Digital Oilfield Market Size to Surpass USD 54.4 Bn by 2030

London, May 09, 2022 (GLOBE NEWSWIRE) -- The global digital oilfield market size was reached at USD 29.45 billion in 2021. Due to the lockdown imposed and various restrictions on the industries, there has been a slow growth in this segment. It caused a lot of delay in drilling projects worldwide. The industry faced logistical difficulties due to restrictions in the pandemic. The oil and gas operators are trying to improve or extract maximum production from the mature field. The solution helps in the quick and effective planning of the extraction techniques.

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North America is the largest market during this forecast due to high production and increased offshore activity. Since the offshore regions are explored more. Across various nations there is a demand for reservoir optimization to ensure that there is maximum production through these reservoirs. The US government launched an auction in 2021 for more than 80.9 million acres to be leased for this project.

Due to a rising demand for reduction in production cost and the growing awareness for safety, concerns are the major factors that are going to drive the market. This technology also provides environmental benefits like reduction of the carbon dioxide emissions and expelling the oil spills in the digital oilfield market. America has planned many offshore deepwater projects, ultra deepwater drilling activities.

Report Highlights

Due to the usage of software and hardware in this field, there has been a subsequent rise in the markets share. There are technological developments to eliminate the human intervention in any activities related to the oil field. The return on investment in the oil and gas industries is more, therefore, there are new investments in this market.

Scope of the Report

Regional Developments

Beyond oil, which is a food tech company based in Israel, launched its new blockchain in the year 2021, which is named as the Solar Oil project, which will help in recycling the abundant wells for extracting the oil and eliminating the ecological hazards. The largest national oil companies in China which is known as the China National Offshore Oil Corp has started the functioning of a smart oil field. The various technologies used in this digital world are big data, artificial intelligence, cloud computing and IOT.

The European nations are going to hold the largest market share in the digital oilfield market, which is going to be followed by North America. As the nations want to reduce the human intervention and to create innovations to improve the efficiency of these oilfield markets, there is going to be a rise in the market share. Developments are being made in the technology for transportation of oil and gas. Various softwares and hardwares are developed across the nations. Osprey data, which is headquartered in US, Oil and natural gas company, which introduced a new platform which can be used on the mobile phone so it becomes easy for the technicians to get the real time data.

The markets in Asia Pacific, Middle East and Africa or Latin America are anticipated to witness a good amount of growth. In the forecast the Asia Pacific region will witness the fastest growth in terms of revenue, as there is a significant increase in the industries related to oil and gas.

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Market Dynamics

Drivers

The investment in the oil and gas industry is providing a lot of returns, so the companies want to invest in this new technology. Integrated operations with the help of artificial intelligence and various other technologies, has made the decision making process easy. This technology helps in capturing data with greater frequency related to oil and gas extraction thereby optimizing the production from reservoirs.

Restraints

The system has several drawbacks. There is constant research and innovation in this field, yet the data retrieval, the analysis of the data obtained and the quality of the information provided by such data. Is not up to the mark, so it is hampering the decision making process in this field. The softwares are unable to collect the real time data so it creates a major hurdle in the digital oilfield market. In order to make effective decisions, there should be special care taken for understanding or analyzing the data that is received, but this happens to be the biggest restraint for the digital oil field market. The increasing prices of the crude oil. The increasing prices of crude oil and the demand for the sources of fuel are major factors that are suppressing the growth of the global digital oilfield market.

Opportunity

Digital oil fields are proving to be beneficial as they are using a combination of both. The traditional and the modern technological practices for the extraction of oil that are include the integration of communication and automation technologies. Due to exploration and production activities around the globe, there is a rise in the market share. Due to wireless technologies data analysis related to this field, there's a rising investment in the offshore oil exploration activities.

Challenges

Companies have incurred heavy losses due to the COVID-19 lockdown. The technology is used for tapping and exploring new sites is time-consuming and expensive. The lockdown has also halted all the activities and it also resulted in the oversupply in oil industry.

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Market Segmentation

By Process

• Drilling Optimization
• Reservoir Production
• Production Optimization
• Safety Management
• Others
  
  

By Solution

• Hardware
• Software
• Data Storage
• Others

By Application

• Onshore
• Offshore

By Technology

• IoT
• Advance Analytics
• Robotics
• Cloud Computing
• Mobility
• Others

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

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