Digital Oilfield Market
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PUBLISHED: 2022 ID: SMRC21332
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Digital Oilfield Market Forecasts to 2028 – Global Analysis By Process (Production Optimization, Reservoir Optimization, Drilling Optimization), Application (Onshore, Offshore), Technology, End User, and By Geography

4.4 (32 reviews)
4.4 (32 reviews)
Published: 2022 ID: SMRC21332

This report covers the impact of COVID-19 on this global market

According to Stratistics MRC, the Global Digital Oilfield Market is accounted for $29.65 billion in 2021 and is expected to reach $51.47 billion by 2028 growing at a CAGR of 8.2% during the forecast period. The term digital oilfield alludes to innovation based arrangements that incorporate progressed information investigation and programming frameworks to further develop oil recuperation from the seabed. The product recreates the activity of an oil and gas field by utilizing work processes and prescient investigation dependent on information from wellbores, repositories, and surface offices. This smoothes out the dynamic interaction by using keenly separated information and state of the art innovation. Oilfield digitalization supports the proficient arrangement of both human and machine assets, just as working on the general expense viability of activities.

Market Dynamics:

Driver:

Increased demand in oil & gas industry


Integrated operations in smart fields of the oil & gas industry unite operational technology (OT) with information technology (IT) to improve the decision-making process and enhance operational performance; thus, improving the RoI. It reduces downtime and the total cost of ownership (TCO) and improves the productivity of operations. Digital oilfield encompasses both tools and processes to gather data across the entire set of upstream activities. Operational technology (OT) with information technology (IT) captures data with greater frequency from all parts of the oil and gas value chain and analyzes it on a real-time basis. Thus, optimizing reservoir, well, and facility performance, which results in an increased RoI. For instance, in 2018, GE and Noble Corporation plc entered into a partnership to launch the world’s first digital drilling vessel, targeted to achieve 20.0% operational expenditure reduction across the targeted equipment and improve drilling efficiency. This is a concrete step forward to unlock the immense potential of digital solutions for offshore drilling operations.

Restraint:

Scarcity of quality information


The collection of real-time data and its productive analysis is one of the major hurdles in the digital oilfield market. The demand for operational digital oilfield solutions is increasing due to the limited fuel supply in the market, thus compelling the oil industry to adopt new and improved technologies. Predictive analytics condense large data making it more valuable in the digital oilfield market but knowing how to make the information cross-functional would be vital to provide useful insights to assets. The use of various analytical tools and their operational ability makes software prone to cyberattacks as a considerable amount of data is being collected from the field. The information collected should be able to validate data from the field as well as minimize the gaps/errors in data. This could impact the result of the analytic software and hence, the decision made by the operators. For instance, in Asia Pacific, an Indonesian state-owned oil and natural gas corporation, Pertamina installed real-time digital nozzles to collect and monitor data. The modern digital oilfield collects data on a real-time basis from the field. A huge amount of digital data is extracted from automation technologies such as SCADA or distributed control systems. Data retrieval and analysis is a continuous process that requires special care and an adequate skill set to make effective decisions. This factor is making it the major restraint for the digital oilfield market.

Opportunity:

Growing demand for offshore discoveries


The oil & gas industry is going through a phase of technological advancements in exploration technology for deepwater exploration and production activities and the commercial viability of the projects. Current advances are allowing oil companies to improve recovery and accelerate production. Offshore wells may have a different level of automation, which can range from simple one-way monitoring to complex subsurface controls with intelligent completions. Foreseeing near future opportunities, Petrobras has created a corporate program dedicated to studying, developing, and implementing digital integrated field management (GeDIg) among its production assets. Petrobras selected the Carapeba field as a pilot project. It is a mature field composed of three wells located in the northeastern part of the Campos Basin, which has installed automated subsurface sensors in the wells. Oil companies are heavily investing in command centers and remote monitoring so that operation specialists, engineers, and geoscientists do not need to travel to remote oilfields. Cross-disciplinary teams composed of geoscientists, engineers, operation managers, and financial analysts now interact through remote command centers encouraging teamwork and collaboration by solving problems faster. For instance, Rockwell Automation collaborated with Schlumberger to create a production advisory system. Combining connected production technology with oil and gas software, services, and domain expertise from Schlumberger, the digital solution helps to optimize production by connecting upstream operators with critical, real-time analytics, and domain insights to reduce deployment risks and costs.

