Digital Oilfield Market Size Analysis:
Digital Oilfield Market Size is projected to grow USD 28.61 billion by 2027 with a CAGR of more than 6.5% in the forecast period
Drivers
Growing Need for Efficient Production to Boost Market Growth
The increasing initiatives for integrating efficient production techniques and escalating production yields from mature wells in various regions will boost market growth over the forecast period. Digital oilfield techniques are a vital part of effective planning, exploration, and producing of oil and gas wells, thus substantially boost the production via statistical and analytical software and tools.
Opportunities
Increasing E&P Activities to Offer Robust Opportunities
The increasing E&P activities in regions with unfavorable climatic conditions will offer robust opportunities for the market over the forecast period.
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The global Digital Oilfield Market Size is both fragmented and also competitive due to the presence of several international as well as domestic industry players. These players have utilized innumerable innovative strategies for staying at the vanguard and also sufficing to the surging need of the customers including contracts, partnerships, collaborations, contracts, new product launches, joint ventures, geographic expansions, and more. Further, they are also investing in numerous research and development activities.
Restraints and Challenges
Cyber Theft to act as Market Challenge
Mounting privacy concerns and cyber theft may act as market challenge over the forecast period.
Market Segmentation
The global Digital Oilfield Market Size is bifurcated based on application, solution, and process.
- By process, the production segment will lead the market over the forecast period.
- By solution, the hardware segment will dominate the market over the forecast period.
- By application, the onshore segment will spearhead the market over the forecast period.
COVID-19 Analysis
The Digital Oilfield Market Size experienced a fall in 2020, due to the COVID-19 outbreak. The worldwide propagation of the virus slowed down the growth of several industries. The impact of the crisis including actions taken by the government and the business to curb the spread of this virus has led to a swift and significant reduction in the demand for gas and oil. The impacts of the crisis have resulted in disruptions in the digital oilfield operations like deferral or suspension of drilling activities, production by oilfield operators, and shutdown of oil and gas exploration and decrease in upstream capital expenditure. Leading oil companies are taking measures for counteracting oversupply issues via delaying the construction of LNG projects.
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Regional Analysis
North America to Lead Digital Oilfield Market Size
North America will lead the Digital Oilfield Market Size over the forecast period. Technological giants constantly working on new technologies, growing adoption in Canada and US, advances in technology, rapid increase in E&P activities like Mexico and the US, the presence of key market players, as well as early adoption of advanced technologies are adding to the global Digital Oilfield Market Size growth in the region.
Key Players
Eminent industry players profiled in the global Digital Oilfield Market Size report include Schlumberger Limited (US), Weatherford International plc (Switzerland), Halliburton (US), National Oilwell Varco (US), Baker Hughes Incorporated (US), Siemens AG (Germany), Kongsberg Oil & Gas Technologies Inc. (UK), Emerson Electric Co. (US), and Rockwell Automation, Inc. (US), among others.