Market Overview:
The global digital oilfield technology market is expected to grow at a CAGR of 9.5% during the forecast period from 2018 to 2030. The market growth can be attributed to the increasing demand for oil and gas across the globe, coupled with the rising adoption of digital oilfield technology in various applications such as instrumentation & automation and IT expenditure. The product optimization segment is expected to hold the largest share of the global digital oilfield technology market in 2018, owing to its ability to improve production efficiency and optimize well performance. The reservoir optimization segment is also projected to grow at a high rate during the forecast period, due to its ability minimize downtime and increase production rates. In terms of region, North America is expected lead the global digital oilfield technology market in 2018, followed by Europe and Asia Pacific.
Product Definition:
Digital oilfield technology is a term used to describe the use of digital technologies in the upstream oil and gas sector. This includes technologies such as sensors, data acquisition and processing, software for modelling and simulation, and decision support tools. The aim of using digital oilfield technology is to improve asset performance, increase production efficiency, reduce costs, and improve safety.
Product optimization:
Product optimization is a technique used to increase the efficiency of products in supply chain management. It helps companies achieve higher production with fewer resources and lower cost. The use of this technology can help reduce lead time, inventory costs, and transportation fuel consumption along with reducing environmental pollution by reducing material usage & waste generation.
Reservoir optimization:
Reservoir optimization is the process of modifying a reservoir’s performance by controlling various physical and chemical factors to enhance oil production. The main objective of optimizing a reservoir is to increase net present value (NPV) oil production with minimal risk, cost, and time.
The global digital oilfield technology market size was valued at USD 6.5 billion in 2016.
Application Insights:
In terms of application, the global digital oilfield technology market has been classified into instrumentation & automation, IT expenditure and others. The instrumentation & automation segment dominated the overall market in 2017 and is expected to continue its dominance over the forecast period. This can be attributed to a large number of investments in this segment by major players such as Schlumberger Limited (SLB), Halliburton Inc. (HAL) and Baker Hughes Inc. (BHI). For instance, in October 2016, BHP Billiton Petroleum Ltd., an Australian multinational mining company made a strategic investment of USD 1 billion for acquiring Rockwell Automation's Oil & Gas business unit which includes seven software companies that provide solutions for reservoir management: Green Hills Software Co., Ltd.; Reality Services GmbH; Flow Simulation Technologies; Energeo Solutions SPA; Seismic Systems Co.; and Computershare Limited among other things like data acquisition systems from these seven software companies.
Regional Analysis:
North America dominated the global market in 2017, with a revenue share of over 35.0%. The U.S., being the largest oil producer in North America, has been witnessing an increasing adoption of digital oilfield technologies since past few years. Furthermore, continuous investments by major players such as Halliburton and Schlumberger to enhance their drilling and completions business is expected to drive regional growth over the forecast period.
Asia Pacific is expected to witness significant growth during the forecast period owing to rising demand for wellhead automation systems from emerging economies such as China and India coupled with growing exploration activities across offshore basins including South China Sea (Vietnam), East China Sea (China) and Indian Ocean (Mauritius).
Growth Factors:
- Increasing demand for oil and gas due to population growth and industrialization
- Rising investments in oil and gas exploration and production
- Proliferation of digital technologies across the oilfield value chain
- Emergence of new business models for digital oilfield services
- Growing focus on operational efficiency and cost reduction
Scope Of The Report
Report Attributes
Report Details
Report Title
Digital Oilfield Technology Market Research Report
By Type
Product optimization, Reservoir optimization, Drilling optimization, Others
By Application
Instrumentation & Automation, IT Expenditure
By Companies
Schlumberge, Halliburton Company, GE(Baker Hughes), National Oilwell Varco, Weatherford International, Siemens, Honeywell International, Kongsberg Gruppen ASA, Emerson Electric, Petrolink International
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
238
Number of Tables & Figures
167
Customization Available
Yes, the report can be customized as per your need.
