Product Code: SR1019E92_Report
The global digital oilfield market size was valued at US$ 23.1 Billion in 2018. Digital oilfield is an umbrella term referring to technology-centric solutions that incorporate advanced data analysis and software systems in order to enhance oil recovery from the oil seabed. The software replicates the functioning of an oil and gas field using workflows and predictive analysis generated by using the information relating to wellbores, reservoirs and surface facilities. This simplifies the decision-making process through intelligently filtered data and optimum utilization of technology. Digitalization of oilfields assists in the effective deployment of both human and machine resources and enhances the overall cost-effectiveness of the operations. It improves overall safety, environmental protection, optimizes hydrocarbon production rate and eliminates wastage of resources.
The rising trend of digitalization across several industries, including oil and gas, is the key factor driving the market growth. The increasing demand for oil and oil derivates across various industries coupled with the potentially hazardous working environment of the oil and gas sector, has significantly enhanced the need for digital oilfields. Furthermore, many oilfields are saturating, owing to which digital mechanisms are being employed to enhance oil recovery. Advanced solutions such as well testing facilities and reservoir optimization are gaining traction amongst the end use industries. An increasing number of exploration activities that are leading to discoveries of new oilfields is also catalyzing the growth of the market. Moreover, the growing usage of real-time monitoring of operations to reduce non-productive functions and losses is projected to drive the market further. These systems also enable more efficient management of the plants with accurate and reliable administration as compared to manually supervised fields and related operations. Other factors such as advancements in wireless technologies, data analysis and collection services along with the rising investment in offshore oil exploration activities are also expected to positively impact the market growth. Looking forward, IMARC Group expects the global digital oilfield market to reach a value of US$ 29.7 Billion by 2024, registering a CAGR of around 4% during 2019-2024.
Report Coverage:
Historical, Current and Future Market Trends
Market Breakup by Solution:
- Hardware Solution
- Distributed Control Systems (DCS)
- Supervisory Control and Data Acquisition (SCADA)
- Smart Wells
- Safety Systems
- Wireless Sensors
- Software Solution
- IT Outsourcing
- Software
- IT Services and Commissioning
- Collaborative Product Management (CPM)
- Others
- Data Storage Solutions (Hosted)
- Data Storage Solutions (On-Premise)
Market Breakup by Process:
- Production Optimization
- Drilling Optimization
- Reservoir Optimization
- Safety Management
- Others
Market Breakup by Application:
Market Breakup by Region:
- Asia Pacific
- Europe
- North America
- Middle East and Africa
- Latin America
Competitive Landscape
The report has also analyzed the competitive landscape of the market with some of the key players being Schlumberger, Weatherford International Plc, General Electric, Halliburton, Honeywell International, Siemens AG, Rockwell Automation, Kongsberg Gruppen ASA, Paradigm Group B.V, Pason Systems, Petrolink AS, Accenture PLC, IBM Corporation, EDG Inc, Oleumtech, etc.
Key Questions Answered in This Report:
- How has the global digital oilfield market performed so far and how will it perform in the coming years?
- What are the key regional markets in the global digital oilfield industry?
- What is the breakup of the market based on the solution?
- What is the breakup of the market based on the process?
- What is the breakup of the market based on the application?
- What are the various stages in the value chain of the global digital oilfield industry?
- What are the key driving factors and challenges in the global digital oilfield industry?
- What is the structure of the global digital oilfield industry and who are the key players?
- What is the degree of competition in the global digital oilfield industry?
