New York, Sept. 05, 2023 (GLOBE NEWSWIRE) -- The global Smart Oilfield Market is expected to witness significant growth at a remarkable CAGR of 5.9% during the forecast period of 2023-2030. The factors such as increasing energy demand across the globe, and increasing investments in oil and gas technologies, among others are accelerating the demand for smart oilfields, which, in turn, is benefiting the market growth. In addition, digital transformation and increasing automation in the oil and gas industry will further boost market growth during the forecast period.
According to a recent report by Consegic Business Intelligence, the smart oilfield market is poised for strong expansion and is expected to reach USD 2,632.27 Million by 2030. The market, which was valued at USD 1,672.37 Million in 2022, is predicted to grow at a compound annual growth rate of 5.9% during the period 2023-2030. The report highlights the Increasing energy demand across the globe across the globe, which is proliferating global market growth. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the smart oilfield market.
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Smart oilfield is a term used to describe the use of digital technologies to improve the efficiency and sustainability of oil and gas production. In smart oilfield implementation of technologies such as Artificial Intelligence (AI), Internet of Things (IoT), Machine Learning, Deep Learning, and SaaS for the management and optimization of oil and gas production operations at the oilfield. Implementation of smart oilfield technology leverages the various digital technologies, data analytics, automation, and real-time monitoring at the oilfield which helps to improve efficiency, safety, and production yield in the oil and gas industry.
Global Smart Oilfield Market: Report Attributes
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 (USD Million) | USD 2,632.27 Million |
| CAGR (2023-2030) | 5.9% |
| By Solutions | Hardware, Software and Service, and Data Storage Solutions |
| By Process | Electric, Diese, Gasoline and OthersProduction Optimization, Reservoir Optimization, Drilling Optimization, Safety Optimization, and Others |
| By Application | Onshore and Offshore |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Region | North America, Asia-Pacific, Latin America, Europe, Middle East & Africa |
| Key Players | Schlumberger, Halliburton, Weatherford, Siemens, osprey Informatics, Digi International, Baker Hughes, Accenture, Kongsberg Digital, ABB Ltd., and Rockwell Automation |
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Global Smart Oilfield Market Segmentation Details:
Based on Solutions, the software and service segment contributed the largest shares to the market growth in 2022. Oil and gas industries often require software for the development and depletion of mineral deposits. This process requires high levels of safety and costs for the hydrocarbon’s recovery. These types of software are used for operations such as production, drilling, and for the simulation of extraction processes. Thus, due to the above beneficial properties, the adoption of software and services to ensure superior performance benefits is increasing, which, in turn, is benefiting the market growth.
Based on Process, the production optimization segment accounted for the largest market share in the year 2022. Production optimization technologies provide advanced reservoir management capabilities, which allow operators to optimize production across the reservoir of the oil and gas industry. production optimization also improves operational efficiency which helps to boost demand,
Based on Application, the onshore segment contributed the largest shares to the market growth in 2022. The smart oilfield technologies enable onshore operators to optimize production processes. Various processes such as real-time data monitoring and analytics help to identify production insufficiencies, allowing operators to make data driven decisions to enhance the overall oilfield output. For instance, in May 2022, ADNOC (Abu Dhabi National Oil Company) announced the discovery of three new onshore oil reserves that will add 650 million barrels of oil to the UAE’s hydrocarbon reserves.
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Based on Region, in the year 2022, North America accounted for the largest share contribution to the market growth, owing to the expansion of the oilfield projects across the country. For instance, in February 2022, BP Plc. announced the expansion of its Herschel Project in the Gulf of Mexico. The expansion of this project comprises the development of a new subsea oil and gas production system with an annual production capacity of 10,600 barrels of oil per day. Henceforth, the increase in the oilfield expansion strategies across the North America region is proliferating the growth of the market.
Competitive Landscape
Schlumberger, Halliburton, Weatherford, Siemens, and Baker Hughes are major market players that comprise the latest market circumstances. These companies are substantially leveraging their technologies for the development of a new range of smart oilfield. Furthermore, the smart oilfield market is expected to grow steadily due to increasing demand for smart oilfield for reverse osmosis, water transportation, and others, especially in the regions such as Asia Pacific, North America, and Europe regions are estimated to boost the market statistics in the coming years. Additionally, the trend toward increasing the development of technologically advanced smart oilfield in the upcoming years, thereby anticipated to increase the competition in the market.
Recent Developments
- In January 2023, Bakery Hughes, a global oilfield company announced the launch of a new digital solution Leucipa, which is an automated field production solution that helps to enable oil and gas production management across the oilfield.
- In April 2021, Lavoro Technologies, which is an Internet of Things (IoT) automation service provider for various industries announced a partnership with Agora IoT. The partnership helped Lavoro to expand its customer base for oil and gas companies.
- In July 2020, OSIsoft, a real-time data management software manufacturing company announced a partnership with Tendeka for the optimization, monitoring, and analysis of oil and gas reservoir data.
Key Market Takeaways
- North America accounted for the highest market share at 38.50% and was valued at USD 643.86 million in 2022, and is expected to reach USD 1,018.69 million in 2030. Moreover, in North America, the U.S. accounted for the highest market share of 66.05% during the base year of 2022.
- Based on solutions, the software and service segment accounted for the highest share contribution to the smart oilfield market statistics in 2022.
- In the context of process, the production optimization segment is expected to contribute significant shares to the growth of smart oilfield market statistics during the forecast period.
- Based on application, the onshore segment accounted for the highest share contribution to the smart oilfield market statistics in 2022.
- Asia Pacific is expected to grow with the highest CAGR in the smart oilfield due to the increasing development of industrial, commercial, and agriculture projects in the region.
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List of Major Global Smart oilfield Market:
- Schlumberger
- Halliburton
- Weatherford
- Siemens
- osprey Informatics
- Digi International
- Baker Hughes
- Accenture
- Kongsberg Digital
- ABB Ltd.
- Rockwell Automation
Global Smart oilfield Market Segmentation:
- By Solutions
- Hardware
- Software and Service
- Data Storage Solutions
- By Process
- Production Optimization
- Reservoir Optimization
- Drilling Optimization
- Safety Optimization
- Others
- By Application
- Onshore
- Offshore
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Frequently Asked Questions in the Smart oilfield Market Report
- What was the market size of the smart oilfield industry in 2022?
- In 2022, the market size of smart oilfield was USD 1,672.37 million
- What will be the potential market valuation for the smart oilfield industry by 2030?
- In 2030, the market size of smart oilfield will be expected to reach USD 2,632.27 million.
- What are the key factors driving the growth of the smart oilfield market?
- Increasing energy demand across the globe is benefiting market growth.
- What is the dominating segment in the smart oilfield market by process?
- In 2022, the production optimization segment among the power source accounted for the highest market share of 38.50% in the overall smart oilfield market.
- Based on current market trends and future predictions, which geographical region is the dominating region in the smart oilfield market?
- North America accounted for the highest market share in the overall smart oilfield market.
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