Covid-19 Impact on Digital Oilfield Market:
The ongoing COVID-19 pandemic conditions have severely affected every sector around the world. Whereas, the chemicals and materials sectors were moderately affected during the pandemic. This is primarily due to the uncut demand for chemicals for healthcare, life science, and cleaning agents. However, other elements of chemical and material sectors such as paints, industrial oil, construction materials are facing diminution in demand. Strict lockdown resulted in a nearly 50-60% reduction in supply for raw materials, which directly affected the manufacturing process. Further, halt on many end-use industries directly affected the chemical demand all around the world.
Digital Oilfield Market Overview
The global Digital Oilfield Market was valued at USD 29.32 billion in 2021 and is expected to reach USD 57.91 billion by 2030, growing at a compound annual growth rate (CAGR) of 7.8% between 2023 and 2030.
Digital oilfield is a concept that combines business process management with digital technologies to automate workflows for maximizing productivity, reducing costs, and minimizing the overall risks related to oil and gas operations. Digital oilfield includes the use of advanced software and data analysis techniques to enhance the profitability of oil & gas production operations. Big data can help companies to develop the digital oilfield. Additionally, integrated operations connect operational technology (OT) with information technology (IT) to improve decision-making as well as increase operational and business performance. Huge investment in Big Data and analytics is projected to increase in the oil & gas industry in the next few years. Therefore, the high adoption of digital oilfield services by companies in the oil & gas industry is anticipated to boost the growth of the digital oilfield market during the forecast period.
Furthermore, technological developments offer advantages such as enhancements in productivity and feasibility of oil & gas operations, health and safety benefits as well as increased compliance with environmental regulations. Thus, the broad range of innovations of digital oilfields such as fleet management and predictive maintenance strongly takes part in the development of the Digital Oilfield market.
However, the collection of real-time data and its productive analysis is one of the major restraints in the digital oilfield market.
Digital Oilfield Market Segment Overview
Based on the process, the production optimization segment is the major contributor to the digital oilfield market. Using real-time techniques for production optimization increases the recovery of oil and reduces the non-productive time. In addition, the ongoing market dynamics, where there has been a constant fluctuation in the oil prices, requires focusing on reducing the non-productive time and improve workflow efficiency with the use of digital oilfield solutions.
Digital Oilfield Regional Overview
Region-wise, Europe is projected to be a major region of the digital oilfield market in the coming years. The region has many mature fields in the North Sea that demand increased use of technical skills to produce oil. This is anticipated to propel the demand for digital oilfield markets such as well intervention and enhanced oil recovery (EOR) techniques. Additionally, countries with several research and development activities in the digital oilfield market include the U.S., the U.K., Germany, Japan, Australia, Canada, and Russia. As well, China and India are expected to account for a significant proportion of the global energy demand in the forthcoming years.
Digital Oilfield Market, Key Players
· Schlumberger
· Halliburton
· Baker Hughes
· Sinopec Oilfield Service
· Honeywell International
· Siemens
· National Oil well Varco
· ABB
· Kongsberg Gruppen
· Cisco Systems
· Emerson Electric
· General Electric
· Weatherford International
· Rockwell Automation
· Pason Systems
· International Business Machines (IBM)
· Accenture
· Wipro
· Dell EMC
Digital Oilfield Market Segmentation
Digital Oilfield Market, By Process
· Reservoir Optimization
· Drilling Optimization
· Production Optimization
· Safety management
· Others (Others includes asset management and maintenance & repair)
Digital Oilfield Market, By Application
· Onshore
· Offshore
Digital Oilfield Market, By Solution
The ongoing COVID-19 pandemic conditions have severely affected every sector around the world. Whereas, the chemicals and materials sectors were moderately affected during the pandemic. This is primarily due to the uncut demand for chemicals for healthcare, life science, and cleaning agents. However, other elements of chemical and material sectors such as paints, industrial oil, construction materials are facing diminution in demand. Strict lockdown resulted in a nearly 50-60% reduction in supply for raw materials, which directly affected the manufacturing process. Further, halt on many end-use industries directly affected the chemical demand all around the world.
Digital Oilfield Market Overview
The global Digital Oilfield Market was valued at USD 29.32 billion in 2021 and is expected to reach USD 57.91 billion by 2030, growing at a compound annual growth rate (CAGR) of 7.8% between 2023 and 2030.
Digital oilfield is a concept that combines business process management with digital technologies to automate workflows for maximizing productivity, reducing costs, and minimizing the overall risks related to oil and gas operations. Digital oilfield includes the use of advanced software and data analysis techniques to enhance the profitability of oil & gas production operations. Big data can help companies to develop the digital oilfield. Additionally, integrated operations connect operational technology (OT) with information technology (IT) to improve decision-making as well as increase operational and business performance. Huge investment in Big Data and analytics is projected to increase in the oil & gas industry in the next few years. Therefore, the high adoption of digital oilfield services by companies in the oil & gas industry is anticipated to boost the growth of the digital oilfield market during the forecast period.
