Market Size

The global digital oilfield market size is valued at USD 20.2 billion in 2020. Overall market is estimated to reach a value of USD 28.5 billion in 2027. The digital oilfield market analysis shows that it will grow with a CAGR of 7.1% over the forecast period of 2021 to 2027.

Market Insight

An increased need for oil and gas operators to scale up production, technological advancements in industrial sector, and a growing emphasis on remote management of oil fields for automation and process optimization are expected to drive the digital oilfield market. The global  COVID-19 pandemic has had a direct impact on the oil and gas industry. As a result of the current situation, numerous oil and gas companies across regions have been forced to shut down services and manufacturing facilities as countries implemented a partial or complete lockdown strategy in response to the pandemic. Furthermore, companies in various regions have halted or delayed three major oil and gas projects. Moreover, the COVID-19 pandemic has had an effect on well drilling crude oil prices, and production activities, and the oil and gas supply chain.

Market Driver

The oil and gas industry is embracing digitization by modifying conventional business models into more intelligent operations. Oilfield digitization enables the deployment of a minimal workforce in remote  offshore and onshore exploration locations. Due to the limited supply of oil or fuel to the growing number of vehicles on the road, the oil industry is forced to adopt latest and improved technologies. As a result, requirement for operational digital oilfield solutions is increasing, thereby propelling the digital oilfield market. The oil and gas industry is benefiting from technological advancements in smart fields such as seismic imaging, IoT, AI, and machine learning. By connecting sensors, communication, and analytical tools, the Internet of Things improves the ability to process, collect, and analyze data. Data collected from connected devices and sensors enables them to gain real-time insights that aid in planning, operation optimization, and maintenance. By making faster decisions and increasing workforce productivity, digital technology enables operators in the oil and gas industries to reduce costs and improve efficiencies.

Research Methodology

Digital Oilfield market report consists of market analysis including both primary and secondary research. Primary research comprises of the interaction between manufacturers, industry experts channel partners, and end users, while the secondary research presents an analytical interpretation of relevant published databases, which contains details like company annual reports, and financial reports, white papers, and purchased databases. For single, team and corporate user license, we will provide 15% free customization of the report. However, alternatively, if you are looking for additional data or insight related to the scope of the report, you may purchase the "Customized Research License". Please put an enquiry for the pricing details.

About Us

Market Insight Solutions is a leading market research firm which caters to a diverse portfolio of research campaigns. We are one of the fastest growing research organization led by an extensive team of individuals. Our team has individuals with more than 10 years of experience in diverse research domains. Our strategic insights aim at providing credible and practical solutions to meet the specific requirements of our clients. We offer market studies on basis of facts across cross domains.

Segments covered in the report

Digital Oilfield Market Size and Outlook by Process

• Reservoir Optimization
• Drilling Optimization
• Production Optimization
• Safety management
• Others

Digital Oilfield Market Size and Outlook by Application

• Onshore
• Offshore

Digital Oilfield Market Size and Outlook by Solution

• Hardware Solutions
  • Distributed Control System
  • Supervisory Control & Data Acquisitions
  • Smart Wells
  • Safety System
  • Wireless Sensors
  • Programmable Logic Controller
  • Computer Equipment & Application
  • Process Automation Manager
  • Human-Machine Interaction Instrument
• Software & Service Solutions
  • IT Outsourcing
  • Software
  • IT servicing & Commissioning
  • Collaborative Product Management

Digital Oilfield Market Size and Outlook by Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • France
  • Germany
  • Russia
  • Italy
  • Spain
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • New Zealand
  • Indonesia
• Central & South America
  • Brazil
  • Chile
  • Argentina
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa

Companies Profiled in this Report

• SCHLUMBERGER
• WEATHERFORD
• BAKER HUGHES COMPANY
• HALLIBURTON
• NATIONAL OILWELL VARCO
• ABB
• EMERSON
• ROCKWELL
• SIEMENS
• HONEYWELL

Actionable Outcomes

Our Digital Oilfield Market Report offers a thorough assessment of estimations and projections on the market dynamics. Further, it helps in the implementation of these results as they show tangible benefits to business stakeholders and industry entities decisions as leaders.

Strategic Planning

Every business needs to understand how their product will service in the forthcoming years. With the current uncertainness due to the COVID-19 scenario, this analysis becomes significant to understand past disruptions and boost the preparedness for the next steps of decision. We at Market Insight Solutions are trying to break down the complex market for the business leaders through strategic insights and resilience in unpredictable situations.

Highlights of the report:

• COVID-19 impact on Digital Oilfield market size
• Digital Oilfield market size, drifts, drivers and opportunities
• Analyzing the regional market for the growth factors, estimated analysis and its penetration to the global market
• Digital Oilfield market size in United States
• Understanding the dynamics of the parent market
• Prime fluctuations of the market dynamics
• Evaluation of the market opportunities
• Historical, current, and projected Digital Oilfield market size from the standpoint of both value and volume
• Market segmentation and comprehensive analysis in the second or third level
• Reporting and evaluation of recent industry developments
• Analysis of market share and developments
• Detailed company profiling of leading companies
• Opportunities to newer markets in global and regional markets
• Analyzing the trajectory line of the business
• Analyze Digital Oilfield market share
• Measures to consider for Digital Oilfield market