“The digital oilfield market is projected to grow at a CAGR of 4.77%, from 2019 to 2024.”
The digital oilfield market is projected to grow from an estimated USD 24.1 billion in 2019 to USD 30.40 billion by 2024, at a CAGR of 4.77% from 2019 to 2024. New technological advancements and increased Return on Investment (ROI) are driving the digital oilfield market. Europe and North America are expected to be the largest markets for digital oilfield during the forecasted year. Data security and cyber threats are key pain points for oil field operations that can restrain the growth of the market during the forecast period.
“The hardware segment is expected to hold the largest share of the digital oilfield market, by solutions, during the forecast period.”
The hardware solutions segment includes Distributed Control System (DCS), Supervisory Control and Data Acquisition (SCADA), smart wells, safety systems, wireless sensors, Programmable Logic Controller (PLC), computer equipment & application hardware, process automation manager, and human machine interaction instrument which is responsible for surveillance and communication data transfer in both onshore and offshore fields. The hardware segment of the global digital oilfield market is expected to grow at a fast pace during the forecast period. 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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“Middle East: The fastest market for digital oilfields.”
The Middle East is the largest market for digital oilfields, followed by North America and Asia Pacific. The region consists of major oil & gas producing countries such as Saudi Arabia, the UAE, Kuwait, Iraq, and Iran, which have some of the largest petroleum reserves in the world. Saudi Arabia continues to drive the demand for the market in the region. Despite the recent decline in profit margins for the national oil companies, the companies continue to increase their production output. The use of digitization techniques would enhance the production output synergies thereby enabling the oilfield operators to improve their operational efficiency.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects.
The distribution of primary interviews is as follows:
- By Company Type: Tier 1- 25%, Tier 2- 40%, Tier 3- 35%
- By Designation: C-Level- 18%, D-Level- 35%, Others- 47%
- By Region: Asia Pacific- 30%, Middle East- 23%, Europe- 20%, North America- 18%, and Africa- 9%
Note: The tier of the companies has been defined on the basis of their total revenue; as of 2016: Tier 1 = >USD 5 billion, Tier 2 = USD 1 billion to USD 5 billion, and Tier 3 =
The report provides a complete view of the digital oilfield market across the oil & gas industry and regions. It aims at estimating the market size and future growth potential of the market across different segments such as process, application, solutions, and region. Furthermore, the report includes an in-depth competitive analysis of the key players in the market along with their company profiles, recent developments, and key market strategies.
The market has been segmented on the basis of process, application, solutions, and region, with a focus on industry analysis (industry trends). The market ranking analysis of the top players, supply chain analysis, and company profiles, which together comprise and evaluate the basic views on the competitive landscape, emerging and high-growth segments of the digital oilfield market.
The report provides insights on the following pointers:
- Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and new product launches in the digital oilfield market.
Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for digital oilfield across regions. Market Diversification: Exhaustive information about new products, untapped regions, recent developments, and investments in the global digital oilfield market.
Why buy this report?
- The report identifies and addresses key markets for the implementation of a digital oilfield in various industries, which would help manufacturers review the growth in demand.
The report helps solution providers understand the pulse of the market and provide insights into drivers, opportunities, restraints, and challenges. The report will help key players understand the strategies of their competitors better and will help in making strategic decisions.