Global Digital Oilfield Market - Analysis By Technology, End-Process, Application, By Region, By Country (2019 Edition): Opportunities and Forecast (2019-2024)

Date: 1 December 2019

According to a research report published by Azoth Analytics in November 2019, the Global Digital Oilfield Market was valued at USD 23,235.15 Million in the year 2018. Growing Exploration & Production (E&P) activities across the globe, exploration of shale resources as well as CAPEX improvement in upstream sector, technological advancements coupled with the rising demand for reduction in production costs as well as growing safety concerns are the major factors impelling the market growth. Further, environmental benefits include reduction in CO2 emission and avoiding oil spills which has been propelling the digital oilfield market. 

Global Digital Oilfield market has gained importance as increasing consumption requirement influences the exploration of offshore oilfields using digital technologies like Big Data, IIoT (Industrial Internet of Things), SCADA system, sensors, real-time data analysis, robots and drones. These markets are influenced by many factors including fluctuating crude oil and natural gas prices, changing consumer preferences, growing concern to reduce greenhouse emission and the overall strength of the economy.

Leading Digital Oilfield manufacturers are focusing on the development of more advanced technology tools such as Schlumberger introduced the GyroSphere MEMS gyro while drilling service to improve drilling operational efficiency. Also, Halliburton launched iCruise rotary steerable system which delivers fast drilling, accurate well placement and reliable performance.

According to the Azoth Analytics Research Report titled “Global Digital Oilfield Market: World Market Review By Technology (Hardware, Software & Services, Data Storage Solutions), By End-Process (Reservoir Optimization, Production Optimization, Drilling Optimization, Others), By Application (Offshore & Onshore), By Region, By Country (2019 Edition): Opportunities and Forecast (2014-2024) - By Region (Americas, Europe, APAC, MEA), By Country (US, Canada, Mexico, Norway, Russia, United Kingdom, India, China, Saudi Arabia, Iran)”, Americas currently leads the Digital Oilfield market owing to considerable investments planned in offshore deep water and ultra-deep water drilling activities and growing number of oil and gas wells. Also, improvement in oil prices has led the companies to invest more and more in exploration and production of oil and gas from offshore fields.

Implementation of hydraulic fracturing is the technological engine behind surging U.S oil and natural gas output. According to the US Department of Energy, up to 95% of new wells drilled today are hydraulically fractured accounting for two-third of total US marketed natural gas production and about half of total US crude oil production. Additionally, Europe follows the Americas region in digital oilfield market due to the presence of large number of matured or ageing oilfields.

Based on the End Process, the Production Optimization is estimated to account for the largest share over the forecast period. It includes measuring, modelling, analyzing and prioritizing functions to implement in a well or reservoir to improve its productivity. Among the application areas, the Onshore Segment is expected to lead the market share because of the accessibility of large capacity reservoirs in conventional and unconventional reserves on land.