Table of Contents
1. Preface
2. Scope and Methodology
- 2.1. Objectives of the Study
- 2.2. Stakeholders
- 2.3. Data Sources
- 2.3.1. Primary Sources
- 2.3.2. Secondary Sources
- 2.4. Market Estimation
- 2.4.1. Bottom-Up Approach
- 2.4.2. Top-Down Approach
- 2.5. Forecasting Methodology
3. Executive Summary
4. Introduction
- 4.1. Overview
- 4.2. Key Industry Trends
5. Global Digital Oilfield Market
- 5.1. Market Overview
- 5.2. Market Performance
- 5.3. Market Breakup by Solution
- 5.4. Market Breakup by Process
- 5.5. Market Breakup by Application
- 5.6. Market Breakup by Region
- 5.7. Market Forecast
6. Market Breakup by Solution
- 6.1. Hardware Solution
- 6.1.1. Market Trends
- 6.1.2. Major Types
- 6.1.2.1 Distributed Control Systems (DCS)
- 6.1.2.2 Supervisory Control and Data Acquisition (SCADA)
- 6.1.2.3 Smart Wells
- 6.1.2.4 Safety Systems
- 6.1.2.5 Wireless Sensors
- 6.1.3. Market Forecast
- 6.2. Software Solution
- 6.2.1. Market Trends
- 6.2.2. Major Types
- 6.2.2.1 IT Outsourcing
- 6.2.2.2 Software
- 6.2.2.3 IT Services and Commissioning
- 6.2.2.4 Collaborative Product Management (CPM)
- 6.2.3. Market Forecast
- 6.3. Others
- 6.3.1. Market Trends
- 6.3.2. Major Types
- 6.3.2.1 Data Storage Solutions (Hosted)
- 6.3.2.2 Data Storage Solutions (On-Premise)
- 6.3.3. Market Forecast
7. Market Breakup by Process
- 7.1. Production Optimization
- 7.1.1. Market Trends
- 7.1.2. Market Forecast
- 7.2. Drilling Optimization
- 7.2.1. Market Trends
- 7.2.2. Market Forecast
- 7.3. Reservoir Optimization
- 7.3.1. Market Trends
- 7.3.2. Market Forecast
- 7.4. Safety Management
- 7.4.1. Market Trends
- 7.4.2. Market Forecast
- 7.5. Others
- 7.5.1. Market Trends
- 7.5.2. Market Forecast
8. Market Breakup by Application
- 8.1. Onshore
- 8.1.1. Market Trends
- 8.1.2. Market Forecast
- 8.2. Offshore
- 8.2.1. Market Trends
- 8.2.2. Market Forecast
9. Market Breakup by Region
- 9.1. Asia Pacific
- 9.1.1. Market Trends
- 9.1.2. Market Forecast
- 9.2. Europe
- 9.2.1. Market Trends
- 9.2.2. Market Forecast
- 9.3. North America
- 9.3.1. Market Trends
- 9.3.2. Market Forecast
- 9.4. Middle East and Africa
- 9.4.1. Market Trends
- 9.4.2. Market Forecast
- 9.5. Latin America
- 9.5.1. Market Trends
- 9.5.2. Market Forecast
10. SWOT Analysis
- 10.1. Overview
- 10.2. Strengths
- 10.3. Weaknesses
- 10.4. Opportunities
- 10.5. Threats
11. Value Chain Analysis
12. Porter's Five Forces Analysis
- 12.1. Overview
- 12.2. Bargaining Power of Buyers
- 12.3. Bargaining Power of Suppliers
- 12.4. Degree of Competition
- 12.5. Threat of New Entrants
- 12.6. Threat of Substitutes
13. Price Analysis
14. Competitive Landscape
- 14.1. Market Structure
- 14.2. Key Players
- 14.3. Profiles of Key Players
- 14.3.1. Schlumberger
- 14.3.2. Weatherford International Plc
- 14.3.3. General Electric
- 14.3.4. Halliburton
- 14.3.5. Honeywell International
- 14.3.6. Siemens AG
- 14.3.7. Rockwell Automation
- 14.3.8. Kongsberg Gruppen ASA
- 14.3.9. Paradigm Group B.V
- 14.3.10. Pason Systems
- 14.3.11. Petrolink AS
- 14.3.12. Accenture PLC
- 14.3.13. IBM Corporation
- 14.3.14. EDG, Inc
- 14.3.15. Oleumtech
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