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Digital Oilfield Market Anticipated to Reach $30.4 Billion by 2024

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Digital Oilfield Market Anticipated to Reach $30.4 Billion by 2024

May 22
21:03 2020
Digital Oilfield Market Anticipated to Reach $30.4 Billion by 2024
The Digital Oilfield market to grow from USD 24.1 billion in 2019 to USD 30.4 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 4.7% during the forecast period.

The global Digital Oilfield Market is expected to grow from an estimated USD 24.1 billion in 2019 to USD 30.4 billion by 2024, at a CAGR of 4.77%, during 2019 to 2024. The market is set to witness growth due to the increasing focus on optimization through digitization mostly in mature fields. The digital oilfield market is driven by major factors such as the new technological advancements, increased Return on Investment (ROI), and the rising need to scale up production from mature wells to optimize production. Adoption of new techniques such as IoT (Internet of Things), seismic imaging and Artificial Intelligence (AI) helps to deploy minimum workforce in remote onshore & offshore exploration sites.

 

The production optimization market is expected to be the largest digital oilfield market

The production optimization segment is expected to be the largest segment of the digital oil field market, by process, in 2018. The segment is expected to grow during the forecast period due to increased production activities among the major oil & gas suppliers worldwide for enhancing their respective oil outputs. The adoption and implementation of digital optimization techniques can enable these companies to meet their production targets and enhance their respective profitability.

 

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The onshore segment is expected to hold the largest share of the digital oilfield market.

The onshore segment is the fastest growing market and is projected to dominate the market during the forecast period. The larger intensity of onshore applications is mainly in the regions such as the Middle East and North America, where digitization of the fields can maximize the oil & gas outputs, reduce non– productive time, and increase profitability by integrating the workflow. This would ultimately create new revenue pockets for the digital oilfield market during the forecast period.

 

Europe: Key market for digital oilfield.

In this report, the digital oilfield market has been analyzed with respect to 6 regions, namely, Asia Pacific, Europe, North America, South America, the Middle East, and Africa. Europe is expected to be the largest digital oilfield market, by region, during the forecast period. The region has several mature fields in the North Sea which demand increased use of technological prowess to produce oil. Russia, the UK, and Norway shares majority of the number of reserves in the region. In the UK and Norway, the oil & gas production takes place at offshore locations whereas Russia has more onshore fields. The high number of oil & gas fields lead to demand for digital oilfields such as well intervention and Enhanced Oil Recovery (EOR) techniques.

 

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Some of the key players in the Digital Oilfield Market such as Schlumberger (US), Weatherford (Switzerland), Halliburton (US), BHGE (US), National Oilwell Varco (US), and equipment providers such as ABB (Switzerland), Emerson (US), Rockwell (US), and Siemens (Germany).

 

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