According to the new market research report “Digital Oilfield Market by Solutions (Hardware, Software & Service, and Data Storage Solutions), Processes (Reservoir, Production, and Drilling Optimizations), Application (Onshore and Offshore), and Region – Global Forecast to 2025″,published by MarketsandMarkets™, the Digital Oilfield Market size is expected to grow from an estimated USD 20.2 billion in 2020 to USD 28.5 billion by 2025, at a CAGR of 7.1%, during the forecast period. The market is set to witness growth due to the increasing focus on optimization through digitization, mostly in mature fields.
The production optimization segment is expected to be the largest segment of the digital oil field market, by process, in 2019. The segment is expected to grow during the forecast period due to increased production activities among the major oil & gas suppliers worldwide for enhancing their respective oil outputs. The adoption and implementation of digital optimization techniques can enable these companies to meet their production targets and enhance their respective profitability.
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The onshore segment is expected to hold the largest share of the Digital Oilfield Market.
The onshore segment is the fastest-growing market and is projected to dominate the market during the forecast period. The larger intensity of onshore applications is mainly in the regions such as the Middle East and North America, where digitization of the fields can maximize the oil & gas outputs, reduce non– productive time, and increase profitability by integrating the workflow. This would ultimately create new revenue pockets for the Digital Oilfield Market during the forecast period.
Europe is expected to be the largest market for digital oilfield
In this report, the Digital Oilfield Market has been analyzed with respect to 6 regions, namely, Asia Pacific, Europe, North America, South America, the Middle East, and Africa. Europe is expected to be the largest Digital Oilfield Market, by region, during the forecast period. The region has several mature fields in the North Sea, which demand increased use of technological prowess to produce oil. Russia, the UK, and Norway share the majority of the number of reserves in the region. In the UK and Norway, oil & gas production takes place at offshore locations, whereas Russia has more onshore fields. The high number of oil & gas fields lead to demand for digital oilfields such as well intervention and Enhanced Oil Recovery (EOR) techniques.
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Some of the leading players in the Digital Oilfield Market such as Schlumberger (US), Weatherford (Switzerland), Halliburton (US), Baker Hughes Company (US), National Oilwell Varco (US), and equipment providers such as ABB (Switzerland), Emerson (US), Rockwell (US), and Siemens (Germany).