Furthermore, technological developments offer advantages such as enhancements in productivity and feasibility of oil & gas operations, health and safety benefits as well as increased compliance with environmental regulations. Thus, the broad range of innovations of digital oilfields such as fleet management and predictive maintenance strongly takes part in the development of the Digital Oilfield market.
However, the collection of real-time data and its productive analysis is one of the major restraints in the digital oilfield market.
Digital Oilfield Market Segment Overview
Based on the process, the production optimization segment is the major contributor to the digital oilfield market. Using real-time techniques for production optimization increases the recovery of oil and reduces the non-productive time. In addition, the ongoing market dynamics, where there has been a constant fluctuation in the oil prices, requires focusing on reducing the non-productive time and improve workflow efficiency with the use of digital oilfield solutions.
Digital Oilfield Regional Overview
Region-wise, Europe is projected to be a major region of the digital oilfield market in the coming years. The region has many mature fields in the North Sea that demand increased use of technical skills to produce oil. This is anticipated to propel the demand for digital oilfield markets such as well intervention and enhanced oil recovery (EOR) techniques. Additionally, countries with several research and development activities in the digital oilfield market include the U.S., the U.K., Germany, Japan, Australia, Canada, and Russia. As well, China and India are expected to account for a significant proportion of the global energy demand in the forthcoming years.
Digital Oilfield Market, Key Players
· Schlumberger
· Halliburton
· Baker Hughes
· Sinopec Oilfield Service
· Honeywell International
· Siemens
· National Oil well Varco
· ABB
· Kongsberg Gruppen
· Cisco Systems
· Emerson Electric
· General Electric
· Weatherford International
· Rockwell Automation
· Pason Systems
· International Business Machines (IBM)
· Accenture
· Wipro
· Dell EMC
Digital Oilfield Market Segmentation
Digital Oilfield Market, By Process
· Reservoir Optimization
· Drilling Optimization
· Production Optimization
· Safety management
· Others (Others includes asset management and maintenance & repair)
Digital Oilfield Market, By Application
· Onshore
· Offshore
Digital Oilfield Market, By Solution
- Hardware Solutions
- Distributed Control System
- Supervisory Control & Data Acquisitions
- Smart Wells
- Safety System
- Wireless Sensors
- Programmable Logic Controller
- Computer Equipment & Application
- Process Automation Manager
- Human-Machine Interaction Instrument
- Software & Service Solutions
- IT Outsourcing
- Software
- IT servicing & Commissioning
- Collaborative Product Management
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East and Africa
- GCC
- South Africa
- Rest of Middle East and Africa
1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
4. Key Insights
- 4.1. Key Emerging Trends – For Major Countries
- 4.2. Latest Technological Advancement
- 4.3. Regulatory Landscape
- 4.4. Industry SWOT Analysis
- 4.5. Porters Five Forces Analysis
5. Global Digital Oilfield Market Analysis (USD Billion), Insights and Forecast, 2023-2030
- 5.1. Key Findings / Summary
- 5.2. Market Analysis, Insights and Forecast – By Process
- 5.2.1. Reservoir Optimization
- 5.2.2. Drilling Optimization
- 5.2.3. Production Optimization
- 5.2.4. Safety management
- 5.2.5. Others (Others includes asset management and maintenance & repair)
- 5.3. Market Analysis, Insights and Forecast – By Application
- 5.3.1. Onshore
- 5.3.2. Offshore
- 5.4. Market Analysis, Insights and Forecast – By Solution
- 5.4.1. Hardware Solutions
- 5.4.1.1. Distributed Control System
- 5.4.1.2. Supervisory Control & Data Acquisitions
- 5.4.1.3. Smart Wells
- 5.4.1.4. Safety System
- 5.4.1.5. Wireless Sensors
- 5.4.1.6. Programmable Logic Controller
- 5.4.1.7. Computer Equipment & Application
- 5.4.1.8. Process Automation Manager
- 5.4.1.9. Human-Machine Interaction Instrument
- 5.4.2. Software & Service Solutions
- 5.4.2.1. IT Outsourcing
- 5.4.2.2. Software
- 5.4.2.3. IT servicing & Commissioning
- 5.4.2.4. Collaborative Product Management
- 5.4.1. Hardware Solutions
- 5.5.1. North America
- 5.5.2. Latin America
- 5.5.3. Europe
- 5.5.4. Asia Pacific
- 5.5.5. Middle East and Africa
6. North America Digital Oilfield Market Analysis (USD Billion), Insights and Forecast, 2023-2030
- 6.1. Key Findings / Summary
- 6.2. Market Analysis, Insights and Forecast – By Process
- 6.2.1. Reservoir Optimization
- 6.2.2. Drilling Optimization
- 6.2.3. Production Optimization
- 6.2.4. Safety management
- 6.2.5. Others (Others includes asset management and maintenance & repair)
- 6.3. Market Analysis, Insights and Forecast – By Application
- 6.3.1. Onshore
- 6.3.2. Offshore
- 6.4. Market Analysis, Insights and Forecast – By Solution
- 6.4.1. Hardware Solutions
- 6.4.1.1. Distributed Control System
- 6.4.1.2. Supervisory Control & Data Acquisitions
- 6.4.1.3. Smart Wells
- 6.4.1.4. Safety System
- 6.4.1.5. Wireless Sensors
- 6.4.1.6. Programmable Logic Controller
- 6.4.1.7. Computer Equipment & Application
- 6.4.1.8. Process Automation Manager
- 6.4.1.9. Human-Machine Interaction Instrument
- 6.4.2. Software & Service Solutions
- 6.4.2.1. IT Outsourcing
- 6.4.2.2. Software
- 6.4.2.3. IT servicing & Commissioning
- 6.4.2.4. Collaborative Product Management
- 6.4.1. Hardware Solutions
- 6.5.1. U.S.
