Digital Oilfield Market

Market Leaders - Digital Oilfield Market

The global digital oilfield is projected to reach USD 30.4 billion by 2024 from an estimated value of USD 24.1 billion in 2019, at a CAGR of 4.77%. The market in Europe is estimated to be the largest market for digital oilfield, followed by the North American market in 2018. This trend is expected to continue till 2024. New technological advancements, increased return on investment, and increased need from oil and gas operators to scale up production for mature wells are driving the digital oilfield market

The digital oilfield market is dominated by a few global players mainly from the North American region. 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).

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Major strategies adopted by the players are new product launches; contracts & agreements; partnerships, collaborations, alliances, joint ventures; mergers & acquisitions; and investments & expansions from 2015 to April 2019. New product launches was the most commonly adopted strategy. Industry players also adopted contracts & agreements, and partnerships, collaborations, alliances, and joint ventures, which were the second and third most widely followed strategies, respectively, during the same period.

Schlumberger (US) is a leading provider of services, products, technologies, information solutions, and integrated project management for the global oil & gas exploration and production industry. The company conducts its business through three segments, namely, reservoir characterization, drilling, and production. The production group segment includes multiple products and services such as artificial lifts, well services, completions, well intervention, water services, integrated production services, and production management services. The company also provides software and service solutions for production, drilling and reservoir optimizations. The company has adopted mergers & acquisitions and new product launches as its key strategies. In December 2017, Schlumberger acquired Weatherford hydraulic fracturing business in the US. This would enable the company to compete with major companies such as Halliburton in the market. In September 2017, the company launched Delfi Cognitive E&P environment to strengthen the integration between geophysics, geology, reservoir engineering, drilling, and production domains.

Baker Hughes (US), a GE company, the company was incorporated on July 2017, the merger of Baker Hughes and GE oil & gas enabled them to provide products and services for full stream. The company operates through 3 segments, namely, completion and production, drilling and evaluation, and industrial services. The company provides its wireline services, drilling services, drilling and completion fluids, and drill bits through its drilling and evaluation business segment. The company offers a wide range of products, solutions and service for the digital oilfield market which include intelligent production systems, oilfield services, monitoring & control system, artificial lift, production optimization, and completion systems among others. Contracts & agreements was the major strategy adopted by the company to enhance its position in the digital oilfield market. In September 2017, the company received a contract from Nigeria LNG Limited for the supply of Asset Performance Management (APM) software services to reduce unplanned outages and trips in LNG trains. Moreover, in September 2017, Baker Hughes and KBC, a Yokogawa company, collaborated to provide an integrated asset performance management software to simulate digital capabilities across oil & gas value chain.

Related Reports:

Digital Oilfield Market by Solutions (Hardware, Software & Service, and Data Storage Solutions), Processes (Reservoir, Production, and Drilling Optimizations), Application (Onshore and Offshore), and Region - Global Forecast to 2024

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Report Code
EP 2720
RI Published ON
5/7/2019
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