Digital Oilfield Market Overview 2024-2033 – Competitive Landscape and Strategies

The Digital Oilfield Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Digital Oilfield Global Market Report 2024, 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..

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.

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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

Technological advancements are a key trend gaining popularity in the digital oilfields market. Major companies operating in the digital oilfields market are advancing toward next-generation automation technology to gain a competitive edge in the market. For instance, in February 2023, Baker Hughes, a US-based energy technology company, unveiled Leucipa, a new digital solution aimed at enhancing efficiency and sustainability in oil and gas operations. The cloud-based automated field production software is designed to assist operators in proactively managing production while concurrently reducing carbon emissions. The focus of Leucipa is on achieving specific outcomes by leveraging data to drive intelligent operations. This innovation reflects Baker Hughes’ commitment to advancing digital capabilities for more efficient, informed, and sustainable energy operations.

The digital oilfield market report table of contents includes:

1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis

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