilfield market trends and future scenarios of the market from 2021 to 2030 to understand the prevailing opportunities and potential investment pockets.
- The digital oilfield market size is provided in terms of revenue.
- On the basis of process, the safety management segment garnered a market share of 18.2% in 2020 in terms of revenue.
- On the basis of application, the onshore segment gained an 18% share in 2020 in terms of revenue.
- On the basis of region, the Asia-Pacific region garnered a market share of more than 37% in 2020 in terms of revenue.
Procure Complete Report @ https://www.alliedmarketresearch.com/checkout-final/cce3f6d5f1ee3d50f4a73b0e2b69b684?utm_source=AMR&utm_medium=research&utm_campaign=P21776
Impact of COVID-19 on the Digital Oilfield Market
- COVID-19 has hindered the oil demand which has correspondingly hindered the demand for digital oilfield solutions
- The spread of COVID-19 in numerous countries halted industrial activities.
- This resulted in an oversupply scenario in the oil industry.
- This consequently resulted in decreased demand for drilling activities.
- The decrease in drilling activities resulted in decreased demand for drilling optimization solutions.
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 “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.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. 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 the 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 the domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll-Free):
+1-800-792-5285, +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
help@alliedmarketresearch.com
Web: www.alliedmarketresearch.com
Allied Market Research Blog: https://blog.alliedmarketresearch.com