Digital Oilfield Market by Solutions (Hardware, Software & Service, and Data Storage Solutions), Processes (Reservoir, Production, Drilling Optimizations), Application (Onshore and Offshore), and Region - Global Forecast to 2022

The global digital oilfield market was valued USD 20.10 Billion in 2016; it is projected to reach USD 27.10 Billion by 2022, growing at a CAGR of 5.09%, from 2017 to 2022. Investment for digitization of oil & gas fields are increasing for enhancing their workflow process, for optimizing production, thereby meeting the product forecast and improving profitability. Europe and North America are expected to be the largest markets for digital oilfield during the forecast year. The regions such as Asia Pacific, Africa, and the Middle East are expected to drive the growth of digital oil field market.

This report segments the digital oilfield market based on process, application, solutions, and region. The years considered for the study are as follows:

• Base Year: 2016
• Estimated Year: 2017
• Projected Year: 2022
• Forecast Period: 2017–2022

The base year considered for company profiles is 2016. Whenever information was unavailable for the base year, the prior year has been considered.

Objectives of the Study

• To define, describe, and forecast the digital oilfield market by process, application, solutions, and region
• To provide detailed information regarding the major factors influencing the growth of the digital oilfield market (drivers, restraints, opportunities, and industry-specific challenges)
• To strategically analyze the digital oilfield market with respect to individual growth trends, future projections, and the contribution of each segment to the market
• To track and analyze competitive developments such as contracts & agreements, new product launches, investments and expansions, mergers & acquisitions, strategic alliances, partnerships, joint ventures, and collaborations in the digital oilfield market
• To profile key players and comprehensively analyze their market ranking and core competencies

Research Methodology

This research study involved the use of extensive secondary sources, directories, and databases, such as Hoover’s, Bloomberg Businessweek, Factiva, and OneSource, to identify and collect information useful for a technical, market-oriented, and commercial study of the digital oilfield market. Primary sources are mainly industry experts from the core and related industries, preferred suppliers, manufacturers, distributors, service providers, technology developers, standards and certification organizations of companies, and organizations related to all the segments of this industry’s value chain. The points below explain the research methodology.

• Study of the annual revenues and market developments of the major players that provide digital oilfield solutions
• Assessment of future trends and growth of digital oilfield based on process, application, and solutions.
• Assessment of the digital oilfield market with respect to the technology used for different applications
• Study of contracts and developments related to the digital oilfield market by key players across different regions
• Finalization of overall market sizes by triangulating the supply-side data, which includes product launches, supply chain, and annual revenues of companies supplying digital oilfield solutions across the globe

After arriving at the overall market size, the total market has been split into several segments and sub-segments. The figure below illustrates the breakdown of primaries conducted during the research study, based on the company type, designation, and region.

To know about the assumptions considered for the study, download the pdf brochure

The key players in the digital oilfield market include integrators 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).

Target Audience:

The report’s target audience includes:

• Digital oilfield equipment manufacturing and integrator companies
• Consulting companies in the oil & gas sector
• Government and research organizations
• Oil & Gas Industry Forum
• State- or government-owned corporations

Scope of the report:

• By Process
  • Reservoir Optimization
  • Drilling Optimization
  • Production Optimization
  • Others
• By Application
  • Onshore
  • Offshore
• By Solutions
  • Hardware Solutions
    • Distributed Control System
    • Supervisory Control & Data Acquisitions
    • Smart Well
    • Safety System
    • Wireless Sensor
    • Programmable Logic Controller
    • Computer Equipment & Application
    • Others (process automation manager and human-machine interaction)
  • Software & Service Solutions
    • IT Outsourcing
    • Software
    • IT servicing & Commissioning
    • Collaborative Product Management
  • Data Storage solutions
    • On-Premise
    • Hosted
• By Region
  • Asia Pacific
  • Europe
  • North America
  • Middle East
  • South America
  • Africa

Available Customizations:

With the given market data, MarketsandMarkets offers customizations as per the client’s specific needs. The following customization options are available for the report:

Regional Analysis

• Further breakdown of region/country-specific analysis

Company Information

• Detailed analysis and profiling of additional market players (up to 5)

