The global digital oilfield market is projected to reach USD 30.4 billion by 2024 from an estimated value of USD 24.1 billion in 2019, at a CAGR of 4.77%. New technological advancements, and increased return on investment are the factors which are likely to drive the digital oilfield market during the forecast period.
The digital oilfield market is dominated by major players that are established brand names with a wide regional presence, along with many local and regional players in emerging economies. The key players in the digital oilfield market include integrators such as Schlumberger (US), Weatherford (Switzerland), Halliburton (US), BHGE (US), National Oilwell Varco (US), and equipment providers such as ABB (Switzerland), Emerson (US), Rockwell (US), and Siemens (Germany).
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The production optimization segment is estimated to be the fastest-growing segment of the digital oilfield market, by process, from 2017 to 2022. The production optimization segment is getting a boost due to the ongoing market dynamics, where there has been a considerable decline and a constant fluctuation in the oil prices, along with the competition among the top oil & gas producing countries, for improving their oil & gas production output. Thus, increasing adoption of digitization techniques in oil & gas fields for enhancing the production outputs is expected to drive the production optimization segment at the highest pace during the forecast period.
Based on application, the onshore segment is expected to grow at the fastest rate from 2019 to 2024. The Middle East and the North American regions are currently the world’s largest crude oil producers, as most of the oilfields in these regions are located onshore. The increasing adoption of digital oilfield techniques in these regions to increase their production activities and reduce the non-productive time, is expected to drive the onshore segment at the highest rate during the forecast period.
The hardware segment of the digital oilfield market, by solutions, is estimated to grow at a faster rate from 2019 to 2024. The capital investment by oilfield operators toward technology enhancement and process automation enables the companies to eliminate non-productive time, optimize production and enhanced control, and monitor oil & gas fields.
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The digital oilfield market has been segmented, by region, into Europe, North America, Asia Pacific, the Middle East, South America, and Africa. The Middle Easte region is projected to grow at the fastest rate, from 2019 to 2024, followed by North America and Asia Pacific. Countries such as Saudi Arabia, Kuwait, and Oman are the fastest growing markets in the Middle East region, owing to the increase in their production activities. Saudi Arabia is projected to grow at the highest CAGR from 2019 to 2024. The recent discovery of offshore reserves in the Red Sea is expected to increase offshore E&P activities in the region. Oil export is one of the major driving factors of the economy in the Middle East region, the maturing oilfields and the need for increasing production activities are the major factors impacting the growth of the digital oilfield market in this region.
