Digital Oilfields Market– The Biggest Trends to Watch out for 2028
A recent market intelligence report that is published by Data Insights Partner on the global Digital Oilfields Market makes an offering of in-depth analysis of segments and sub-segments in the regional and international Digital Oilfields Market. The research also emphasizes on the impact of restraints, drivers, and macro indicators on the regional and global Digital Oilfields Market over the short as well as long period of time. A detailed presentation of forecast, trends, and dollar values of global Digital Oilfields Market is offered. In accordance with the report, the global Digital Oilfields Market is projected to expand by healthy CAGR over the period of forecast.
Market Insight, Drivers, Restraints, Opportunity & Trends of the Market:
Definition
The integration of the management of business processes and digital technology in the oil and gas scenario is called digital oilfields. It is a segment of the power industry that has absorbed the methods of data analysis and consolidated the use of advanced software to improve the operational productivities, obliterate non-productive time and escalate the profitability of the different organizations in the oil and gas sector. Digital Oilfields provide better safety, optimizes the rate of hydrocarbon production, protects environment and can easily track reserves and obtain maximum utilization.
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Market Drivers
The digitization of oilfields in the oil and gas sectors helps to bring efficiency in operation by embracing lesser human capital. In digital oilfields, the work of exploration and production are done with ease both in case of offshore and onshore wells. The digital oilfield’s capabilities to make use of analytical and statistical tools and software is driving the digital oilfields market.
The shrinking of exploration and production activities of the traditional wells and the surging inclination towards the establishment of economic and non-traditional wells is propelling the growth of this industry. Further, the exploration and production of wells in remote areas including deep sea operation calls for the use of digital oilfields.
Constantly evolving technological advancement coupled with the replacement of aging technologies used in exploration and production with more efficient and advanced software and hardware tools and techniques is fueling the growth of the digital oilfields market. reduction in operational risk, better interpretation of data, improved asset tracking and optimization of capital investments have been experienced by the firms that have engaged themselves in these digitalized techniques.
The growth of technologies like internet of Things (IoT), information technology (IT), wireless technologies, artificial intelligence (AI) are finding applications in the oil and gas industry and further empowering the growth of the digital oilfields.
Market Restraints
The assemblage of data on real-time basis and lack of efficient analysis is severely straining this market. the processing of a large set of data to obtain perfect conclusion is punishing. The task of choosing the exact data is also a problem. Moreover, data collection and analysis are a never-ending process and special attention and adequate set of skills is the prerequisite in decision forming which is restraining the growth of the digital oilfields market.
As a result of presence of unaccountable quantity of data, security concerns are necessary. The soaring incidence of cybercrimes, hacking and privacy concerns of the data are hindering the growth of this market.
The supervision of automated processes of digital oilfields needs the technical knowledge and expertise of workforce. The lack of skilled workers is a stumbling block to the digital oilfields market.
Opportunities
The application of smart sensors, Internet of Things, Artificial Intelligence, Seismic photography, Clouds, Big Data in the oil and gas segment coupled with technological advancement will provide lucrative opportunities to this market.
Continuous research and development and investment is likely to recover the non-profitable fields and enhance the functioning of the digital oilfields and propel this market in the near future.
The surging investment in the exploration and production of offshore wells coupled with the introduction of artificial intelligence in oil and gas operation is a good set of circumstances for this market
Trends
The North America market is expected to project a growth of 7% in terms of CAGR in the forecast period owing to the advancement in technologies with which oil and gas operations took place, spurring oilfields discovery, surging domestic production, development of offshore fields especially in the Gulf of Mexico and the location of global players in the oil and gas sector. Europe is assumed to showcase dominant growth because of the presence of aging oilfields. Asia Pacific is also expected to showcase progress owing to the skyrocketing demand for energy and technological advancement and its application in the oil and gas sector.
Segment Covered:
This market intelligence report on the global Digital Oilfields Market encompasses market segments based on process, application, solution and country.
By Process the global Digital Oilfields Market has been divided into:
q Safety Management
q Production Optimization
q Drilling Optimization
q Reservoir Optimization
q Others
By Application the global Digital Oilfields Market has been divided into:
q Offshore
q Onshore
By Solution the global Digital Oilfields Market has been divided into:
q Data Storage Solution
o Hosted
o On-Premise
q Software & Service Solution
o Management
o Collaborative product
o IT Servicing & Commissioning
o Software
o IT Outsourcing
q Hardware Solution
o Human-Machine Interaction
o Process Automation Manager
o Computers
o Programmable Logic Controller
o Wireless Sensors
o Safety System
o Smart Well
o Acquisitions
o Supervisory Control and Data
o Distributed Control System
By country/region, the global Digital Oilfields Market has been divided into:
q North America (the U.S., Canada),
q Latin America (Brazil, Mexico, Argentina and other countries),
q Europe (Germany, France, the U.K., Spain, Italy, Russia, and other countries),
q Asia Pacific (India, Japan, China, Australia and New Zealand and other countries),
q Middle East and Africa (GCC, South Africa, Israel and Other countries).
