The size of Digital Oilfield Market was anticipated as 24 billion in the year 2018 and is predicted to touch 39 billion till 2025, rising with a CAGR of 7% between the years 2019 to 2025 as per the research done by Global Market Insights, Inc.
Digital Oilfield Market is set to grow over USD 39 billion by 2025. Technological advancement coupled with increasing awareness pertaining to the potential of digitalized solutions empowered with advanced analytics, cloud computing and Internet of Things (IoT) will accelerate the business growth. Ongoing promotions amongst the industry through Fourth Industrial Revolution or Industry 4.0 along with respective government measures toward enhancing the domestic technology capabilities will complement the business outlook.
Growing need for economic recovery of hydrocarbon resources along with increasing number of mature fields will propel the digital oilfield market growth. Romania and Russia are set to witness increasing deployments owing to a large number of mature oilfields across the region. Various enhanced oil recovery methods are being actively used to boost the declining production. Innovative solutions including well testing facilities and reservoir management will allow the operators to save cost on performing expensive recovery methods.
Browse key industry insights spread across 340 pages with 554 market data tables & 29 figures & charts from the report, “Digital Oilfield Market Size By Process, Technology, Application Potential, Competitive Market Share & Forecast, 2019 - 2025” in detail along with the table of contents:
The digital oilfield market share is set to grow on account of recovering oil prices and rising exploration and production activities. Rapid discoveries of new oilfields along with increasing rig count will enhance the industry outlook. For instance, in 2018 the U.S. rig count increased to 945 when compared to 900 in 2017.
Economic dependency on oil and gas trade and production coupled with prevailing need for transformation of business operations will propel the Middle East digital oilfield market growth.
Kuwait and Saudi Arabia is set to drive the industry growth on account of massive investment toward digitalization. In order to boost their oil recovery and maximize return the companies are using new technologies. Some of the key investors present across the region include Saudi Aramco, Abu Dhabi National Oil Company and Kuwait Oil Company. For instance, in 2019, the Kuwait Oil Company launched the phase two of the KwIF project integrating the operations with real time surveillance, modelling and field assets.
Growth drivers of Digital Oilfield Market
1. Volatile crude oil prices
2. Increasing exploration and production activities
3. Growing number of mature fields
4. Growing investment toward digital technology
Growing need for strategically planned drilling processes along with need for high capital investments will put thrust to digital oilfield market by drilling operations. Well complexity, low oil prices and increased competition are some of the key factors leading to the adoption of new drilling technologies. It further minimizes the nonproductive time, drilling risk, enhances the work safety along with full time project support will encourage its adoption.
Key participants functioning across the digital oilfield market share include Halliburton, Schlumberger, Weatherford, ABB, Rockwell, Siemens, General Electric, National Oil Varco, Kuwait Oil Company, Accenture, Schneider, Infosys and Intel.
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