- The production optimization segment is expected to be the largest segment of Digital Oilfield Market.
- The onshore segment is expected to hold the largest share of the Digital Oilfield Market.
- Europe expected to lead the digital oilfield market.
The global Digital Oilfield Market is projected to grow from an estimated $24.1 billion in 2019 to $30.4 billion by 2024, at a CAGR of 4.77% from 2019 to 2024. The Digital Oilfield market is set to witness growth due to the increasing focus on optimization through digitization mostly in mature fields. New technological advancements, increased need from oil and gas operator to scale up production, and increased focus on the remote management of oil field for process optimization & automation are expected to be the key factors driving the digital oilfield market.
The production optimization segment is expected to be the largest segment of Digital Oilfield Market
The production optimization segment is expected to be the largest segment of the digital oilfield 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.
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 expected to lead the digital oilfield market
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, UK, and Norway share 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. Europe is expected to lead the digital oilfield. Europe has several mature fields in the North Sea which demand increased use of technological prowess to produce oil. The high number of oil & gas fields lead to demand for digital oilfields such as well intervention and Enhanced Oil Recovery (EOR) techniques.
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).
- In April 2019, CGG launched its New facies-first technique which will increase the capabilities of CGG GeoSoftware. This will enhance the accuracy of reservoir models.
- In November 2018, ABB was awarded a contract by China Petroleum Engineering and Construction Corporation to provide electrical, control and telecommunication solutions to Bab Onshore Field in Abu Dhabi.
- In January 2018, Kongsberg Digital acquired 34% ownership share in NSG Digital. The purpose of the acquisition was to develop a new logistics system called NSG E2E. Now NSG E2E (End-to-End) is offered as a part of Kongsberg Digital’s application platform called “Kognifai.”
- In March 2017, Kongsberg expanded its business by opening a new digital platform namely Kognifai. This would provide an integrated development and distribution platform to increase efficiency across maritime and energy industries.