Table of Contents

1 Introduction (Page No. - 16)
    1.1 Objectives of the Study
    1.2 Definition
    1.3 Market Scope
           1.3.1 Market Segmentation
           1.3.2 Countries Covered
           1.3.3 Years Considered for the Study
    1.4 Currency
    1.5 Stakeholders

2 Research Methodology (Page No. - 21)
    2.1 Research Data
    2.2 Secondary Data
           2.2.1 Secondary Sources
    2.3 Primary Data
           2.3.1 Primary Sources
           2.3.2 Key Industry Insights
           2.3.3 Breakdown of Primaries
    2.4 Market Size Estimation
           2.4.1 Bottom-Up Approach
           2.4.2 Top-Down Approach
    2.5 Market Breakdown & Data Triangulation
    2.6 Limitations
    2.7 Assumptions

3 Executive Summary (Page No. - 29)

4 Premium Insights (Page No. - 35)
    4.1 Attractive Opportunities in the Digital Oilfield Market
    4.2 Digital Oilfield Market, By Solutions
    4.3 Digital Oilfield Market, By Country
    4.4 European Digital Oilfield Market, By Process & Country
    4.5 Digital Oilfield Market, By Process
    4.6 Digital Oilfield Market, By Solutions
    4.7 Digital Oilfield Market, By Application

5 Market Overview (Page No. - 41)
    5.1 Introduction
    5.2 Market Dynamics
           5.2.1 Drivers
                    5.2.1.1 Focus on Process Optimization Through Digitalization By Oil & Gas Operators
                    5.2.1.2 Increased Need From Oil & Gas Operators to Scale Up Production From Mature Wells
                    5.2.1.3 Availability of Cloud Computing Services in Oil & Gas Increases the Adoption of Digital Oilfield Solutions
           5.2.2 Restraints
                    5.2.2.1 Fluctuating Crude Oil Price
                    5.2.2.2 Data Security/Cyber-Threats Combined With Resistance Toward New Technology Can Hamper the Growth of the Digital Oilfield Market
           5.2.3 Opportunities
                    5.2.3.1 Integration of Oil Wells With Advanced Hardware & Software Solutions
                    5.2.3.2 Offshore/Ultra-Deep-Water Discoveries
           5.2.4 Challenges
                    5.2.4.1 Interoperability of Multiple System Components From Different Solution Providers
    5.3 Supply Chain Overview
           5.3.1 Key Influencers
                    5.3.1.1 Saas Providers
                    5.3.1.2 Equipment Manufacturers
                    5.3.1.3 Service Providers/Integrators
                    5.3.1.4 Oilfield Operators

6 Digital Oilfield Market, By Process (Page No. - 50)
    6.1 Introduction
    6.2 Production Optimization
    6.3 Drilling Optimization
    6.4 Reservoir Optimization
    6.5 Others

7 Digital Oilfield Market, By Solutions (Page No. - 56)
    7.1 Introduction
    7.2 Hardware Solutions
           7.2.1 Distributed Control System (DCS)
           7.2.2 Supervisory Control and Data Acquisition (SCADA)
           7.2.3 Smart Well
           7.2.4 Safety Systems
           7.2.5 Wireless Sensor
           7.2.6 Programmable Logic Controller (PLC)
           7.2.7 Computer Equipment & Application Hardware
           7.2.8 Others
    7.3 Software & Service Solutions
           7.3.1 IT Outsourcing
           7.3.2 Software
           7.3.3 IT Services & Commissioning
           7.3.4 Collaborative Product Management (CPM)
    7.4 Data Storage Solutions
           7.4.1 On-Premise
           7.4.2 Hosted