- 6.5.2. Canada
7. Latin America Digital Oilfield Market Analysis (USD Billion), Insights and Forecast, 2023-2030
- 7.1. Key Findings / Summary
- 7.2. Market Analysis, Insights and Forecast – By Process
- 7.2.1. Reservoir Optimization
- 7.2.2. Drilling Optimization
- 7.2.3. Production Optimization
- 7.2.4. Safety management
- 7.2.5. Others (Others includes asset management and maintenance & repair)
- 7.3. Market Analysis, Insights and Forecast – By Application
- 7.3.1. Onshore
- 7.3.2. Offshore
- 7.4. Market Analysis, Insights and Forecast – By Solution
- 7.4.1. Hospitals
- 7.4.2. Ambulatory Surgical Centers & Clinics
- 7.5. Insights and Forecast – By Country
- 7.5.1. Brazil
- 7.5.2. Mexico
- 7.5.3. Rest of Latin America
8. Europe Digital Oilfield Market Analysis (USD Billion), Insights and Forecast, 2023-2030
- 8.1. Key Findings / Summary
- 8.2. Market Analysis, Insights and Forecast – By Process
- 8.2.1. Reservoir Optimization
- 8.2.2. Drilling Optimization
- 8.2.3. Production Optimization
- 8.2.4. Safety management
- 8.2.5. Others (Others includes asset management and maintenance & repair)
- 8.3. Market Analysis, Insights and Forecast – By Application
- 8.3.1. Onshore
- 8.3.2. Offshore
- 8.4. Market Analysis, Insights and Forecast – By Solution
- 8.4.1. Hardware Solutions
- 8.4.1.1. Distributed Control System
- 8.4.1.2. Supervisory Control & Data Acquisitions
- 8.4.1.3. Smart Wells
- 8.4.1.4. Safety System
- 8.4.1.5. Wireless Sensors
- 8.4.1.6. Programmable Logic Controller
- 8.4.1.7. Computer Equipment & Application
- 8.4.1.8. Process Automation Manager
- 8.4.1.9. Human-Machine Interaction Instrument
- 8.4.2. Software & Service Solutions
- 8.4.2.1. IT Outsourcing
- 8.4.2.2. Software
- 8.4.2.3. IT servicing & Commissioning
- 8.4.2.4. Collaborative Product Management
- 8.4.1. Hardware Solutions
- 8.5.1. UK
- 8.5.2. Germany
- 8.5.3. France
- 8.5.4. Italy
- 8.5.5. Spain
- 8.5.6. Russia
- 8.5.7. Rest of Europe
9. Asia Pacific Digital Oilfield Market Analysis (USD Billion), Insights and Forecast, 2023-2030
- 9.1. Key Findings / Summary
- 9.2. Market Analysis, Insights and Forecast – By Process
- 9.2.1. Reservoir Optimization
- 9.2.2. Drilling Optimization
- 9.2.3. Production Optimization
- 9.2.4. Safety management
- 9.2.5. Others (Others includes asset management and maintenance & repair)
- 9.3. Market Analysis, Insights and Forecast – By Application
- 9.3.1. Onshore
- 9.3.2. Offshore
- 9.4. Market Analysis, Insights and Forecast – By Solution
- 9.4.1. Hardware Solutions
- 9.4.1.1. Distributed Control System
- 9.4.1.2. Supervisory Control & Data Acquisitions
- 9.4.1.3. Smart Wells
- 9.4.1.4. Safety System
- 9.4.1.5. Wireless Sensors
- 9.4.1.6. Programmable Logic Controller
- 9.4.1.7. Computer Equipment & Application
- 9.4.1.8. Process Automation Manager
- 9.4.1.9. Human-Machine Interaction Instrument
- 9.4.2. Software & Service Solutions
- 9.4.2.1. IT Outsourcing
- 9.4.2.2. Software
- 9.4.2.3. IT servicing & Commissioning
- 9.4.2.4. Collaborative Product Management
- 9.4.1. Hardware Solutions
- 9.5.1. China
- 9.5.2. India
- 9.5.3. Japan
- 9.5.4. Australia
- 9.5.5. South East Asia
- 9.5.6. Rest of Asia Pacific
10. Middle East & Africa Digital Oilfield Market Analysis (USD Billion), Insights and Forecast, 2023-2030
- 10.1. Key Findings / Summary
- 10.2. Market Analysis, Insights and Forecast – By Process
- 10.2.1. Reservoir Optimization
- 10.2.2. Drilling Optimization
- 10.2.3. Production Optimization
- 10.2.4. Safety management
- 10.2.5. Others (Others includes asset management and maintenance & repair)
- 10.3. Market Analysis, Insights and Forecast – By Application
- 10.3.1. Onshore
- 10.3.2. Offshore
- 10.4. Market Analysis, Insights and Forecast – By Solution
- 10.4.1. Hardware Solutions
- 10.4.1.1. Distributed Control System
- 10.4.1.2. Supervisory Control & Data Acquisitions
