Digital Oilfield Market Overview:
Digital oilfield is a concept that encompasses streamlining of data from distant wells and the processing, integration, and analysis of data in several physical environments. Technological innovation has been a prime mover in the development of digital oilfields. However, a vital component of its success is reliant on an understanding of the concept and process and ensuring that people using this are well-trained.
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Digital Oilfield Market Estimation:
The global digital oilfield market was valued at over USD 26.0 billion in 2019. The market witnessed a decline during the pandemic period and therefore reached a valuation of around USD 20.0 billion in 2020. However, post-pandemic, it is projected to display a compound annual growth rate of over 7% from 2021 to 2026. At this rate, the market is estimated to reach a valuation of over USD 30.0 billion.
Recent Developments:
1. In September 2019, ExxonMobil provided a contract to Kongsberg Digital to provide digital solutions for its offshore asset in Guyana.
2. During the same period, Schlumberger, Chevron, and Microsoft announced a partnership for the establishment of advanced digital and petro-technical technologies to boost digital transformation.
3. Halliburton entered into a multi-year agreement with Repsol to provide a cloud-based master data management solution for exploration and production activities in October 2019.
4. February 2020 witnessed the partnership of Schlumberger with the Egyptian Ministry of Petroleum for the Egypt Upstream Gateway project that would digitize subsurface information and deliver a digital subsurface platform to preserve the data.
5. Weatherford introduced a holistic approach to effectively managing complex website operations digitally called Centro in March 2020.
The key players operating in the digital oilfield market are:
1. Schlumberger Limited
2. Weatherford International PLC
3. Halliburton Company
4. Baker Hughes Company
5. National Oilwell Varco Inc.
6. ABB Limited
7. Emerson
8. Rockwell Automation
9. Siemens AG
10. Sinopec Oilfield Service Corporation
11. Saudi Arabian Oil Company
The research report analyses the ecosystem of the digital oilfield market and categorizes it to forecast the revenues and analyze the trends in each of the following below-mentioned market segments.
Digital Oilfield Market Segment: Summary
By Process Type:
• Production Optimization
• Reservoir Optimization
• Digital Optimization
• Others
By Solutions Type
• Services
• Software
• Hardware
By Application
• Onshore
• Offshore
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