8 Digital Oilfield Market, By Application (Page No. - 64)
    8.1 Introduction
    8.2 Onshore
    8.3 Offshore

9 Digital Oilfield Market, By Region (Page No. - 68)
    9.1 Introduction
    9.2 Europe
           9.2.1 By Process
           9.2.2 By Application
           9.2.3 By Solutions
           9.2.4 By Country
                    9.2.4.1 Norway
                    9.2.4.2 Russia
                    9.2.4.3 UK
                    9.2.4.4 Rest of Europe
    9.3 North America
           9.3.1 By Process
           9.3.2 By Application
           9.3.3 By Solutions
           9.3.4 By Country
                    9.3.4.1 US
                    9.3.4.2 Canada
                    9.3.4.3 Mexico
    9.4 Asia Pacific
           9.4.1 By Process
           9.4.2 By Application
           9.4.3 By Solutions
           9.4.4 By Country
                    9.4.4.1 China
                    9.4.4.2 Malaysia
                    9.4.4.3 India
                    9.4.4.4 Australia
                    9.4.4.5 Rest of Asia Pacific
    9.5 Middle East
           9.5.1 By Process
           9.5.2 By Application
           9.5.3 By Solutions
           9.5.4 By Country
                    9.5.4.1 Oman
                    9.5.4.2 Saudi Arabia
                    9.5.4.3 Kuwait
                    9.5.4.4 UAE
                    9.5.4.5 Rest of Middle East
    9.6 South America
           9.6.1 By Process
           9.6.2 By Application
           9.6.3 By Solutions
           9.6.4 By Country
                    9.6.4.1 Brazil
                    9.6.4.2 Argentina
                    9.6.4.3 Venezuela
                    9.6.4.4 Rest of South America
    9.7 Africa
           9.7.1 By Process
           9.7.2 By Application
           9.7.3 By Solutions
           9.7.4 By Country
                    9.7.4.1 Nigeria
                    9.7.4.2 Angola
                    9.7.4.3 Rest of Africa

10 Competitive Landscape (Page No. - 121)
     10.1 Overview
     10.2 Ranking of Players and Industry Concentration, 2016
     10.3 Competitive Scenario
             10.3.1 New Product Launches
             10.3.2 Contracts & Agreements
             10.3.3 Mergers & Acquisitions
             10.3.4 Investments & Expansions
             10.3.5 Partnerships, Collaborations, Alliances, and Joint Ventures

11 Company Profile (Page No. - 127)
(Business Overview, Products Offered, Recent Developments, MnM View)*
     11.1 Benchmarking
             11.1.1 Service Provider
             11.1.2 Equipment Provider
     11.2 Schlumberger
     11.3 Weatherford
     11.4 BHGE
     11.5 Halliburton
     11.6 National Oilwell Varco
     11.7 ABB
     11.8 Emerson
     11.9 Rockwell
     11.10 Siemens
     11.11 Honeywell
     11.12 Kongsberg
     11.13 IHS Markit
     11.14 CGG
     11.15 Digi International
     11.16 Pason
     11.17 Redline
     11.18 EDG
     11.19 Oleumtech
     11.20 Petrolink
     11.21 Katalyst

*Business Overview, Products Offered, Recent Developments, MnM View Might Not Be Captured in Case of Unlisted Companies.

12 Appendix (Page No. - 198)
     12.1 Insights of Industry Experts
     12.2 Discussion Guide
     12.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     12.4 Introducing RT: Real-Time Market Intelligence
     12.5 Available Customizations
     12.6 Related Reports
     12.7 Author Details

List of Tables (108 Tables)

