Digital Oilfield Market 2019 Development Status, Top Leaders, Business Growth, Segmentation and Industry Expansion Strategies 2023

Posted July 25, 2019 by DhanashreeP

Digital Oilfield Market is Expected to grow USD 22.36 billion by 2023 with a CAGR of more than 5.5% in the forecast period.
Digital Oilfield Market Scenario

The Global Digital Oilfield Market is expected to grow at more than 5.5% CAGR from 2018 to 2023. Digital oilfield is the new approach to explore more oil and gas field in less cost. Under this concept, the oilfield is incorporated with advanced software and data analysis to provide better outputs and improve the profitability of the exploration and production process.

The major advantages of digital oilfield are fast data recovery from the well, organize the data extracted from well, proper framework, cost reduction, rapid deployment and asset management. The growing demand for digital oilfield market is attributed to the rising demand for oil and gas and the increased demand for natural resources in North America and Europe.

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For instance, Halliburton has developed an innovative Digital Heavy Oil Field concept for continuous and cyclic steam injection projects for its unique features such as automated reservoir optimization using smart algorithms and calculations, workflow swim lanes (injection, production & reservoir) which can work coupled or independently, and fully integration well, reservoir, wells, and surface network. Additionally, this solution helped in overall asset performance by increasing operational efficiency, reducing operational cost & nonproductive time.

However, there are challenges for a successful digital oilfield deployment because of the remote location of oil and gas field.

Segmental Overview

The market for digital oilfield market is segmented based on application as offshore and onshore. Offshore segment dominates the market because offshore companies are tapping risk intensive Deepwater wells but in an efficient manner.

North America and Western Europe with their mature oilfields are having various number of project which are incorporated with digital oilfield. The main benefit of digital oilfield is wireless networking which provides high speed communication.

For instance, In March 2018, BP has awarded a contract to Kongsberg Digital to design, build, install and perform the acceptance of sophisticated digital twin. The Kongsberg Digital model will be connected to Mad Dog 2 facility to create realistic simulation environment which will deliver dynamic decision support for production efficiency in Gulf of Mexico region.

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Leading Players:

The key players of the global digital oilfield market are 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).

Scope of the Report

This research report provides insights into various levels of analysis, such as industry analysis and market share analysis for the leading industry competitors, along with their profiles. It also helps in studying the target segments by providing views on the emerging & high-growth segments. The market data comprises the basic assessment of the competitive scenarios and strategies in the global digital oilfield market, including high-growth regions and/or countries, and political and economic environments. The project report further provides both – historical market values and pricing & cost analysis

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Issued By MRFR
Country India
Categories Business , Energy
Tags digital oilfield market , digital oilfield market demand , digital oilfield market growth
Last Updated July 25, 2019