Profiling of Market Players:
This business intelligence report offers profiling of reputed companies that are operating in the market. Companies such as:
q Halliburton
q Weatherford
q Schlumberger
q Siemens
q Rockwell Automation
q Emerson
q Baker Hughes Company
q National Oilwell Varco
q Accenture
q Honeywell Process Solutions
q Kongsberg Digital
others have been profiled into detail so as to offer a glimpse of the market leaders. Moreover, parameters such as Digital Oilfields Market related investment & spending and developments by major players of the market are tracked in this global report.
Report Highlights:
In-depth analysis of the micro and macro indicators, market trends, and forecasts of demand is offered by this business intelligence report. Furthermore, the report offers a vivid picture of the factors that are steering and restraining the growth of this market across all geographical segments. In addition to that, IGR-Growth Matrix analysis is also provided in the report so as to share insight of the investment areas that new or existing market players can take into consideration. Various analytical tools such as DRO analysis, Porter’s five forces analysis has been used in this report to present a clear picture of the market. The study focuses on the present market trends and provides market forecast from the year 2020-2028. Emerging trends that would shape the market demand in the years to come have been highlighted in this report. A competitive analysis in each of the geographical segments gives an insight into market share of the global players.
Few Recent Developments
Schlumberger
On February 2020, the project Egypt Upstream Gateway was announced by Schlumberger in collaboration with the Egyptian Ministry of Petroleum. The objective of the project was the digitization of subsurface information and the childbirth of a digital subsurface platform to confirm an evergreen subsurface data of Egypt.
Baker Hughes Company
On June 2019, Baker Hughes Company and C3.ai merged together to dispose a technology of digital transformation. The collaboration was supposed to integrate the skilled expertise and well-established product portfolio of oil and gas of the former with the AI Software and solutions of the latter.
Kongsberg Digital
In September 2019, a contract to provide digital solutions to the offshore assets situated at Guyana of ExxonMobil was received by Kongsberg Digital. Risers, Flowlines, umbilicals, Gas & Water injection wells, and production wells were included in the contract.
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Salient Features:
Ø This study offers comprehensive yet detailed analysis of the Digital Oilfields Market, size of the market (US$ Mn), and Compound Annual Growth Rate (CAGR (%)) for the period of forecast: 2020-2028, taking into account 2019 as the base year
Ø It explains upcoming revenue opportunities across various market segments and attractive matrix of investment proposition for the said market
Ø This market intelligence report also offers pivotal insights about various market opportunities, restraints, drivers, competitive market strategies of leading market players, emerging market trends, and regional outlook
Ø Profiling of key market players in the world Digital Oilfields Market is done by taking into account various parameters such as company strategies, distribution strategies, product portfolio, financial performance, key developments, geographical presence, and company overview
Ø The data of this report would allow management authorities and marketers of companies alike to take informed decision when it comes to launch of Type of models, government initiatives, marketing tactics and expansion, and technical up gradation
Ø The world market for Digital Oilfields caters to the needs of various stakeholders pertaining to this industry, namely suppliers, manufacturers, investors, and distributors for Digital Oilfields Market. The research also caters to the rising needs of consulting and research firms, financial analysts, and new market entrants
Ø Research methodologies that have been adopted for the purpose of this study have been clearly elaborated so as to facilitate better understanding of the reports
Ø Reports have been made based on the guidelines as mandated by General Data Protection Regulation
Ø Ample number of examples and case studies have been taken into consideration before coming to a conclusion
Reasons to buy:
v Identify opportunities and plan strategies by having a strong understanding of the investment opportunities in the Digital Oilfields Market
v Identification of key factors driving investment opportunities in the Digital Oilfields Market
v Facilitate decision-making based on strong historic and forecast data
v Position yourself to gain the maximum advantage of the industry’s growth potential
v Develop strategies based on the latest regulatory events
v Identify key partners and business development avenues
v Respond to your competitors’ business structure, strategy and prospects
v Identify key strengths and weaknesses of important market participants
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