Table 1 Digital Oilfield Market Snapshot
Table 2 Digital Oilfield Market Size, By Process, 2015–2022 (USD Billion)
Table 3 Production Optimization Market Size, By Region, 2015–2022 (USD Billion)
Table 4 Drilling Optimization Market Size, By Region, 2015–2022 (USD Billion)
Table 5 Reservoir Optimization Market Size, By Region, 2015–2022 (USD Billion)
Table 6 Others Market Size, By Region, 2015–2022 (USD Billion)
Table 7 Digital Oilfield Market Size, By Solutions, 2015–2022 (USD Billion)
Table 8 Hardware Solutions Market Size, By Region, 2015–2022 (USD Billion)
Table 9 Digital Oilfield Market Size, By Hardware Components, 2015–2022 (USD Billion)
Table 10 Software & Service Solutions Market Size, By Region, 2015–2022 (USD Billion)
Table 11 Software & Service Solutions Market Size, By Solutions, 2015–2022 (USD Billion)
Table 12 Data Storage Solutions Market Size, By Region, 2015–2022 (USD Billion)
Table 13 Data Storage Solutions Market Size, By Solutions, 2015–2022 (USD Billion)
Table 14 Digital Oilfield Market Size, By Application, 2015–2022 (USD Billion)
Table 15 Onshore: Digital Oilfield Market Size, By Region, 2015–2022 (USD Billion)
Table 16 Offshore: Digital Oilfield Market Size, By Region, 2015–2022 (USD Billion)
Table 17 Digital Oilfield Market Size, By Region, 2015–2022 (USD Billion)
Table 18 Europe: Digital Oilfield Market Size, By Process, 2015–2022 (USD Billion)
Table 19 Europe: Digital Oilfield Market Size, By Application, 2015–2022 (USD Billion)
Table 20 Europe: Digital Oilfield Market Size, By Solutions, 2015–2022 (USD Billion)
Table 21 Europe: Hardware Solutions Market Size, By Country, 2015–2022 (USD Billion)
Table 22 Europe: Software & Service Solutions Market Size, By Country, 2015–2022 (USD Billion)
Table 23 Europe: Data Storage Solutions Market Size, By Country, 2015–2022 (USD Billion)
Table 24 Europe: Digital Oilfield Market Size, By Country, 2015–2022 (USD Billion)
Table 25 Norway: Digital Oilfield Market Size, By Application, 2015–2022 (USD Billion)
Table 26 Norway: Digital Oilfield Market Size, By Solutions, 2015–2022 (USD Billion)
Table 27 Russia: Digital Oilfield Market Size, By Application, 2015–2022 (USD Billion)
Table 28 Russia: Digital Oilfield Market Size, By Solutions, 2015–2022 (USD Billion)
Table 29 UK: Digital Oilfield Market Size, By Application, 2015–2022 (USD Billion)
Table 30 UK: Digital Oilfield Market Size, By Solutions, 2015–2022 (USD Billion)
Table 31 Rest of Europe: Digital Oilfield Market Size, By Application, 2015–2022 (USD Billion)
Table 32 Rest of Europe Digital Oilfield Market Size, By Solutions, 2015–2022 (USD Billion)
Table 33 North America: Digital Oilfield Market Size, By Process, 2015–2022 (USD Billion)
Table 34 North America: Digital Oilfield Market Size, By Application, 2015–2022 (USD Billion)
Table 35 North America: Digital Oilfield Market Size, By Solutions, 2015–2022 (USD Billion)
Table 36 North America: Hardware Solutions Market Size, By Country, 2015–2022 (USD Billion)
Table 37 North America: Software & Service Solutions Market Size, By Country, 2015–2022 (USD Billion)
Table 38 North America: Data Storage Solutions Market Size, By Country, 2015–2022 (USD Billion)
Table 39 North America: Digital Oilfield Market Size, By Country, 2015–2022 (USD Billion)
Table 40 US: Digital Oilfield Market Size, By Application, 2015–2022 (USD Billion)
Table 41 US: Digital Oilfield Market Size, By Solutions, 2015–2022 (USD Billion)
Table 42 Canada: Digital Oilfield Market Size, By Application, 2015–2022 (USD Billion)
Table 43 Canada: Digital Oilfield Market Size, By Solutions, 2015–2022 (USD Billion)
Table 44 Mexico: Digital Oilfield Market Size, By Application, 2015–2022 (USD Billion)
Table 45 Mexico: Digital Oilfield Market Size, By Solutions, 2015–2022 (USD Billion)
Table 46 Asia Pacific: Digital Oilfield Market Size, By Process, 2015–2022 (USD Billion)
Table 47 Asia Pacific: Digital Oilfield Market Size, By Application, 2015–2022 (USD Billion)
Table 48 Asia Pacific: Digital Oilfield Market Size, By Solutions, 2015–2022 (USD Billion)
Table 49 Asia Pacific: Hardware Solutions Market Size, By Country, 2015–2022 (USD Billion)
Table 50 Asia Pacific: Software & Service Solutions Market Size, By Country, 2015–2022 (USD Billion)
Table 51 Asia Pacific: Data Storage Solutions Market Size, By Country, 2015–2022 (USD Billion)
Table 52 Asia Pacific: Digital Oilfield Market Size, By Country, 2015–2022 (USD Billion)
Table 53 China: Digital Oilfield Market Size, By Application, 2015–2022 (USD Billion)
Table 54 China: Digital Oilfield Market Size, By Solutions, 2015–2022 (USD Billion)
Table 55 Malaysia: Digital Oilfield Market Size, By Application, 2015–2022 (USD Billion)
Table 56 Malaysia: Digital Oilfield Market Size, By Solutions, 2015–2022 (USD Billion)
