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Europe Digital Oilfield Market Analysis

  • Report ID: GMI7208
  • Published Date: Oct 2023
  • Report Format: PDF

Europe Digital Oilfield Market Analysis

Europe Digital Oilfield Market Size, By Process, 2021 - 2032, (USD Billion)

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The reservoir optimization services captured around 27% of the market share in and is expected to observe 6.5% growth rate from 2023 to 2032. As advanced data analytics and modeling techniques are being increasingly harnessed to enhance oil and gas reservoir management. With a growing emphasis on extending the life of mature fields and the need to maximize resource recovery, reservoir optimization has become a critical driver for operational efficiency.
 

Europe Digital Oilfield Market Share, By Service, 2022

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Based on service, the instrumentation & automation services exceeded USD 3.6 billion in 2022 and is anticipated to surpass USD 6.4 billion by 2032. The integration of advanced instrumentation and automation not only improves operational performance but also addresses environmental concerns, aligning with sustainability goals. The ongoing digital transformation in the European oil and gas sector underscores the pivotal role of instrumentation and automation services in reshaping the industry and ensuring its competitiveness in a rapidly evolving energy landscape.
 

The Europe digital oilfield market is witnessing substantial growth in onshore applications as companies increasingly adopt digital technologies to enhance productivity and efficiency in their onshore oil and gas operations. Onshore fields benefit from real-time data analytics, remote monitoring, and automation, enabling better reservoir management, reduced operational costs, and improved decision-making. As Europe places a growing emphasis on energy sustainability and environmental responsibility, digital solutions in onshore applications not only enhance operational efficiency but also contribute to reducing the industry's carbon footprint, making them a critical driver of growth in the European digital oilfield market.
 

The IoT technology was worth USD 1.7 billion in 2022, with expectations of reaching over USD 3 billion by 2032. IoT solutions have revolutionized the oil and gas industry by enabling real-time data collection and analysis, enhancing operational efficiency, and reducing downtime. These technologies provide insights into equipment performance, reservoir management, and safety, optimizing production processes and reducing costs. With the adoption of IoT, European oilfields are becoming increasingly connected and intelligent, leading to improved productivity and sustainability, ultimately driving the market's growth as the industry leverages data-driven insights to make more informed decisions and enhance overall performance.
 

Russia Digital Oilfield Market Size, 2021 - 2032, (USD Billion)

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Russia digital oilfield market valuation to cross USD 3.7 billion in 2022 and is poised to reach USD 6.7 billion by 2032, owing to the need to modernize aging oil infrastructure, which in turn has pushed the industry to adopt advanced technologies such as IoT and automation, enhancing operational efficiency and reducing maintenance costs. Additionally, the country's emphasis on digitalization aligns with government initiatives to improve energy sector efficiency and reduce environmental impact, further boosting the adoption of digital technologies. These drivers, combined with a growing focus on data analytics, are propelling the expansion of Russia's digital oilfield market, promising increased productivity, cost savings, and sustainability in the sector.

Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market size of digital oilfield in Europe was surpassed USD 7.1 billion in 2023 and is anticipated to reach over USD 12.4 billion by 2032, attributed to the region's continuous emphasis on optimizing operational efficiency and reducing production costs which has propelled the adoption of digital technologies in the oil & gas sector.

Europe digital oilfield market from the instrumentation & automation services segment generated more than USD 3.6 billion in revenue in 2022 and is estimated to amass over USD 6.4 billion by 2032, attributed to the rising need to improve operational performance and address environmental concerns across European countries.

Russia digital oilfield market accounted for more than USD 3.7 billion in 2022 and is projected to surpass USD 6.7 billion by 2032, driven by the rising need to modernize aging oil infrastructure which has surged the adoption of advanced technologies such as IoT and automation to enhance operational efficiency and reduced maintenance costs.

The major firms engaged in the market are ABB, Siemens Weatherford, National Oilwell Varco, General Electric, SLB, Schneider Electric, Rockwell Automation, Inc., Emerson Electric Co., Accenture, Infosys Limited, Intel Corporation, Honeywell International Inc., and many others.

Europe Digital Oilfield Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 8
  • Tables & Figures: 231
  • Countries covered: 8
  • Pages: 210
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