Redding, California, June 22, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Digital Oilfield Solutions Market by Offering (Hardware, Software, Services), Process (Production Optimization, Drilling Optimization, Others), Technology (IoT, AI, Others), Application (Onshore, Offshore), and Geography - Global Forecast to 2030,’ the digital oilfield solutions market is projected to reach $41.7 billion by 2030, at a CAGR of 7.6% from 2023 to 2030.
Digital oilfield solutions combine business process management with digital technologies to automate workflows for maximizing productivity, reducing costs, and minimizing the risks associated with oil & gas operations. Digital or smart oilfield solutions optimize production, improve operational efficiency, and increase productivity through integrated workflows.
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Some of the major factors driving the growth of this market are the growing need to enhance production from mature oilfields and technological advancements in the oil & gas industry. In addition, the growing demand for offshore/ultra-deepwater discoveries is expected to create opportunities for market growth. However, data retrieval and analysis and the scarcity of quality information hamper decision-making processes, restraining the growth of this market.
The digital oilfield solutions market is segmented by offering (hardware, software, services), process (production optimization, drilling optimization, reservoir optimization, safety management, and other processes), technology (IoT, artificial intelligence, big data analytics, cloud computing, cybersecurity, blockchain, and other technologies), application (onshore, offshore), and geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on offering, the digital oilfield solutions market is segmented into hardware, software, and services. In 2023, the software segment is expected to account for the largest share of the digital oilfield solutions market. However, the hardware segment is expected to record the highest CAGR during the forecast period. The growth of this segment is driven by rising digitization in the oil & gas industry and significant research & development activities to build advanced hardware and solutions such as Supervisory Control and Data Acquisition (SCADA) and Distributed Control Systems (DCS).
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Based on process, the digital oilfield solutions market is segmented into production optimization, drilling optimization, reservoir optimization, safety management, and other processes. In 2023, the production optimization segment is expected to account for the largest share of the digital oilfield solutions market. However, the reservoir optimization segment is expected to record the highest CAGR during the forecast period. The high growth of this segment is driven by oil & gas companies’ increasing need to assess normal as well as complex reservoirs with higher accuracy.
Based on technology, the digital oilfield solutions market is segmented into IoT, artificial intelligence, big data analytics, cloud computing, cybersecurity, blockchain, and other technologies. In 2023, the IoT segment is expected to account for the largest share of the digital oilfield solutions market. However, the big data analytics segment is expected to record the highest CAGR during the forecast period. The growth of this segment is driven by downstream energy businesses’ rising need to streamline operations, improve efficiency, minimize risks, and reduce downtimes and maintenance costs of refining equipment.
Oil & gas companies face the challenge of obtaining insights from an enormous amount of data to make better, more informed decisions. To innovate exploration and production, they need to make sense of operational data from the plant floor, supply chains, and connected products. By applying advanced analytics, oil & gas companies can identify trends and predict events throughout processes to quickly respond to disruptions and improve efficiencies.
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Based on application, the digital oilfield solutions market is segmented into onshore and offshore. In 2023, the onshore segment is expected to account for the larger share of the digital oilfield solutions market, mainly due to the accessibility of large-capacity reservoirs on land in conventional and unconventional reserves. Additionally, discoveries of oil, gas, and shale reserves and production from mature wells are expected to drive the growth of this segment. However, the offshore segment is expected to record the higher CAGR during the forecast period. The high growth of this segment is driven by growing investments in subsea oil & gas assets and the increasing need to handle multiple types of equipment, which are very risky and challenging to operate manually.
Various oilfield service providers are investing in offshore assets to increase well productivity and reservoir performance, which is expected to drive the growth of this segment.
Based on geography, the digital oilfield solutions market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the digital oilfield solutions market.
However, Asia-Pacific is slated to register the highest CAGR during the forecast period. The growth of this regional market is driven by the advent of digitization in the oil & gas sector across the region, increasing penetration of emerging technologies such as artificial intelligence (AI) and IoT, rising investments in Industry 4.0, and increasing exploration operations in uncharted offshore/ultra-deep waters.
Key Players:
The key players operating in the digital oilfield solutions market are Schlumberger (U.S.), Halliburton (U.S.), Rockwell Automation (U.S.), NOV Inc. (U.S.), ABB Ltd. (Switzerland), Siemens (Germany), Schneider Electric (France), Baker Hughes Company (U.S.), Weatherford (U.S.), Infosys Limited (India), Emerson Electric Co. (U.S.), Honeywell International Inc. (U.S.), IBM Corporation (U.S.), Intel Corporation (U.S.), Microsoft Corporation (U.S.), and KONGSBERG (Norway).
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Scope of the Report:
Digital Oilfield Solutions Market Assessment, by Offering
- Hardware
- Software
- Services
Digital Oilfield Solutions Market Assessment, by Process
- Production Optimization
- Drilling Optimization
- Reservoir Optimization
- Safety Management
- Other Processes
Digital Oilfield Solutions Market Assessment, by Technology
- IoT
- Artificial Intelligence
- Big Data Analytics
- Cloud Computing
- Cybersecurity
- Blockchain
- Other Technologies
Digital Oilfield Solutions Market Assessment, by Application
- Onshore
- Offshore
Digital Oilfield Solutions Market Assessment, by Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Switzerland
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia & New Zealand
- Singapore
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Israel
- UAE
- Rest of the Middle East & Africa
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