Pune, Oct. 18, 2019 (GLOBE NEWSWIRE) -- Digital oilfields are designed to transform the upstream sector by maximizing the overall oilfield recovery. The global digital oilfield market was valued at USD 23.65 Billion in the year 2018. With the emergence of digital technologies, the global digital oilfield market is anticipated to reach USD 34.58 Billion by 2026.
According to a published report by Fortune Business Insights in a report, titled “Digital Oilfield Market: Global Market Analysis, Insights, and Forecast, 2018-2026”, states that the global market is anticipated to exhibit a CAGR of 4.91% during the forecasting framework. The report presents a comprehensive assessment of the global market by offering valuable insights, facts, industry-related information, and historical data. Several methodologies and approaches are adopted to make meaningful assumptions and views. Furthermore, the report offers a detailed analysis and information as per market segments, helping our readers to get a comprehensive overview of the global market.
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The market is primarily driven by the rapidly increasing demand for oil and gas products, especially across developing nations. Digital oilfields support exploration and production (E&P) activities and offer maximum reservoir management. Increasing efforts to reduce oil and gas production offer are expected to favor the market growth in the forthcoming years. Digital oilfield technology encompasses several equipment and functions that are meant to improve the overall operational efficiency of processes in the oil and gas industry. The demand for digital oilfield services is increasing as they have the ability to reduce rig downtime, optimize resource efficiency, and improve recovery. Digital oilfields integrated with new technologies such as cloud computing, mobility, and Internet of Things (IoT) will offer advanced digital oilfield solutions. These solutions include improving the decision-making ability and enhancing the capacity of data capture. With the rising developments in exploration and production activities worldwide, the demand for digital oilfield services is expected to augment in the foreseeable future.
Development of New techniques or Upgrading the Existing Ones to Create Attractive Growth Opportunities
“Integration of efficient production techniques to optimize output plays a crucial role in boosting the revenue of the digital oilfield industry,” states a lead analyst at Fortune Business Insights. “In order to ensure that oil wells are effectively producing the desired output, it is very important to upgrade the digital oilfield techniques using analytical tools to increase the yield. Therefore, the need to increase production from aged and mature wells is expected to drive the market,” he added.
Since technologies are advancing at an increasing rate, upgrading the existing tools and equipment will transform the market for better. In addition to this, the rising focus on developing advanced services, hardware, and software will positively shape the market in the future. Several companies are planning to increase their technology spending to improve asset tracking, faster data interpretations, and maximize capital investments. In a nutshell, the digital oilfield of the future is expected to strengthen the oil and gas sector by concentrating on advanced technologies.
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Indonesia’s Largest Gas Discovery by Energy Company ‘Repsol’ to Boost Growth Prospects in Asia Pacific
As per the report, the market in North America was valued at USD 7.60 Billion in 2018 and is anticipated to maintain a substantial share in the global market over the projected horizon. The presence of key players such as Schlumberger, Halliburton, Baker Hughes among others is expected to enable growth in the market in North America. Countries such as Canada and the U.S. are the leading contributors to this market.
The market in Asia Pacific is expected to rise at a substantial rate owing to the rising demand for energy. E&P activities are expected to considerably increase in countries such as Thailand and Indonesia. For instance, Repsol, a globally renowned energy company made one of the largest gas discoveries in Indonesia. In February 2019, Repsol partnered with MOECO and PETRONAS to discover the largest gas discovery in the country. This discovery aims to increase the E&P activities and eventually boost the economic development of the region.
Schlumberger, Microsoft, Chevron to Collaborate and Develop Innovative Petrotechnical Technologies
As per the report, some of the leading companies in the global Digital Oilfield Market include:
- Schlumberger
- Weatherford
- Siemens
- Halliburton
- IBM
- Emerson
- Digi International
- Osprey Informatics
- Microsoft
- Kongsberg Digital
- Rockwell Automation
- Baker Hughes
- Accenture
- Honeywell Process Solutions
- National Oilwell Varco
- ABB
In September 2019, companies such as Chevron, Microsoft, and Schlumberger are planning to enter into a partnership in order to develop Petro-technical technologies. These organizations plan to work together to build could native solutions and eventually deliver insights for the oil and gas industry. Such initiatives are expected to encourage growth in the market in the forthcoming years.
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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
- Global Digital Oilfield Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Solution (USD Billion)
- Services
- Software
- Hardware
- Market Analysis, Insights and Forecast – By Process (USD Billion)
- Production Optimization
- Reservoir Optimization
- Drilling Optimization
- Others
- Market Analysis, Insights and Forecast – By Application (USD Billion)
- Onshore
- Offshore
- Market Analysis, Insights and Forecast – By Region (USD Billion)
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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