Pune, June 08, 2021 (GLOBE NEWSWIRE) – Digital Oilfield Market Analysis
Market Research Future (MRFR) expects Digital Oilfield Market To Reach USD 28.61 Billion At 6.5% CAGR from 2020 to 2027 (forecast period).
Digital oil fields include a wide range of tools, tasks, and disciplines. Advanced software and data analysis procedures are used to increase the profitability of oil and gas operations. The main goal of digital oilfield is to reduce downtime, maximize oilfield recovery, and increase profitability. Optimizing production, operational efficiency, decision support, collaboration, data integration, merging operations with information technology and the Internet of Things are all aspects of digital oil field. It consists of a network of network sensors, cloud computing, advanced big data analysis and artificial intelligence. These aspects help to understand and predict equipment failures, maintenance and the extent of the real-time situation of the oil and gas field. Finally, a digital oil field is a technology that combines many technologies in innovative ways to increase productivity.
The main drivers of this global digital oilfield market are technological advancements, increased productivity requirements of mature oil and gas wells, appropriate use of cloud computing in the oil and gas industry, and improved operational efficiency. On the other hand, data security / cyber theft may be a constraint for this global digital oilfield market. Nonetheless, service providers work very hard to secure networks to avoid disruption during operation.
The digital oil field encompasses a wide range of innovations such as fleet management and predictive maintenance. These advancements are largely the result of enabling technologies such as low-cost sensors, big data analytics, and cloud computing. For more than a decade, digital oilfield technologies have been in development. The first users of these technologies are already reaping the benefits. The technologies offer benefits such as greater efficiency and feasibility of oil and gas operations, improved health and safety, and better compliance with environmental regulations. Raising awareness, identifying champions, fostering collaboration, expanding conversation, and other aspects of development are being explored in the digital oilfield.
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Impact of COVID-19 on the Global Digital Oilfield Market
The current COVID-19 pandemic has had a global impact on the oil and gas industry. As a result of the current situation, several oil and gas companies in all regions have been forced to shut down their manufacturing facilities and services as countries implement a partial or full lockdown plan to deal with the pandemic. Companies in several places have also postponed or delayed major oil and gas projects. Additionally, the COVID-19 pandemic has impacted crude oil prices, well drilling and production activities, and the oil and gas supply chain.
The global digital oilfield market is relatively fragmented and competitive, with a number of international and regional competitors present. To maintain their position in the market, industry players are investing heavily in technological advancement, global expansion, and mergers and acquisitions.
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The global digital oilfield market has been segmented into process, solution, and application.
By process, the global digital oilfield market has been segmented into reservoir, production and drilling optimization. Due to the growing demand for oil and gas, production is expected to increase at a faster rate and hold the largest market share during the projection period.
By solution, the global digital oilfield market has been segmented into hardware, software, and data storage. Of these, hardware solutions are expected to grow faster and hold the largest market share during the projection period. As a hardware solution, smart wells, distributed control systems, wireless sensors, SCADA (supervisory control and data acquisition) and other components are widely used in the digital oilfield.
By application, the global digital oilfield market has been segmented into onshore and offshore.
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By region, the global digital oilfield market has been segmented into North America, Europe, Asia-Pacific, Middle East and Africa.
North America is expected to hold the largest market share due to its huge reserves of shale oil and gas, followed by Asia-Pacific, which includes countries like China and India. Reengineering technology solutions to improve the optimization and management of oil and gas operations will propel the company forward. The business landscape has been enriched by the increase in oilfield discoveries and domestic production. In addition, the refurbishment of oil and gas platforms in the offshore industry to incorporate advanced AI and machine learning technologies will influence product demand. According to the US Energy Information Administration, US production of shale gas and tight reservoir oil increased by more than 6 million boe / d between 2008 and 2014, directly contributing to the growth of the global digital oilfield market. The continued investment of public and private partners in the upstream and middle sectors will accelerate the adoption of the technology.
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