DUBLIN--(BUSINESS WIRE)--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 ResearchAndMarkets.com'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.
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.
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.
The key players in the digital oilfield market include integrators such as Schlumberger (US), Weatherford (Switzerland), Halliburton (US), BHGE (US), National Oilwell Varco (US), and equipment providers such as ABB (Switzerland), Emerson (US), Rockwell (US), and Siemens (Germany).
Market Dynamics
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
Restraints
- Delay in Decision Making Process By Deploying Various Analytic Tools
- Cybersecurity Threat Hampering the Growth of the Digital Oilfield Market
Opportunities
- Introduction of Digital Trends in the Digital Oilfield Market
- Offshore/Ultra-Deep-Water Discoveries
Challenges
- Engaging New Digital Talent
- Interoperability of Multiple System Components From Different Solution Providers
Companies Mentioned
- 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
For more information about this report visit https://www.researchandmarkets.com/r/fn51ku