Table 57 India: Digital Oilfield Market Size, By Application, 2015–2022 (USD Billion)
Table 58 India: Digital Oilfield Market Size, By Solutions, 2015–2022 (USD Billion)
Table 59 Australia: Digital Oilfield Market Size, By Application, 2015–2022 (USD Billion)
Table 60 Australia: Digital Oilfield Market Size, By Solutions, 2015–2022 (USD Billion)
Table 61 Rest of Asia Pacific: Digital Oilfield Market Size, By Application, 2015–2022 (USD Billion)
Table 62 Rest of Asia Pacific: Digital Oilfield Market Size, By Solutions, 2015–2022 (USD Billion)
Table 63 Middle East: Digital Oilfield Market Size, By Process, 2015–2022 (USD Billion)
Table 64 Middle East: Digital Oilfield Market Size, By Application, 2015–2022 (USD Billion)
Table 65 Middle East: Digital Oilfield Market Size, By Solutions, 2015–2022 (USD Billion)
Table 66 Middle East: Hardware Solutions Market Size, By Country, 2015–2022 (USD Billion)
Table 67 Middle East: Software & Service Solutions Market Size, By Country, 2015–2022 (USD Billion)
Table 68 Middle East: Data Storage Solutions Market Size, By Country, 2015–2022 (USD Billion)
Table 69 Middle East: Digital Oilfield Market Size, By Country, 2015–2022 (USD Billion)
Table 70 Oman: Digital Oilfield Market Size, By Application, 2015–2022 (USD Billion)
Table 71 Oman: Digital Oilfield Market Size, By Solutions, 2015–2022 (USD Billion)
Table 72 Saudi Arabia: Digital Oilfield Market Size, By Application, 2015–2022 (USD Billion)
Table 73 Saudi Arabia: Digital Oilfield Market Size, By Solutions, 2015–2022 (USD Billion)
Table 74 Kuwait: Digital Oilfield Market Size, By Application, 2015–2022 (USD Billion)
Table 75 Kuwait: Digital Oilfield Market Size, By Solutions, 2015–2022 (USD Billion)
Table 76 UAE: Digital Oilfield Market Size, By Application, 2015–2022 (USD Billion)
Table 77 UAE: Digital Oilfield Market Size, By Solutions, 2015–2022 (USD Billion)
Table 78 Rest of Middle East: Digital Oilfield Market Size, By Application, 2015–2022 (USD Billion)
Table 79 Rest of Middle East: Digital Oilfield Market Size, By Solutions, 2015–2022 (USD Billion)
Table 80 South America: Digital Oilfield Market Size, By Process, 2015–2022 (USD Million)
Table 81 South America: Digital Oilfield Market Size, By Application, 2015–2022 (USD Million)
Table 82 South America: Digital Oilfield Market Size, By Solutions, 2015–2022 (USD Million)
Table 83 South America: Hardware Solutions Market Size, By Country, 2015–2022 (USD Million)
Table 84 South America: Software & Service Solutions Market Size, By Country, 2015–2022 (USD Million)
Table 85 South America: Data Storage Solutions Market Size, By Country, 2015–2022 (USD Million)
Table 86 South America: Digital Oilfield Market Size, By Country, 2015–2022 (USD Million)
Table 87 Brazil: Digital Oilfield Market Size, By Application, 2015–2022 (USD Million)
Table 88 Brazil: Digital Oilfield Market Size, By Solutions, 2015–2022 (USD Million)
Table 89 Argentina: Digital Oilfield Market Size, By Application, 2015–2022 (USD Million)
Table 90 Argentina: Digital Oilfield Market Size, By Solutions, 2015–2022 (USD Million)
Table 91 Venezuela: Digital Oilfield Market Size, By Application, 2015–2022 (USD Million)
Table 92 Venezuela: Digital Oilfield Market Size, By Solutions, 2015–2022 (USD Million)
Table 93 Rest of South America: Digital Oilfield Market Size, By Application, 2015–2022 (USD Million)
Table 94 Rest of South America: Digital Oilfield Market Size, By Solutions, 2015–2022 (USD Million)
Table 95 Africa: Digital Oilfield Market Size, By Process, 2015–2022 (USD Million)
Table 96 Africa: Digital Oilfield Market Size, By Application, 2015–2022 (USD Million)
Table 97 Africa: Digital Oilfield Market Size, By Solutions, 2015–2022 (USD Million)
Table 98 Africa: Hardware Solutions Market Size, By Country, 2015–2022 (USD Million)
Table 99 Africa: Software & Service Solutions Market Size, By Country, 2015–2022 (USD Million)
Table 100 Africa: Data Storage Solutions Market Size, By Country, 2015–2022 (USD Million)
Table 101 Africa: Digital Oilfield Market Size, By Country, 2015–2022 (USD Million)
Table 102 Nigeria: Digital Oilfield Market Size, By Application, 2015–2022 (USD Million)
Table 103 Nigeria: Digital Oilfield Market Size, By Solutions, 2015–2022 (USD Million)
Table 104 Angola: Digital Oilfield Market Size, By Application, 2015–2022 (USD Million)
Table 105 Angola: Digital Oilfield Market Size, By Solutions, 2015–2022 (USD Million)
Table 106 Rest of Africa: Digital Oilfield Market Size, By Application, 2015–2022 (USD Million)
Table 107 Rest of Africa: Digital Oilfield Market Size, By Solutions, 2015–2022 (USD Million)
Table 108 CGG to Be the Most Active Player in the Market Between 2014 & 2018

