Overview and Scope
Digital oilfield refers to a concept that automates workflows by combining business process management and digital technologies. The digital oilfield allows operators to gather, analyze and react to production-related information in real-time using emerging technologies such as artificial intelligence (AI), the internet of things (IoT), augmented reality, mobile connectivity, and the cloud.
Sizing and Forecast
The digital oilfield market size has grown strongly in recent years. It will grow from $27.89 billion in 2023 to $29.59 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to rise of edge computing, increased focus on sustainability, rise in data analytics adoption, automation of oilfield operations, enhanced connectivity and communication, increased focus on health, safety, and environment (hse).
The digital oilfield market size is expected to see strong growth in the next few years. It will grow to $36.59 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to advancements in artificial intelligence (ai), increasing demand for oil and gas, shift towards predictive manitenance, cybersecurity measures, remote operations and collaboration, sustainable practices in oil and gas.. Major trends in the forecast period include remote operations and collaboration, integration of internet of things (iot), digital twin implementation, partnerships, shift towards predictive maintenance..
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Segmentation & Regional Insights
The digital oilfield market covered in this report is segmented –
1) By Solution: Hardware Solutions, Software and Service Solutions, Data Storage Solutions
2) By Process: Production Optimization, Drilling Optimization, Reservoir Optimization, Safety Management, Other Process
3) By Service: Instrumentation and Automation, Information Technology
4) By Application: Onshore, Offshore
North America was the largest region in the digital oilfield market share in 2023. The regions covered in the digital oilfield market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increase in offshore exploration and drilling activities is expected to propel the growth of the digital oilfields market going forward. Offshore exploration and drilling refer to extracting petroleum and natural gas from oceanic reserves instead of from land-based reserves by using a platform that is mobile or fixed and located off the coast. The offshore oil industry uses digital oilfield technology to assist with deep-water drilling. Additionally, digital oilfield products and services are used for increasing productivity, reducing costs, and minimizing risks in oil and gas operations. For instance, according to Newfoundland and Labrador Statistics Agency, a Canada-based part of the economics and statistics branch of the department of finance, between January and July 2022, 52 million barrels of oil were extracted from offshore Newfoundland and Labrador, an easterly province of Canada. Furthermore, As of May 1, 2021, the Bureau of Ocean Energy Management, an agency within the United States Department of the Interior, is in charge of managing 12.1 million outer continental shelf (OCS) acres under 2,287 current oil and gas leases. Approximately 641 million barrels of oil and 882 billion cubic feet of gas were produced offshore by the federal government in FY 2020, almost all of which was done in the Gulf of Mexico. This is responsible for 2% of domestic natural gas output and 15% of all domestic oil production. Therefore, an increase in offshore exploration and drilling activities is driving the growth of the digital oilfields market.
Key Industry Players
Major companies operating in the digital oilfield market report are TE Connectivity Ltd., Omron Corporation, Eaton Corporation plc, Rockwell Automation Inc., Molex LLC, Weidmüller Interface GmbH & Co. KG, WAGO Kontakttechnik GmbH & Co. KG, Phoenix Contact GmbH & Co. KG, Wieland Electric GmbH, ABB Ltd., Vicor Corporation, Crane Aerospace and Electronics, Weco Electrical Connectors Inc., Modular Devices Inc., Ningbo Degson Electrical Co.Ltd., Metz Connect GmbH, Stark Industries, Metro Hydraulic Jac Co., Dinkle Group, Hotel Reservation Service, K.A. Schmersal GmbH & Co. KG, Altech Corporation, Amphenol Corporation, Bourns Inc., CUI Devices Inc., Curtis Industries LLC, EBY Electro Inc., E-T-A Engineering Technology, FCI Connectors Ltd., Keystone Electronics Corp., Lumberg Automation Components GmbH & Co., Regal Rexnord Corporation, Groupe Carbone Lorraine SA, OMEGA Engineering Inc., Panduit Corp., RIA Connect Inc., Sprecher + Schuh Inc., Struthers-Dunn LLC, Weiland Electric Inc., Würth Elektronik GmbH & Co. KG
The digital oilfield market report table of contents includes:
1. Executive Summary
- Digital Oilfield Market Characteristics
- Digital Oilfield Market Trends And Strategies
- Digital Oilfield Market – Macro Economic Scenario
- Global Digital Oilfield Market Size and Growth
. - Global Digital Oilfield Market Competitive Benchmarking
- Global Digital Oilfield Market Competitive Dashboard
- Key Mergers And Acquisitions In The Digital Oilfield Market
- Digital Oilfield Market Future Outlook and Potential Analysis
- Appendix
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