Advantages of production optimization to the oil & gas industry is one of the major growth factors for production optimization.
PORTLAND, OREGON, UNITED STATES, August 2, 2022 /
EINPresswire.com/ -- The global
digital oilfield market is projected to reach $54.4 billion by 2030, growing at a CAGR of 7.2% from 2021 to 2030. Rise in investments toward digital technologies in the oil & gas industry and surge in demand for manufacturing optimization drive the global digital oilfield market. On the other hand, surge in cyber security risk and awareness regarding data safety hinder the market growth. On the contrary, demand from the pharmaceutical sector is expected to create several market opportunities.
The factors contributing toward the market growth are intense competition in oil sector and advantages of digital oil filed. Because of the intense competition the oil majors are investing heavily in the digital oilfield. Integrating the advance digital technology with innovative processes eases the operation. The digital oilfield has the capability to improve output, and manage the operational costs and reduce the unplanned shutdowns of equipment and wells. In addition, oil companies can use data from all parts their value chains captured by the operators, internet of things (IoT), and engineers. However, the growth of renewable energy industry is hindering the oil industry which is negatively impacting the demand for digital oilfield services. This is consequently hindering the growth of the digital oilfield market. The renewable energy market is expected to grow at a CAGR of 8.4%. In addition, the high initial cost of digital solutions for oilfield also hinders the digital oilfield market growth.
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The report segments the global digital oilfield market on the basis of process, solution, application, and region. On the basis of process, the production optimization segment garnered 20.8% in terms of revenue and is anticipated to grow at a CAGR of 7.8% during the forecast period. Advantages of production optimization to the oil & gas industry is one of the major growth factors for production optimization. The advantages of production optimization are increasing or decreasing target production of gas and oil across multiple locations, decreasing the production cost.
Based on application, the offshore segment accounted for the
largest market share in 2020, contributing to more than four-fifths of the total share, and is expected to maintain the lead throughout the forecast period. The segment is estimated to witness the fastest CAGR of 7.7% from 2021 to 2030. The report also covers the onshore segment.
Based on the solution, the hardware solutions segment contributed to the highest market share in 2020, attributing to nearly half of the total market share, and is anticipated to dominate the market during the forecast period. On the other hand, the software & service solution segment is expected to manifest the fastest CAGR of 8.2% from 2021 to2030.
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Based on region, Asia-Pacific, followed by Europe and North America, contributed to the highest share in 2020, holding nearly two-fifths of the total share, and is anticipated to maintain dominance throughout the forecast period. The global digital oilfield market across Asia-Pacific is anticipated to exhibit the fastest CAGR of 8.4% during the forecast period.
The digital oilfield market analysis covers in-depth information of the
major industry participants. Some of the major players in the digital oilfield industry include Schlumberger, Halliburton, National Oil Varco, ABB, Schneider, Baker Hughes, Weatherford international, Infosys, and Siemens.
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Impact of COVID-19 on the Digital Oilfield Market
• The COVID-19 has hindered the oil demand which has correspondingly hindered the demand for digital oilfield solutions
• The spread of COVID-19 in numerous countries halted the industrial activities.
• This resulted into oversupply scenario in oil industry.
• This consequently resulted into decreased demand for drilling activities.
• The decrease in drilling activities resulted in decreased demand for drilling optimization solutions.
David Correa
Allied Analytics LLP
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