Global Digital Oilfield Technology Market Report Segments:
The global Digital Oilfield Technology market is segmented on the basis of:
Types
Product optimization, Reservoir optimization, Drilling optimization, Others
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Instrumentation & Automation, IT Expenditure
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Schlumberge
- Halliburton Company
- GE(Baker Hughes)
- National Oilwell Varco
- Weatherford International
- Siemens
- Honeywell International
- Kongsberg Gruppen ASA
- Emerson Electric
- Petrolink International
Highlights of The Digital Oilfield Technology Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Product optimization
- Reservoir optimization
- Drilling optimization
- Others
- By Application:
- Instrumentation & Automation
- IT Expenditure
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Digital Oilfield Technology Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
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- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Digital oilfield technology is a suite of technologies used in the exploration and production of oil and gas. These technologies include seismic imaging, 3D mapping, data interpretation, well logging, and drilling operations.
Some of the major players in the digital oilfield technology market are Schlumberge, Halliburton Company, GE(Baker Hughes), National Oilwell Varco, Weatherford International, Siemens, Honeywell International, Kongsberg Gruppen ASA, Emerson Electric, Petrolink International.
The digital oilfield technology market is expected to grow at a compound annual growth rate of 9.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Digital Oilfield Technology Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Digital Oilfield Technology Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Digital Oilfield Technology Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Digital Oilfield Technology Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Digital Oilfield Technology Market Size & Forecast, 2018-2028
4.5.1 Digital Oilfield Technology Market Size and Y-o-Y Growth
4.5.2 Digital Oilfield Technology Market Absolute $ Opportunity
Chapter 5 Global Digital Oilfield Technology Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Digital Oilfield Technology Market Size Forecast by Type
5.2.1 Product optimization
5.2.2 Reservoir optimization
5.2.3 Drilling optimization
5.2.4 Others
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Digital Oilfield Technology Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Digital Oilfield Technology Market Size Forecast by Applications
6.2.1 Instrumentation & Automation
6.2.2 IT Expenditure
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Digital Oilfield Technology Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Digital Oilfield Technology Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Digital Oilfield Technology Analysis and Forecast
9.1 Introduction
9.2 North America Digital Oilfield Technology Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Digital Oilfield Technology Market Size Forecast by Type
9.6.1 Product optimization
9.6.2 Reservoir optimization
9.6.3 Drilling optimization
9.6.4 Others
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Digital Oilfield Technology Market Size Forecast by Applications
9.10.1 Instrumentation & Automation
9.10.2 IT Expenditure
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Digital Oilfield Technology Analysis and Forecast
10.1 Introduction
10.2 Europe Digital Oilfield Technology Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Digital Oilfield Technology Market Size Forecast by Type
10.6.1 Product optimization
10.6.2 Reservoir optimization
10.6.3 Drilling optimization
10.6.4 Others
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Digital Oilfield Technology Market Size Forecast by Applications
10.10.1 Instrumentation & Automation
10.10.2 IT Expenditure
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Digital Oilfield Technology Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Digital Oilfield Technology Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Digital Oilfield Technology Market Size Forecast by Type
11.6.1 Product optimization
11.6.2 Reservoir optimization
11.6.3 Drilling optimization
11.6.4 Others
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Digital Oilfield Technology Market Size Forecast by Applications
11.10.1 Instrumentation & Automation
11.10.2 IT Expenditure
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Digital Oilfield Technology Analysis and Forecast
12.1 Introduction
12.2 Latin America Digital Oilfield Technology Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Digital Oilfield Technology Market Size Forecast by Type
12.6.1 Product optimization
12.6.2 Reservoir optimization
12.6.3 Drilling optimization
12.6.4 Others
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Digital Oilfield Technology Market Size Forecast by Applications
12.10.1 Instrumentation & Automation
12.10.2 IT Expenditure
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Digital Oilfield Technology Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Digital Oilfield Technology Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Digital Oilfield Technology Market Size Forecast by Type
13.6.1 Product optimization
13.6.2 Reservoir optimization
13.6.3 Drilling optimization
13.6.4 Others
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Digital Oilfield Technology Market Size Forecast by Applications
13.10.1 Instrumentation & Automation
13.10.2 IT Expenditure
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Digital Oilfield Technology Market: Competitive Dashboard
14.2 Global Digital Oilfield Technology Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Schlumberge
14.3.2 Halliburton Company
14.3.3 GE(Baker Hughes)
14.3.4 National Oilwell Varco
14.3.5 Weatherford International
14.3.6 Siemens
14.3.7 Honeywell International
14.3.8 Kongsberg Gruppen ASA
14.3.9 Emerson Electric
14.3.10 Petrolink International
