Visiongain Publishes Digital Oilfield Market Report 2022-2032
27 April 2022
Visiongain has published a new report entitled the Digital Oilfield Market Report 2022-2032: Forecasts by Application (Onshore Oilfield, Offshore Oilfield), by Solution (Hardware, Software & Service, Data Storage), by Process (Reservoir Optimization, Drilling Optimization, Process Optimization, Safety Management, Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Recovery Scenarios.
The global digital oilfield market was valued at US$24087 million in 2021 and is projected to grow at a CAGR of 9.0% during the forecast period 2022-2032.
In 2020, North America's oil output was 23.5 million barrels per day. Oil output comprises crude oil, shale oil, oil sands, and natural gas liquids (NGLs), according to the source (the liquid content of natural gas, where this is recovered separately). The number of rigs drilling for oil in the United States is constantly increasing as a result of the protracted conflict between Russia and Ukraine. The Baker Hughes North America Rig Count has increased by nearly 60% year over year. It has seldom climbed at such a rapid rate in the past. Other nations in the area are following suit, expanding output in order to fulfil global oil and gas demand.
How has COVID-19 had a significant negative impact on the Digital Oilfield Market?
The pandemic has led enterprises to reduce or cease physical activities, which has had a significant impact on upstream output. Meanwhile, downstream operations are modernising their frameworks and seeking for even greater dexterity in their processes.
The Covid-19 epidemic drove enterprises to remove affected people from manufacturing platforms in 2020, generating a labour shortage. The necessity for remote monitoring of oilfield equipment was emphasised as a result, encouraging the oil and gas sector to push towards digitization. Asset management is a primary priority in order to enhance investment returns. To ensure long-term sustainability, companies are expected to deploy digital twins and other technology to monitor every part of the asset lifetime.
The pandemic provided an opportunity for the industry to develop forward-thinking, dynamic, and long-term plans that would result in a secure, dependable, and diverse system. The cornerstones of Industry 4.0 include the growth of technology like as digital twins and threads, machine learning, and AI cloud solutions. They provide more IT/OT convergence, allowing operators to benefit from the Industrial Internet of Things (IIoT).
Industry 4.0 is gaining traction in the oil and gas industry. Industry 4.0 brings with it the cutting-edge technologies and processes required to change industries all around the world. These digital solutions provide organisations with the knowledge they need to align business operations, streamline maintenance practises, and boost productivity for the best return on investment.
How this Report Will Benefit you?
Visiongain’s 380+ page report provides 241 tables and 231 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global digital oilfield market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Digital Oilfield. Get the financial analysis of the overall market and different segments including process, application, solution and capture higher market share. We believe that high opportunity remains in this fast-growing digital oilfield market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report would help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the current market drivers?
Investment in Digital Initiatives are Aiding Businesses Reach Greater Heights
Digital investments are critical for unlocking business value, but they should be structured in a way that leads to more transformative improvements that position the organisation to advance beyond proof of concept. As the oil industry's purpose and licence to operate expands, digital can help oil businesses maintain their licence to operate, for example, through more transparency, improved safety measures, and environmental initiatives like emissions tracking. Companies are putting money into digital as a means of assisting with the energy transition and developing more sustainable future business models.
Digital Supports In The Optimization Of Core Companies
Today, digital contributes in the optimization of core companies, and it is projected to aid in the making of quicker and more informed decisions in the future. Most oil firms are still turning to digital to help them cut costs and improve efficiency in their operations—optimizing their core business as they attempt to become as lean as possible in order to compete in a difficult climate. Analytics and machine learning are expected to aid oil businesses in making better and faster choices and bringing new oil and gas production online more quickly. Many people understand that in order to unlock value, they must first recognise it.
Where are the market opportunities?
In Oil And Gas Industry, Digital Twins are Becoming More Prevalent
Increased integration of internal systems, human activities, and external ecosystems may generate value throughout the organisation via digital twins. A virtual representation of a physical thing or system is known as a digital twin. Sensors collecting data from their real-world counterpart can provide input to the twin. This enables the twin to stimulate the physical item in real time, providing information on performance and possible issues. Digital twin technology may be used by oil and gas firms to examine how a process or system works, construct an analytical what-if model, or build a predictive what-will model.
Defining a Blueprint for Attaining Carbon Reduction Targets
As the global discourse about climate change becomes more serious, oil and gas corporations will increase their attention on decreasing greenhouse gas (GHG) emissions during the next decade. Many oil and gas corporations have committed to achieving net-zero GHG emissions between 2030 and 2050. They have begun investing in renewable energy alternatives such as wind and solar power in order to make this ambition a reality. To satisfy growing carbon standards, Chief Information Officers must supply sufficient IT infrastructure, services, and personnel. They must also begin due diligence as soon as possible, because the market for these solutions is still developing, and implementation will be difficult
The major players operating in the digital oilfield market are Baker Hughes, Halliburton, Schlumberger, Weatherford, ABB Ltd, Siemens AG, Rockwell Automation, Inc., NOV Inc.,, Schneider Electric SE, Futureon AS, 3GiG, Blue River Analytics, Huvr Inc., Larsen & Toubro Ltd , EVINSYS INC, PricewaterhouseCoopers, OleumTech, Infosys Limited, Intel Corporation, Cognizant, These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
Notes for Editors
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