Pune, June 08, 2021 (GLOBE NEWSWIRE) -- Digital Oilfield Market Analysis
Market Research Future (MRFR) expects the global digital oilfield market to reach USD 28.61 billion at a CAGR of 6.5% from 2020 to 2027 (forecast period).
Digital oilfields comprise a wide range of tools, tasks, and disciplines. Advanced software and data analysis procedures are utilized to increase the profitability of oil and gas operations. The primary goal of the digital oilfield is to reduce non-productive time, maximize oilfield recovery, and boost profitability. Production optimization, operational efficiency, decision support, collaboration, data integration, the melding of operations with information technology, and the Internet of things are all aspects of the digital oilfield. It consists of a network sensor network, cloud computing, advanced big data analytics, and artificial intelligence. These aspects aid in understanding and predicting equipment failure, maintenance, and tract of the real time-based situation of the oil and gas field. Lastly, a digital oilfield is a technology that combines numerous technologies in innovative ways to increase productivity.
The primary drivers of this global digital oilfield market are technological advancement, an increase in the requirement for productivity from mature oil and gas wells, proper use of cloud computing in the oil and gas industry, and improved operational efficiency. Data security/cyber theft, on the other hand, maybe a constraint for this worldwide digital oilfield market. Nonetheless, service provider companies are working very hard to secure the networks in order to avoid any disruptions during the operation.
Digital oilfield encompasses a wide range of innovations such as fleet management and predictive maintenance. These advances are largely the result of enabling technologies like low-cost sensors, Big Data analytics, and cloud computing. For well over a decade, digital oilfield technologies have been in development. These technologies' early adopters are already reaping the benefits. The technologies provide benefits such as greater efficiency and feasibility of oil and gas operations, improved health and safety, and enhanced compliance with environmental regulations. Increased awareness, identifying champions, encouraging collaboration, expanding the conversation, and other aspects of development are being examined in the digital oilfield.
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COVID-19 Impact on the Global Digital Oilfield Market
The ongoing COVID-19 pandemic has had a global impact on the oil and gas industry. As a result of the current situation, several oil and gas companies throughout regions have been forced to shut down their manufacturing facilities and services as countries implemented a partial or complete lockdown plan to deal with the pandemic. Companies in several locations have also postponed or delayed big oil and gas projects. Moreover, the COVID-19 pandemic has had an impact on crude oil prices, well drilling and production activities, and the supply chain of oil and gas.
Competitive Landscape
The global digital oilfield market is relatively fragmented and competitive, with a number of international and regional competitors present. To maintain their market position, industry players are substantially investing in technological advancement, global expansion, and mergers & acquisitions.
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Market Segmentation
The global digital oilfield market has been segmented into process, solution, and application.
By process, the global digital oilfield market has been segmented into the reservoir, production, and drilling optimization. Because of the increasing demand for oil and gas, production is expected to expand at a quicker rate and hold the biggest market share during the projection period.
By solution, the global digital oilfield market has been segmented into hardware, software, and data storage. Among these, hardware solutions are expected to develop at a quicker rate and have the biggest market share during the projection period. As a hardware solution, smart well, distributed control systems, wireless sensors, SCADA (Supervisory Control and Data Acquisition), and other components are employed extensively in the digital oilfield.
By application, the global digital oilfield market has been segmented into onshore and offshore.
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Regional Analysis
By region, the global digital oilfield market has been segmented into North America, Europe, Asia Pacific, and Middle East & Africa.
North America is expected to have the greatest market share due to its huge shale oil and gas reserves, followed by the Asia Pacific, which includes countries such as China and India. The re-engineering of technological solutions to improve the optimization and management of oil and gas operations will propel the business forward. The business landscape has been enriched by increased oilfield discoveries and domestic output. Furthermore, the refurbishment of oil and gas platforms in the offshore industry to incorporate advanced AI and machine learning technologies will influence product demand. According to the US Energy Information Administration, US shale gas and tight oil production increased by more than 6 million BOE/d between 2008 and 2014, directly contributing to the growth of the worldwide digital oilfield market. Continuous investment by public and private partners in the upstream and midstream sectors will accelerate technology adoption.
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