Westford, USA, June 21, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the digital oilfield market will attain a value of USD 54.22 billion by 2031, with a CAGR of 4.9% during the forecast period (2024-2031). With smart technology and digitization, the concerns regarding how to protect sensitive data and protect from cyber threats are rising. In the oil and gas industry, digitization is promoted and advocated to address the growing dependence on unconventional deposits and the decreased production of existing wells. The intensive use of IoT sensors, advanced analytics, and automation technologies offers functionalities, such as real-time monitoring, data-based decision-making, and enhanced asset performance.
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Browse in-depth TOC on "Digital Oilfield Market"
- Pages - 178
- Tables - 90
- Figures – 78
Digital Oilfield Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 36.98 Billion |
| Estimated Value by 2031 | $ 54.22 Billion |
| Growth Rate | Poised to grow at a CAGR of 4.9 % |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Process, Solution, Technology, Application |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Integration of Advanced Technologies Such as AI, IoT, Machine Learning and Many More |
| Key Market Drivers | Penetration of Digitalization to Bolster Market Growth |
Production Segment Leads the Market Due to Minimal Operating Costs and Maximum Oil Extraction
The production segment is said to be the largest and one of the most important sectors in this market. It plays an important role in extracting the maximum amount of oil and gas while minimizing operating costs. In line with the ongoing industry digitalization, the technologies for production optimization apply advance analytics, real-time data monitoring, and automation of processes. This segment was accounted for with a market share of approximately 35% due to an unrelenting oil quest for efficiency and productivity.
Drilling optimization to be the Fastest Growing Segment Because of Advanced Digital Technologies.
With the increase in the use of various digital technologies like AI, Machine Learning, and IoT to enhance the process of drilling, the drilling optimization segment is growing rapidly in this market. These advancements make the drilling process more accurate and effective while reducing non-productive time. In areas of complex geology, traditional methods require the optimization of drilling, which is in high demand and grows the segment, potentially transforming the industry's approach toward exploration and development. Hence, this is a key driver of growth in the digital oilfield market.
North America Leading the Digital Oilfield Market Due to Presence of Major Digital Oilfield Technology Service Providers
North America comes out to be the largest region, and the US contributes majorly to the revenue. Major digital oilfield technology service providers are in the region, are growing rapidly and eye for major market share while maintaining their position in the market. Companies in this region are investing money in R&D activities, which makes it easier to avail the digital solutions for oilfields. A raised degree of producibility drives the digitization level around the upstream industry, both in automated drilling, wellhead automation, advanced analytics on production data, and predictive maintenance, to name a few.
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Drivers
- Technological Advancements in Oil & Gas Industry
- Penetration of Digitalization to Bolster Market Growth
- Rising Demand for Energy and Oil
Restraints
- Cyber Security concerns to Hinder Market Growth
- Regulatory Compliance Complexities and Standards Adherence
- High Initial Investment and Operational Costs
Prominent Players in Digital Oilfield Market
The following are the Top Digital Oilfield Companies
- Halliburton Company
- Baker Hughes Company
- Schlumberger Limited
- Baker Hughes Company
- Weatherford International plc
- Siemens AG
- National Oilwell Varco, Inc.
- General Electric Company
- Honeywell International Inc.
- IBM Corporation
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Key Questions Answered in Digital Oilfield Market Report
- What is the key market trend in the digital oilfield market?
- Who are the leading digital oilfield providers in the world?
- Which region accounted for the largest market share in the digital oilfield market?
This report provides the following insights:
- Analysis of key drivers (growing demand for better data security, rising adoption of Blockchain and IoT technologies, increasing use of decentralized systems in different industry verticals), restraints (interoperability issues with legacy systems, complexities in integration with existing infrastructure, concerns regarding scalability of gas cleaning technologies systems), and opportunities (growing demand for data monetization, rising demand for transparent yet trusted transactions), influencing the growth of digital oilfield market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the digital oilfield market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
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SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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