- 10.4.1.3. Smart Wells
- 10.4.1.4. Safety System
- 10.4.1.5. Wireless Sensors
- 10.4.1.6. Programmable Logic Controller
- 10.4.1.7. Computer Equipment & Application
- 10.4.1.8. Process Automation Manager
- 10.4.1.9. Human-Machine Interaction Instrument
- 10.4.2. Software & Service Solutions
- 10.4.2.1. IT Outsourcing
- 10.4.2.2. Software
- 10.4.2.3. IT servicing & Commissioning
- 10.4.2.4. Collaborative Product Management
- 10.4.1. Hardware Solutions
- 10.5.1. GCC
- 10.5.2. South Africa
- 10.5.3. Rest of Middle East & Africa
11. Competitive Analysis
- 11.1. Company Market Share Analysis, 2021
- 11.2. Key Industry Developments
- 11.3. Company Profile
- 11.4. Schlumberger
- 11.4.1. Business Overview
- 11.4.2. Segment 1 & Service Offering
- 11.4.3. Overall Revenue
- 11.4.4. Geographic Presence
- 11.4.5. Recent Development
- 11.5. Halliburton
- 11.6. Baker Hughes
- 11.7. Sinopec Oilfield Service
- 11.8. Honeywell International
- 11.9. Siemens
- 11.10. National Oil well Varco
- 11.11. ABB
- 11.12. Kongsberg Gruppen
- 11.13. Cisco Systems
- 11.14. Emerson Electric
- 11.15. General Electric
- 11.16. Weatherford International
- 11.17. Rockwell Automation
- 11.18. Pason Systems
- 11.19. International Business Machines (IBM)
- 11.20. Accenture
- 11.21. Wipro
Research Process
Data Library Research are conducted by industry experts who offer insight on industry structure, market segmentations technology assessment and competitive landscape (CL), and penetration, as well as on emerging trends. Their analysis is based on primary interviews (~ 80%) and secondary research (~ 20%) as well as years of professional expertise in their respective industries. Adding to this, by analysing historical trends and current market positions, our analysts predict where the market will be headed for the next five years. Furthermore, the varying trends of segment & categories geographically presented are also studied and the estimated based on the primary & secondary research.
In this particular report from the supply side Data Library Research has conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and SOFT) of the companies that active & prominent as well as the midsized organization
FIGURE 1: DLR RESEARH PROCESS
Extensive primary research was conducted to gain a deeper insight of the market and industry performance. The analysis is based on both primary and secondary research as well as years of professional expertise in the respective industries.
In addition to analysing current and historical trends, our analysts predict where the market is headed over the next five years.
It varies by segment for these categories geographically presented in the list of market tables. Speaking about this particular report we have conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and many more) of the major players active in the market.
Secondary ResearchSecondary research was mainly used to collect and identify information useful for the extensive, technical, market-oriented, and Friend’s study of the Global Extra Neutral Alcohol. It was also used to obtain key information about major players, market classification and segmentation according to the industry trends, geographical markets, and developments related to the market and technology perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, sec filings, journals, white papers, SOFT presentations, and company web sites.
Market Size EstimationBoth, top-down and bottom-up approaches were used to estimate and validate the size of the Global market and to estimate the size of various other dependent submarkets in the overall Extra Neutral Alcohol. The key players in the market were identified through secondary research and their market contributions in the respective geographies were determined through primary and secondary research.
Forecast Model