Threat:

Interoperability of multiple system components


In efforts to streamline and integrate dispersed assets across the oil & gas well pad, pipeline, and terminal markets, a wide range of digital oilfield solutions, which include SCADA software, flow computers, RTUs, and application and configuration software, are offered by different vendors in the oil & gas industry. Digital oilfield systems have found their way into the upstream sector of the oil & gas industry because of their effective monitoring and supervisory capabilities. Companies operating in the upstream segment often buy and assemble components from different vendors depending upon customer requirements. This makes the market highly consumer-dominated, and as a result, no standard or generalized product can be developed by a single player. In that case, interoperability with other systems and components turns out to be a challenge for upstream operators. Most of the time, it becomes a constraint to add any alternative system, hardware, or software that is not compatible with some of the digital oilfield systems, such as the SCADA system, as it has to seamlessly integrate with the existing system for optimum results. Developments with respect to the integration of various services with each other are expected to overcome this challenge faced by oilfield operators.

The onshore segment is expected to be the largest during the forecast period

The onshore segment is estimated to have a lucrative growth due to the accessibility of large capacity reservoirs on land in conventional and unconventional reserves. In addition, discoveries of oil, gas, and shale reserves, along with production from mature wells, will positively escalate the segment market dynamics.

The hardware solutions segment is expected to have the highest CAGR during the forecast period

The hardware solutions segment is anticipated to witness the fastest CAGR growth during the forecast period. The market for hardware solutions segment is driven by the growing need to reduce nonproductive time, which increases emphasis on such hardware components offered by this segment. The hardware solutions segment includes distributed control systems (DCS), supervisory control and data acquisition (SCADA), smart wells, safety systems, wireless sensors, programmable logic controller (PLC), computer equipment & application hardware, process automation manager, and human-machine interaction instrument, which is responsible for surveillance and communication data transfer in both onshore and offshore fields. Europe is estimated to hold the largest share of the digital oilfield market, followed by North America because of the growing need for reducing manual intervention and rising demand for big data management are expected to drive the market for digital oilfield market.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period due to the growing production & exploration activities in the region. Emerging economies such as India, China, and South Korea are continuously facing an increase in the overall energy need to suffice the industrial, commercial, and automobile demand. Countries from the Southeast Asian region, which includes Thailand, Indonesia, Malaysia, and Myanmar, have witnessed an abrupt increase in production & exploration activities coupled with discoveries of oil & gas reserves.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period owing to the increasing new explorations and field development activities. Moreover, Europe is a leading region for offshore activities as the oil operators and oilfield service (OFS) providers are targeting the new fields and reserves from the UK and Norwegian continental shelf. For instance, Equinor, a Norwegian oil upstream operator, explored oil in the Johan Sverdrup field, which was under development, and started production in 2019. Also, the rising Brent prices and the demand for the Brent basket are driving the digitalization of oil fields in Europe. Digitalization helps in creating an accurate analysis of the data, thus decreasing the time of production from the wells.

Key players in the market:

Some of the key players profiled in the Digital Oilfield Market include ABB, Accenture, Cisco, Emerson, General Electric, Halliburton, Honeywell, Infosys, Intel, Rockwell, Schlumberger, Schneider, Siemens, Weatherford, and Wipro.

Key Developments:

In February 2020, Halliburton launched SPIDRlive, a self-powered intelligent data retriever, an unconventional well testing and fracture interaction monitoring technology that acquires real-time well data without the need for intervention to reduce costs and improve fracture understanding for greater recovery.

In November 2020, Schlumberger introduced MagniSphere, a high-definition NMR logging-while-drilling service. This new service delivers accurate, real-time producibility analysis for optimum well placement, resulting in improved production and recovery in complex reservoirs.

In October 2020, Weatherford International launched ForeSite Sense, a comprehensive reservoir monitoring solution showing real-time information and critical downhole data that determines profit from pressure, temperature, and flow.
 
Processes Covered:
• Production Optimization
• Reservoir Optimization
• Drilling Optimization
• Safety Optimization
• Other Processes

Technologies Covered:
• Advance Analytics
• Cloud Computing
• Internet of Things (IoT)
• Mobility
• Robotics
• Other Technologies

Solutions Covered:
• Hardware Solutions
• Software & Service Solutions
• Data Storage Solutions

Applications Covered:
• Onshore
• Offshore
 
End Users Covered:
• Oil Industries
• Gas Industries
• Other Industries

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan       
o China       
o India        
o Australia 
o New Zealand
o South Korea
o Rest of Asia Pacific   
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary        
          
