What is Digital Oilfield Solutions?
The digital oilfield is defined as "the use of technology to manage production, staff, and safety in the oil and gas sector, resulting in lower costs, increased production, and improved efficiency." Through the design and deployment of integrated processes, the digital oilfield aims to maximize oilfield recovery, decrease non-productive time, and boost profitability. Business process management, advanced information technology, and engineering skills are used in the digital oilfield to expedite and, in many cases, automate the execution of tasks done by cross-functional teams. In 2019, the global market for Digital Oil Field was estimated to be worth USD 24.60 billion. Though China and the United States have a lot of R&D going on, Digital oilfield technology has global commercial potential, not just in the United States.
The market study is broken down by Type (Hardware Solutions, Software & Service Solutions and Data Storage Solutions), by Application (Onshore and Offshore) and major geographies with country level break-up. According to AMA, the Global Digital Oilfield Solutions market is expected to see growth rate of 5.6% and may see market size of USD3245.0 Million by 2026.
The global Digital Oilfield Solutions market seems to be fragmented in nature. To better serve the oil and gas sector, the majority of international and regional companies in the digital oilfield solutions market are focusing on the development of new technologies and products with unique features. Analysts at AMA Research estimates that Players from United States will contribute to the maximum growth of Global Digital Oilfield Solutions market throughout the predicted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Halliburton (United States), Schlumberger (United States), Baker Hughes (United States), Weatherford International (United States), NOV (United States), ABB (Switzerland), Emerson (United States), Rockwell Automation (United States), Siemens (Germany) and Honeywell International (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are CGG (France), Kongsberg (Norway) and Digi International (United States).
AdvanceMarketAnalytics has segmented the market of Global Digital Oilfield Solutions market by Type, Application and Region.
On the basis of geography, the market of Digital Oilfield Solutions has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2020. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement. If we see Market by Technology, the sub-segment i.e. IoT will boost the Digital Oilfield Solutions market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Process, the sub-segment i.e. Production Optimization will boost the Digital Oilfield Solutions market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Leaders and their expansionary development strategies
On 23rd September 2021, Vietnamís largest IT firm FPT announced a strategic collaboration with the global oilfield services leader Halliburton to accelerate digital transformation by lowering innovation costs and time to adoption across the E&P sector.
Nov 2021, OspreyData, a prominent oil and natural gas firm based in the United States, has unveiled its cutting-edge OspreyData Vision platform, which is compatible with all mobile devices. It would allow leasing operators, artificial lift technicians, and production engineers to work from anywhere at the 'Virtual Control Center,' giving them access to critical operational data and assisting with problem-solving.
- Early in the adoption cycle; a wave of immature new startups
- Massive early-stage gap; few investors with deep oilfield+software understanding
- The increased return on investment in the oil & gas industry
- The growing need for efficient operations across the globe
- Legacy factors held back digital adoption but evolving market and culture opened the way for the new wave of adoption
- Major gaps and failure to adopt leading-edge technologies
- Data retrieval, analysis, and scarcity of quality information hampering decision-making process
- The concern related to the Interoperability of multiple system components from different solution providers
Analyst ViewThe COVID-19 has hampered oil demand, which has hampered demand for digital oilfield technologies as well. The spread of COVID-19 interrupted industrial activity in a number of countries. So, the oil industry is experiencing an oversupply situation. As a result, the need for drilling activities has declined. Drilling activity has reduced, which has resulted in a decrease in demand for drilling optimization solutions.OspreyData, a prominent oil and natural gas firm based in the United States, has unveiled its cutting-edge OspreyData Vision platform, which is compatible with all mobile devices. It would allow leasing operators, artificial lift technicians, and production engineers to work from anywhere at the 'Virtual Control Center,' giving them access to critical operational data and assisting with problem-solving.
Key Target AudienceDigital Oilfield Solutions Providers, Government Regulatory Bodies, Private Research Organization, Government Research Orgnizations and Others
About ApproachTo evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have the better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with purpose to understand companys positioning regarding market value, volume and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders etc. and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.
Frequently Asked Questions (FAQ):
1. What all players are profiled in the study?
The standard version of the report profiles players such as Halliburton (United States), Schlumberger (United States), Baker Hughes (United States), Weatherford International (United States), NOV (United States), ABB (Switzerland), Emerson (United States), Rockwell Automation (United States), Siemens (Germany) and Honeywell International (United States) etc.
2. Can we have customized study for Digital Oilfield Solutions Market?
The Study can be customized subject to feasibility and data availability. Please connect with our sales representative for further information.
3. What would be the Market Size of Digital Oilfield Solutions Market by 2026?
Analysts at AMA estimates Digital Oilfield Solutions Market to reach USD3245.0 Million by 2026.