Dublin, Sept. 07, 2020 (GLOBE NEWSWIRE) -- The "Digital Oilfield Market by Solutions (Hardware, Software & Service, and Data Storage Solutions), Processes (Reservoir, Production, and Drilling Optimizations), Application (Onshore and Offshore), and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global digital oilfield market is projected to reach USD 28.5 billion by 2025 from an estimated USD 20.2 billion in 2020, at a post-COVID-19 CAGR of 7.1% from 2020 to 2025.
New technological advancements and increased Return on Investment (ROI) are driving the digital oilfield market. Europe and North America are expected to be the largest markets for digital oilfield during the forecasted year. Data security and cyber threats are key pain points for oil field operations that can restrain the growth of the market during the forecast period.
The hardware segment is expected to hold the largest share of the digital oilfield market, by solutions, during the forecast period.
The hardware solutions segment includes Distributed Control System (DCS), Supervisory Control and Data Acquisition (SCADA), smart wells, safety systems, wireless sensors, Programmable Logic Controller (PLC), computer equipment & application hardware, process automation manager, and human-machine interaction instrument which is responsible for surveillance and communication data transfer in both onshore and offshore fields. The hardware segment of the global digital oilfield market is expected to grow at a fast pace during the forecast period. The capital investment by oilfield operators toward technology enhancement and process automation enables the companies to eliminate non-productive time, optimize production and enhanced control, and monitor oil & gas fields.
Middle East: The fastest market for digital oilfields.
The Middle East is the largest market for digital oilfields, followed by North America and the Asia Pacific. The region consists of major oil & gas producing countries such as Saudi Arabia, the UAE, Kuwait, Iraq, and Iran, which have some of the largest petroleum reserves in the world. Saudi Arabia continues to drive the demand for the market in the region. Despite the recent decline in profit margins for the national oil companies, the companies continue to increase their production output. The use of digitization techniques would enhance the production output synergies, thereby enabling the oilfield operators to improve their operational efficiency.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
3.1 Pre- and Post-Covid-19 Scenario Analysis
4 Premium Insights
4.1 Global Digital Oilfield Market, 2020-2025
4.2 Digital Oilfield Market, by Country
4.3 European Digital Oilfield Market, by Process & Country
4.4 Digital Oilfield Market, by Process
4.5 Digital Oilfield Market, by Solution
4.6 Digital Oilfield Market, by Application
5 Market Overview
5.1 Introduction
5.2 Covid-19 Health Assessment
5.3 Road to Recovery
5.4 Covid-19 Economic Assessment
5.5 Market Dynamics
5.5.1 Drivers
5.5.1.1 New Technological Advancements in the Digital Oilfield Market
5.5.1.2 Increased Return on Investment (Roi) in the Digital Oilfield Market
5.5.1.3 Increased Demand from Oil & Gas Operators to Scale Up Production from Mature Wells
5.5.2 Restraints
5.5.2.1 Delay in Decision-Making Process by Deploying Various Analytic Tools
5.5.2.2 Cybersecurity Threat Hampering the Growth of the Digital Oilfield Market
5.5.3 Opportunities
5.5.3.1 Introduction of Digital Trends in the Digital Oilfield Market
5.5.3.2 Offshore/Ultra-Deepwater Discoveries
5.5.4 Challenges
5.5.4.1 Engaging New Digital Talent
5.5.4.2 Interoperability of Multiple System Components from Different Solution Providers
5.5.4.3 Impact of Covid-19 on Oil and Gas Production Activities
5.6 Adjacent and Interconnected Markets
6 Digital Oilfield Market, by Solution
6.1 Introduction
6.2 Hardware Solutions
6.3 Software & Service Solutions
6.4 Data Storage Solutions
7 Digital Oilfield Market, by Process
7.1 Introduction
7.2 Production Optimization
7.2.1 the Production Optimization Segment is Getting a Boost Due to the Ongoing Market Dynamics
7.3 Drilling Optimization
7.3.1 Optimized Drilling Techniques Have Significantly Reduced Drilling Costs Over Time
7.4 Reservoir Optimization
7.4.1 Oilfield Operators in the Middle East, North America, and Asia-Pacific Are Currently Employing Digital Oilfield Technologies to Meet the Growing Demand for Oil and Gas
7.5 Safety Management
7.5.1 Digital Oilfield Technology Can Help Operators to Adhere to Standards for Higher Safety
7.6 Others
7.6.1 Other Processes Include Asset Management, and Maintenance & Repair
8 Digital Oilfield Market, by Application
8.1 Introduction
8.2 Onshore
8.2.1 the Onshore Application is Growing at a Faster Pace as the Cost Incurred in Oil & Gas Activities is Less in Onshore When Compared to Offshore Application
8.3 Offshore
8.3.1 the Application of Offshore Segment is Expected to Be Driven by Increasing Deepwater Drilling and Production Activities
9 Digital Oilfield Market, by Region
9.1 Introduction
9.2 Europe
9.3 North America
9.4 Asia-Pacific
9.5 Middle East
9.6 Africa
9.7 South America
10 Competitive Landscape
10.1 Overview
10.2 Competitive Leadership Mapping
10.2.1 Visionary Leaders
10.2.2 Innovators
10.2.3 Dynamic
10.2.4 Emerging
10.3 Ranking of Players and Industry Concentration, 2019
10.4 Competitive Scenario
10.4.1 New Product Launches
10.4.2 Contracts & Agreements
10.4.3 Mergers & Acquisitions
10.4.4 Investments & Expansions
10.4.5 Partnerships, Collaborations, Alliances, and Joint Ventures
11 Company Profiles
11.1 Schlumberger
11.2 Weatherford
11.3 Baker Hughes Company
11.4 Halliburton
11.5 National Oilwell Varco
11.6 ABB
11.7 Emerson
11.8 Rockwell
11.9 Siemens
11.10 Honeywell
11.11 Kongsberg
11.12 CGG
11.13 Digi International
11.14 Pason
11.15 Redline
11.16 EDG
11.17 Oleumtech
11.18 Petrolink
11.19 Katalyst
11.20 IBM
11.21 Accenture
11.22 Oracle
11.23 Intel
11.24 Microsoft
12 Adjacent & Related Markets
13 Appendix
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