2 Preface      
   
 2.1 Abstract        
 2.2 Stake Holders        
 2.3 Research Scope       
 2.4 Research Methodology      
  2.4.1 Data Mining      
  2.4.2 Data Analysis      
  2.4.3 Data Validation      
  2.4.4 Research Approach      
 2.5 Research Sources       
  2.5.1 Primary Research Sources     
  2.5.2 Secondary Research Sources     
  2.5.3 Assumptions      
          
3 Market Trend Analysis       
 3.1 Introduction       
 3.2 Drivers        
 3.3 Restraints       
 3.4 Opportunities       
 3.5 Threats        
 3.6 Technology Analysis      
 3.7 Application Analysis      
 3.8 End User Analysis       
 3.9 Emerging Markets       
 3.10 Impact of Covid-19       
          
4 Porters Five Force Analysis       
 4.1 Bargaining power of suppliers      
 4.2 Bargaining power of buyers      
 4.3 Threat of substitutes      
 4.4 Threat of new entrants      
 4.5 Competitive rivalry       
          
5 Global Digital Oilfield Market, By Process     

 5.1 Introduction       
 5.2 Production Optimization      
 5.3 Reservoir Optimization      
 5.4 Drilling Optimization      
 5.5 Safety Optimization       
 5.6 Other Processes       
          
6 Global Digital Oilfield Market, By Technology     
 6.1 Introduction       
 6.2 Advance Analytics       
 6.3 Cloud Computing       
 6.4 Internet of Things (IoT)      
 6.5 Mobility        
 6.6 Robotics        
 6.7 Other Technologies       
          
7 Global Digital Oilfield Market, By Solution     
 7.1 Introduction       
 7.2 Hardware Solutions       
  7.2.1 Security Systems      
  7.2.2 Smart Wells      
  7.2.3 Wireless Systems      
  7.2.4 Distributed Control Systems (DCS)    
  7.2.5 Supervisory Control and Data Acquisition (SCADA)   
  7.2.6 Programmable Logic Controller    
  7.2.7 Computer Equipment & Application Hardware   
  7.2.8 Process Automation Manager     
  7.2.9 Human–Machine Interaction Instrument    
 7.3 Software & Service Solutions      
  7.3.1 Software       
  7.3.2 Computer Equipment & Application Hardware   
  7.3.3 IT Outsourcing Services     
  7.3.4 IT Services and Commissioning    
  7.3.5 Collaborative Product Management (CPM)   
  7.3.6 Other Software & Service Solutions    
 7.4 Data Storage Solutions      
  7.4.1 Hosted       
  7.4.2 On-Premise      
           
8 Global Digital Oilfield Market, By Application     
 8.1 Introduction       
 8.2 Onshore        
 8.3 Offshore        
          
9 Global Digital Oilfield Market, By End User     
 9.1 Introduction       
 9.2 Oil Industries       
 9.3 Gas Industries       
 9.4 Other Industries       
          
10 Global Digital Oilfield Market, By Geography     
 10.1 Introduction       
 10.2 North America       
  10.2.1 US       
  10.2.2 Canada       
  10.2.3 Mexico       
 10.3 Europe         
  10.3.1 Germany       
  10.3.2 UK       
  10.3.3 Italy       
  10.3.4 France       
  10.3.5 Spain       
  10.3.6 Rest of Europe      
 10.4 Asia Pacific       
  10.4.1 Japan       
  10.4.2 China       
  10.4.3 India       
  10.4.4 Australia       
  10.4.5 New Zealand      
  10.4.6 South Korea      
  10.4.7 Rest of Asia Pacific      
 10.5 South America       
  10.5.1 Argentina      
  10.5.2 Brazil       
  10.5.3 Chile       
  10.5.4 Rest of South America     
 10.6 Middle East & Africa      
  10.6.1 Saudi Arabia      
  10.6.2 UAE       
  10.6.3 Qatar       
  10.6.4 South Africa      
  10.6.5 Rest of Middle East & Africa     
          
11 Key Developments        
 11.1 Agreements, Partnerships, Collaborations and Joint Ventures   
 11.2 Acquisitions & Mergers      
 11.3 New Product Launch      
 11.4 Expansions       
 11.5 Other Key Strategies      
          
12 Company Profiling        

 12.1 ABB        
 12.2 Accenture       
 12.3 Cisco         
 12.4 Emerson        
 12.5 General Electric       
 12.6 Halliburton       
 12.7 Honeywell       
 12.8 Infosys        
 12.9 Intel        
 12.10 Rockwell        
 12.11 Schlumberger       
 12.12 Schneider       
 12.13 Siemens        
 12.14 Weatherford       
 12.15 Wipro        


