Digital Oilfield Market

The global digital oilfield market revenue was US$ 29.4 billion in 2021. The global digital oilfield market revenue is forecast to reach US$ 54.4 billion by 2030, registering a compound annual growth rate (CAGR) of 7.2% during the forecast period from 2022 to 2030.

Digital oilfields are software and data-based solutions that improve oil production from the seabed using advanced analytical systems and software. Oil & gas field simulation software uses workflows and predictive analysis based on data from a wellbore, reservoir, and surface facilities to simulate the operation of a field. Using intelligently filtered data and cutting-edge technology streamlines the decision-making process. A digital oilfield enables humans & machines to work more efficiently and to be more cost-effective. It optimizes hydrocarbon production rates, improves overall safety, protects the environment, and eliminates resource wastage.

Factors Influencing Market Growth

A significant driver for the global digital oilfield market is the rise in digitalization across various industries, including oil & gas.
Demand for the global digital oilfield market has increased significantly due to the high demand for oil and oil derivatives across a wide range of industries, as well as potentially hazardous working conditions in the oil and gas industry.
The global digital oilfield market will likely grow due to advancements in wireless technology, increased data analysis, and gathering services, and increased spending on offshore oil exploration activities.
Impact Analysis of COVID-19

The COVID-19 has negatively affected the global digital oilfield market by stopping manufacturing, transportation, and distribution. Stringent rules and regulations imposed by governments to contain the spread of the virus had dampened the global market. Additionally, the suspension on various oil & gas projects will hinder the oilfield industry during the Coronavirus. Further, the virus caused an interruption in supply chain and management that resulted in an increase in crude oil prices, which ultimately restricted the market's growth.

Regional Insights

Region-wise, Asia Pacific held dominance in the global market and is forecast to grow at the highest CAGR during the forecast period. Due to the increase in production & exploration activities. The never-ending demand for energy will likely lead to the growth of the market in the region. As India, China, and South Korea industrialize, commercialize, and urbanize, the market in the region will expand. The development of the automotive industry will have a positive influence on the market. Exploration activities and the discovery of oil and gas reserves in Thailand, Indonesia, Malaysia, and Myanmar will benefit the global market in the Asia Pacific.



Leading Competitors

The leading prominent companies profiled in the global digital oilfield market are:

ABB Limited
Baker Hughes
CGG
Digi International
Emerson Electric Co.
Halliburton Corporation
Honeywell International Incorporated
Kongsberg Gruppen
NOV Incorporated
Rockwell Automation
Schlumberger Oilfield services company
Siemens AG
Weatherford International
Other Prominent Players
Scope of the Report

The global digital oilfield market segmentation focuses on Solution, Process, Application, and Region.

Segmentation based on Solution

Hardware
Software & Service
Data storage
Segmentation based on Application

Onshore
Offshore
Segmentation based on Process

Reservoir optimization
Drilling optimization
Process Optimization
Safety management
Others
Segmentation based on Region

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America