Pune, Sept. 03, 2020 (GLOBE NEWSWIRE) -- The global digital oilfield market size is expected to reach USD 29.82 billion by 2027, exhibiting a CAGR of 5.04% during the forecast period. The growing adoption of digital oilfield technology in onshore and offshore projects owing to its higher operational efficiency is predicted to foster healthy growth of the market, states Fortune Business Insights, in a report, titled “Digital Oilfield Market Size, Share & COVID-19 Impact Analysis, By Process (Production Optimization, Reservoir Optimization, Drilling Optimization, and Others), By Solution (Services, Software, and Hardware), By Application (Onshore and Offshore), and Regional Forecast, 2020-2027.” The market size stood at USD 24.88 billion in 2019.
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The digital oilfield market features:
- A thorough study of the market
- Future predictions with valuable insights
- Superior data about prominent companies
- Market trends and drivers
- COVID-19 impact on the market
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Market Driver:
Increasing Need for Digital Oilfield Techniques to Augment Growth
The growing knowledge about the benefits of digital technologies in exploration activities is expected to foster the healthy growth of the market. The shift from conventional methods to digital oilfield techniques can be an essential factor propelling the growth of the market. For instance, digital oilfield techniques are imperative for effective planning, producing, and exploration of oil & gas wells. Thus, the rising focus on higher production yields with statistical and analytical tools & software will have a tremendous impact on the market growth during the forecast period. The rising need for smart solutions in analyzing, integrating, and processing data will significantly boost the market in the foreseeable future.
Temporary Suspension of Energy Projects to Hamper Market Amid COVID-19
The halt on manufacturing, transportation, and distribution due to the coronavirus has negatively disturbed the market. The imposition of stringent rules and regulations by the governments to curb the transmission of the virus will dampen the market. Moreover, the suspension on various oil & gas projects will restrict the oilfield industry during the coronavirus. Additionally, the interruption caused by the virus has resulted in increased crude oil prices, disrupted supply chain, and management, which, in, turn will restrict market growth.
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Regional Analysis:
Technological Advancements to Aid Expansion in North America
The market in North America is expected to witness rapid growth during the forecast period. The growth in the region is attributed to the presence of major companies such as Halliburton, Baker Hughes, Schlumberger. The growing advancement in digital oilfield technology in the U.S and Canada is expected to drive the market in North America. Asia Pacific is expected to grow exponentially during the forecast period owing to the rising production & exploration activities. The never-ending energy demand is expected to facilitate the growth of the market in the region. The increasing industrialization, commercialization, and urbanization in India, China, and South Korea will spur opportunities for the market in the region. The flourishing automotive industry will influence the healthy growth of the market. The rising exploration activities and discoveries of oil & gas reserves in Thailand, Indonesia, Malaysia, and Myanmar will bode well for the market in Asia Pacific. For instance, in February 2019, Repsol, a global energy company announced the largest gas discovery in Indonesia, which holds an estimation of over 2 trillion cubic feet (TCF) of recoverable resources.
Key Development:
February 2020: The Egyptian Ministry of Petroleum and Schlumberger unveiled Egypt Upstream Gateway, a unique and advanced national project for digitizing subsurface information and delivering a digital subsurface platform to ensure Egypt's subsurface data. It also provides a platform to promote Egypt's exploration and production potential across the globe.
List Of key Companies in the Digital Oilfield Market:
- Schlumberger (Texas, US)
- Halliburton (Texas, US)
- Weatherford (Texas, US)
- Siemens (Munich, Germany)
- Osprey Informatics (Calgary, Canada)
- IBM (Armonk, New York.)
- Digi International (Minnesota, US)
- Microsoft (Washington, US)
- Baker Hughes (Texas, US)
- Kongsberg Digital (Asker, Norway)
- Rockwell Automation (Wisconsin, US)
- Accenture (Dublin, Ireland)
- Honeywell Process Solutions (North Carolina, US)
- ABB (Zürich, Switzerland)
- Emerson (Missouri, US)
- National Oilwell Varco (Texas, US)
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Detailed Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Digital Oilfield Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Digital Oilfield Market Analysis (USD Billion), Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Process
- Production Optimization
- Reservoir Optimization
- Drilling Optimization
- Others
- Market Analysis, Insights and Forecast – By Solution
- Services
- Software
- Hardware
- Market Analysis, Insights and Forecast – By Application
- Onshore
- Offshore
- Market Analysis, Insights and Forecast – By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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