List of Tables         
1 Global Digital Oilfield Market Outlook, By Region (2019-2028) ($MN)   
2 Global Digital Oilfield Market Outlook, By Process (2019-2028) ($MN)   
3 Global Digital Oilfield Market Outlook, By Production Optimization (2019-2028) ($MN) 
4 Global Digital Oilfield Market Outlook, By Reservoir Optimization (2019-2028) ($MN) 
5 Global Digital Oilfield Market Outlook, By Drilling Optimization (2019-2028) ($MN)  
6 Global Digital Oilfield Market Outlook, By Safety Optimization (2019-2028) ($MN)  
7 Global Digital Oilfield Market Outlook, By Other Processes (2019-2028) ($MN)  
8 Global Digital Oilfield Market Outlook, By Technology (2019-2028) ($MN)  
9 Global Digital Oilfield Market Outlook, By Advance Analytics (2019-2028) ($MN)  
10 Global Digital Oilfield Market Outlook, By Cloud Computing (2019-2028) ($MN)  
11 Global Digital Oilfield Market Outlook, By Internet of Things (IoT) (2019-2028) ($MN) 
12 Global Digital Oilfield Market Outlook, By Mobility (2019-2028) ($MN)   
13 Global Digital Oilfield Market Outlook, By Robotics (2019-2028) ($MN)   
14 Global Digital Oilfield Market Outlook, By Other Technologies (2019-2028) ($MN)  
15 Global Digital Oilfield Market Outlook, By Solution (2019-2028) ($MN)   
16 Global Digital Oilfield Market Outlook, By Hardware Solutions (2019-2028) ($MN)  
17 Global Digital Oilfield Market Outlook, By Security Systems (2019-2028) ($MN)  
18 Global Digital Oilfield Market Outlook, By Smart Wells (2019-2028) ($MN)  
19 Global Digital Oilfield Market Outlook, By Wireless Systems (2019-2028) ($MN)  
20 Global Digital Oilfield Market Outlook, By Distributed Control Systems (DCS) (2019-2028) ($MN)
21 Global Digital Oilfield Market Outlook, By Supervisory Control and Data Acquisition (SCADA) (2019-2028) ($MN)
22 Global Digital Oilfield Market Outlook, By Programmable Logic Controller (2019-2028) ($MN) 
23 Global Digital Oilfield Market Outlook, By Computer Equipment & Application Hardware (2019-2028) ($MN)
24 Global Digital Oilfield Market Outlook, By Process Automation Manager (2019-2028) ($MN) 
25 Global Digital Oilfield Market Outlook, By Human–Machine Interaction Instrument (2019-2028) ($MN)
26 Global Digital Oilfield Market Outlook, By Software & Service Solutions (2019-2028) ($MN) 
27 Global Digital Oilfield Market Outlook, By Software (2019-2028) ($MN)   
28 Global Digital Oilfield Market Outlook, By Computer Equipment & Application Hardware (2019-2028) ($MN)
29 Global Digital Oilfield Market Outlook, By IT Outsourcing Services (2019-2028) ($MN) 
30 Global Digital Oilfield Market Outlook, By IT Services and Commissioning (2019-2028) ($MN) 
31 Global Digital Oilfield Market Outlook, By Collaborative Product Management (CPM) (2019-2028) ($MN)
32 Global Digital Oilfield Market Outlook, By Other Software & Service Solutions (2019-2028) ($MN)
33 Global Digital Oilfield Market Outlook, By Data Storage Solutions (2019-2028) ($MN) 
34 Global Digital Oilfield Market Outlook, By Hosted (2019-2028) ($MN)   
35 Global Digital Oilfield Market Outlook, By On-Premise (2019-2028) ($MN)  
36 Global Digital Oilfield Market Outlook, By Application (2019-2028) ($MN)  
37 Global Digital Oilfield Market Outlook, By Onshore (2019-2028) ($MN)   
38 Global Digital Oilfield Market Outlook, By Offshore (2019-2028) ($MN)   
39 Global Digital Oilfield Market Outlook, By End User (2019-2028) ($MN)   
40 Global Digital Oilfield Market Outlook, By Oil Industries (2019-2028) ($MN)  
41 Global Digital Oilfield Market Outlook, By Gas Industries (2019-2028) ($MN)  
42 Global Digital Oilfield Market Outlook, By Other Industries (2019-2028) ($MN)            
          
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.

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