The global digital oilfield market size is projected to reach USD 32.0 billion by 2026 from an estimated value of USD 24.3 billion in 2021, at a CAGR of 5.6%. The key drivers for the digital oilfield market include new technological advancements in oil & gas industry; increased return on investment in oil & gas industry; and growing need for maximizing production potential from mature wells.
The key players in the digital oilfield market include companies such as Halliburton (US), Schlumberger (US), Baker Hughes (US), Weatherford International (US), and NOV (US). Major strategies adopted by the players are product launches, contracts & agreements, collaborations, partnerships, and mergers & acquisitions, from January 2018 to July 2021. New product launches were the most commonly adopted strategy.
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Schlumberger offers products, services, technologies, information solutions, and integrated project management solutions to the global oil & gas industry. The company specializes in reservoir characterization, drilling, production, and processing. Schlumberger’s primary business activities include research & engineering, manufacturing, operations, maintenance, and resource planning. The company conducts its operations through four business segments, namely, Digital & Integration, Reservoir Performance, Well Construction, and Production Systems. It offers a digital oilfield through its Reservoir Performance, Well Construction, and Production Systems segments, which collectively accounted for 87.2% share of the total revenue in 2020. Schlumberger’s Reservoir Performance segment offers wireline services (wireline logging and perforating), testing services for formation and fluid characterization, and stimulation services such as pressure pumping, well stimulation, reservoir monitoring, and downhole data acquisition. The Well Construction segment offers a portfolio of products and services to optimize well placement and performance. The primary offerings of this division are drilling & measurement services, well cementing services, integrated well construction services, drilling fluids, drill bits, drilling tools, rigs, and equipment. The Production Systems segment offers a diverse range of services and equipment such as artificial lifts; completion equipment (packers and safety valves); OneSubsea integrated solutions, products, systems, and services for the subsea market; surface (platform wellhead systems and processing solutions); valves for upstream, midstream, and downstream markets; and processing solutions.
Weatherford International is among the leading multinational oilfield service companies that deliver technologies, solutions, and services for upstream activities in the oil & gas industry. Weatherford International offers equipment and services for both onshore and offshore operations. The company operates its business through two segments, namely, Completion and Production; and Drilling, Evaluation and Intervention. The Completion and Production segment offers production optimization services and a complete production ecosystem, which consists of artificial lift solutions (rod lift systems, progressing cavity pumping systems, gas-lift systems, hydraulic-lift systems, plunger-lift systems, and hybrid lift systems) and pressure pumping and reservoir stimulation services (acidizing, fracturing, cementing and coiled-tubing intervention, and testing). In addition, it provides production services (well test data, slackline, and intervention services), liner systems, cementing products and completion systems, and tools such as safety systems, production packers, downhole reservoir monitoring systems, flow control systems, isolation packers, multistage fracturing systems, and sand-control technologies. The Drilling, Evaluation, and Intervention segment offers drilling systems and services such as directional drilling, logging while drilling, measurement while drilling and rotary-steerable systems, and wireline services (open-hole and cased-hole logging services. Besides, it provides managed pressure drilling, tubular running services, and drilling tools, and rental equipment under this segment.
Digital Oilfield Market by Solution (Hardware, Software & Service, and Data Storage Solutions), Processes (Reservoir, Production, Drilling Optimizations, Safety Management), Application (Onshore and Offshore), and Region - Global Forecast to 2026
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