Home > Energy & Power > Oil and Gas > Upstream > Digital Oilfield Market

Digital Oilfield Market Size

  • Report ID: GMI1240
  • Published Date: Apr 2023
  • Report Format: PDF

Digital Oilfield Market Size

Digital Oilfield Market size surpassed USD 30.3 billion in 2023 and is anticipated to grow at 6.9% CAGR from 2024 to 2032, driven by volatile crude oil & gas prices.

 

The use of digital oilfields in the oil & gas industry is increasing as a result of automation, data analytics, and enhanced connectivity. Oilfield technology has advanced rapidly, presenting numerous market growth opportunities. Furthermore, price volatility influences investments in oil and gas exploration and production. Major industry leaders are incorporating digital technologies into their operations to increase profitability, which is driving the digital oilfield market progression by 2032.
 

The integration of digital technology such as IT, AI, and others has created a cybersecurity risk from hackers who may steal critical data and disrupt plant operations. Moreover, threats such as production disruption, hydrocarbon installation terrorism, undetected spills, and leak of sensitive information are a few of the major factors limiting market growth. 

Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market size for digital oilfield registered a valuation of USD 30.3 billion in 2023 and is primed to progress at over 6.9% CAGR during 2024 to 2032, attributed to the volatile crude oil & gas prices.

The instrumentation and automation services sector is anticipated to attain 6% gains from 2023 to 2032. owing to its burgeoning productivity, less human error, and lower operational downtime are a few of the key drivers influencing segment growth.

The North America industry is predicted to be worth USD 19 billion by 2032 comprehended by the ongoing technological partnerships with IT organizations.

Top firms engaged in the digital oilfield industry are Intel Corporation, Siemens, ABB, General Electric, SLB, Schneider Electric, Rockwell Automation, Emerson Electric Co, Accenture, Infosys Limited, Honeywell International Inc., Sinopec Oilfield Service Corporation, Cisco Systems, Inc., Wipro, OleumTech., and Saudi Arabian Oil Company (Saudi Aramco), among others.

Digital Oilfield Market Scope

Buy Now


Premium Report Details

  • Base Year: 2023
  • Companies covered: 27
  • Tables & Figures: 869
  • Countries covered: 27
  • Pages: 510
 Download Free Sample