List of Figures (50 Figures)

Figure 1 Research Design
Figure 2 Bottom-Up Approach
Figure 3 Top-Down Approach
Figure 4 Data Triangulation Methodology
Figure 5 Europe Dominated the Digital Oilfield Market in 2016
Figure 6 Production Optimization Segment to Dominate the Digital Oilfield Market During the Forecast Period
Figure 7 Hardware Solutions Segment to Dominate the Digital Oilfield Market During the Forecast Period
Figure 8 DCS Component Dominated the Hardware Segment in the Digital Oilfield Market in 2016
Figure 9 Hosted Storage Solutions to Grow at A Higher CAGR During the Forecast Period
Figure 10 Onshore Segment Dominated the Digital Oilfield Market During the Forecast Period
Figure 11 Top Market Developments (2014–2018)
Figure 12 Increase in Production Activities is Expected to Drive the Digital Oilfield Market in the Coming Years
Figure 13 Production Optimization Segment is Projected to Dominate the Market Through 2022
Figure 14 Saudi Arabia is Projected to Grow at the Highest CAGR During the Forecast Period
Figure 15 Norway Held the Largest Share in the European Digital Oilfield Market in 2016
Figure 16 Production Optimization is Projected to Grow at the Highest Rate During the Forecast Period
Figure 17 Hardware Solutions Segment is Projected to Grow at the Highest Rate During the Forecast Period
Figure 18 Onshore Segment is Projected to Dominate the Digital Oilfield Market Through 2022
Figure 19 Market Dynamics: Digital Oilfield Market
Figure 20 World Crude Oil Annual Production vs Consumption, 2011–2016
Figure 21 World Crude Oil Annual Production, 2016–2019
Figure 22 West Texas Intermediate (WTI) Crude Oil Price, 2013–2017
Figure 23 Digital Oilfield Supply Chain
Figure 24 Production Optimization Segment is Expected to Have the Largest Market Share During the Forecast Period
Figure 25 Hardware Solutions Segment is Expected to Have the Largest Market Share During the Forecast Period
Figure 26 Distributed Control System (DCS) Segment is Expected to Have the Largest Market Share During the Forecast Period
Figure 27 Onshore is Estimated to Be the Largest Market for Digital Oilfield, 2017–2022
Figure 28 Europe Dominated the Digital Oilfield Market in 2016
Figure 29 Digital Oilfield Market Size, By Region, 2017–2022 (USD Billion)
Figure 30 Europe: Market Snapshot
Figure 31 North America: Market Snapshot
Figure 32 Key Developments in the Digital Oilfield Market, 2014–2018
Figure 33 Top Service and Equipment Players in the Digital Oilfield Market in 2016
Figure 34 Schlumberger: Company Snapshot
Figure 35 Weatherford: Company Snapshot
Figure 36 Baker Hughes: Company Snapshot
Figure 37 GE Oil & Gas: Company Snapshot
Figure 38 Halliburton: Company Snapshot
Figure 39 National Oilwell Varco: Company Snapshot
Figure 40 ABB: Company Snapshot
Figure 41 Emerson: Company Snapshot
Figure 42 Rockwell: Company Snapshot
Figure 43 Siemens: Company Snapshot
Figure 44 Honeywell: Company Snapshot
Figure 45 Kongsberg: Company Snapshot
Figure 46 IHS Markit: Company Snapshot
Figure 47 CGG: Company Snapshot
Figure 48 Digi International: Company Snapshot
Figure 49 Pason: Company Snapshot
Figure 50 Redline: Company Snapshot

