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$30+ Bn Digital Oilfield Market - Global Forecast to 2024

/EIN News/ -- Dublin, May 16, 2019 (GLOBE NEWSWIRE) -- The "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 2024" report has been added to's offering.

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%
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.

A digital oilfield provides design and deployment of integrated workflows where the real-time data from a well site at various oilfields is continuously recorded and monitored at remote locations. Its workflow combines business process management with advanced information technology and engineering expertise to streamline and automate the execution of the various oilfield tasks. It uses various hardware solutions, software & service solutions, and data storage solutions.

Oilfields are deployed with hundreds of sensors that transmit real-time data to the supervisory control units. The data is then managed and filtered by various service providers and sent to operators. The data gathered by these data oilfield systems is stored on on-premise or hosted (cloud).

The basic components considered under the hardware solutions segment include DCS, SCADA, smart wells, PLC, wireless sensors, and other digitalization instruments responsible for surveillance and communication data transfer in both onshore and offshore fields. They help in oilfield recovery, eliminating downtime, and increasing profitability.

New technological advancements in the digital oilfield, increased return on investment in the digital oilfield, and increased need from oil & gas operators to scale up production from mature wells are the key factors driving the digital oilfield market. However, the introduction of digital trends in the digital oilfield and offshore/ultra-deep-water discoveries offer promising new opportunities in the digital oilfield market.

The key players in the digital oilfield market include integrators such as Schlumberger, Weatherford, Halliburton, BHGE, National Oilwell Varco; and equipment providers such as ABB, Emerson, Rockwell, and Siemens.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Global Digital Oilfield Market, 2019-2024
4.2 Digital Oilfield Market, By Country
4.3 European Digital Oilfield Market, By Process & Country
4.4 Digital Oilfield Market, By Process
4.5 Digital Oilfield Market, By Solutions
4.6 Digital Oilfield Market, By Application

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers New Technological Advancements in the Digital Oilfield Market Increased Return on Investment (ROI) in the Digital Oilfield Market Increased Need From Oil & Gas Operators to Scale Up Production From Mature Wells
5.2.2 Restraints Delay in Decision Making Process By Deploying Various Analytic Tools Cybersecurity Threat Hampering the Growth of the Digital Oilfield Market
5.2.3 Opportunities Introduction of Digital Trends in the Digital Oilfield Market Offshore/Ultra-Deep-Water Discoveries
5.2.4 Challenges Engaging New Digital Talent Interoperability of Multiple System Components From Different Solution Providers

6 Digital Oil Field Market, By Solutions
6.1 Introduction
6.2 Hardware Solutions
6.2.1 Distributed Control System (DCS)
6.2.2 Supervisory Control and Data Acquisition (SCADA)
6.2.3 Smart Wells
6.2.4 Safety Systems
6.2.5 Wireless Sensors
6.2.6 Programmable Logic Controller (PLC)
6.2.7 Computer Equipment & Application Hardware
6.2.8 Process Automation Manager
6.2.9 Human Machine Interaction Instrument
6.3 Software & Service Solutions
6.3.1 It Outsourcing
6.3.2 Software
6.3.3 It Services & Commissioning
6.3.4 Collaborative Product Management (CPM)
6.4 Data Storage Solutions
6.4.1 Hosted
6.4.2 On-Premise

7 Digital Oil Field Market, By Process
7.1 Introduction
7.2 Production Optimization
7.2.1 The Production Optimization Segment is Getting A Boost Due to the Ongoing Market Dynamics
7.3 Drilling Optimization
7.3.1 Optimized Drilling Techniques Have Significantly Reduced Drilling Costs Over Time
7.4 Reservoir Optimization
7.4.1 The Oilfield Operators in the Middle East, North America, and Asia Pacific are Currently Employing Digital Oilfield Technologies to Arrest the Growing Demand for Oil & Gas
7.5 Safety Management
7.5.1 Higher Safety Standard are the Major Concern for Operators, and Can Be Taken Care By Adopting Digital Oilfield Technology
7.6 Others
7.6.1 Other Processes Include Asset Management, and Maintenance & Repair

8 Digital Oil Field Market, By Application
8.1 Introduction
8.2 Onshore
8.2.1 The Onshore Application is Growing at A Faster Pace as the Cost Incurred in Oil & Gas Activities is Less in Onshore When Compared to Offshore Application
8.3 Offshore
8.3.1 The Application of Offshore Segment is Expected to Be Driven By Increasing Deepwater Drilling and Production Activities

9 Digital Oil Field Market, By Region
9.1 Introduction
9.2 Europe
9.2.1 By Process
9.2.2 By Application
9.2.3 By Solutions
9.2.4 By Country Norway Russia UK Rest of Europe
9.3 Asia Pacific
9.3.1 By Process
9.3.2 By Application
9.3.3 By Solutions
9.3.4 By Country China Malaysia India Australia Rest of Asia Pacific
9.4 Middle East
9.4.1 By Process
9.4.2 By Application
9.4.3 By Solutions
9.4.4 By Country Oman Saudi Arabia Kuwait UAE Rest of the Middle East
9.5 North America
9.5.1 By Process
9.5.2 By Application
9.5.3 By Solutions
9.5.4 By Country US Canada Mexico
9.6 Africa
9.6.1 By Process
9.6.2 By Application
9.6.3 By Solutions
9.6.4 By Country Nigeria Angola Rest of Africa
9.7 South America
9.7.1 By Process
9.7.2 By Application
9.7.3 By Solutions
9.7.4 By Country Brazil Argentina Venezuela Rest of South America

10 Competitive Landscape
10.1 Overview
10.2 Competitive Leadership Mapping
10.3 Ranking of Players and Industry Concentration, 2018
10.4 Competitive Scenario

11 Company Profiles

  • ABB
  • Accenture
  • Bhge
  • CGG
  • DIGI International
  • EDG
  • Emerson
  • Halliburton
  • Honeywell
  • IBM
  • Intel
  • Katalyst
  • Kongsberg
  • Microsoft
  • National Oilwell Varco
  • Oleumtech
  • Oracle
  • Pason
  • Petrolink
  • Redline
  • Rockwell
  • Schlumberger
  • Siemens
  • Weatherford

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Related Topics: Oilfield Equipment and Services