The global digital oilfield market is expected to grow at a CAGR of 5.09%, from 2017 to 2022, to reach a market size of USD 27.10 Billion by 2022. The increase in production activities in the Middle East region, the presence of unconventional reserves, and growing investments in offshore in the Asia Pacific region are expected to be the key factors driving the digital oilfield market during the forecast period.

The report segments the digital oilfield market, on the basis of the process into drilling optimization, reservoir optimization, production optimization, and others. The others segment includes asset management, maintenance & repair, and safety management. The production optimization segment led the digital oilfield market by process from 2017 to 2022. Employing real-time techniques for production optimization increases the recovery of oil and reduce the non-productive time. The ongoing market dynamics, where there has been a constant fluctuation in the oil prices, requires focussing on reducing the non-productive time and improve workflow efficiency with the use digital oilfield solutions.

The global digital oil field market, by application, has been segmented into onshore and offshore, with the onshore segment growing at a faster pace. The complexity in deepwater drilling, along with the increasing adoption of digital oilfield techniques in regions such as the Middle East, and North America, where the maximum of the oilfields are located onshore, are expected to drive the onshore segment. Thus, the increasing production activities in these regions and reduction of non-productive time is expected to drive the onshore segment at the highest rate during the forecast period.

The report further segments the digital oilfield market, by solution, into hardware solutions, software & service solutions, and data storage solutions. The hardware segment is estimated to grow at a faster rate from 2017 to 2022. The investments by oilfield operators towards technology enhancement and process automation enable the companies to eliminate non-productive time, optimize production, and enhance control & monitoring of oil & gas fields, thereby driving the hardware market during the forecast period.

In this report, the digital oilfield market has been analyzed with respect to six regions, namely, Europe, North America, Asia Pacific, the Middle East, South America, and Africa. Europe is expected to dominate the digital oilfield market during the forecast period as the region has several mature fields in the North Sea which demand increased use of technological prowess to produce oil. The high number of mature oil & gas fields leads to the increasing demand for digital oilfield solutions such as well intervention and enhanced oil recovery (EOR) techniques.  The figure below shows the projected market sizes of various regions with respective CAGRs for 2022.

The major factor restraining the growth of the digital oilfield market are the fluctuating crude oil price, and the data security/cyber-threats combined with resistance by operators toward adoption of new technology.

Some of the leading players in the digital oilfield market include integrators 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). These players have adopted growth strategies such as new product launches, contracts & agreements, partnerships, collaborations, alliances, and joint ventures, mergers & acquisitions, and investments & expansions to capture a larger share of the digital oilfield market.

To speak to our analyst for a discussion on the above findings, click Speak to Analyst