North America Digital Oilfield Market Analysis

North America Digital Oilfield Market Analysis

The production optimization processes held a major market share of over 28% in 2022 and will witness 6% growth during 2023-2032. Remote monitoring and control systems provide real-time data and alerts, allowing operators to make quick decisions and adjustments to optimize production. Improving production statistics, operator safety and operational efficiency are few of the prominent factors driving the espousal of production optimization services, further propelling the North America digital oilfield industry expansion.
 

IoT segment accounted for USD 3 billion of the North America digital oilfield market value in 2022 and is poised to attain 6% gains between 2023 and 2032. Real-time data collection provides operators with immediate insights into the status and conditions of assets, allowing them to detect anomalies, identify potential issues, and make informed decisions in real-time. This leads to improved operational efficiency, enhanced safety, and proactive maintenance.
 

IoT technology further enhances safety and risk management in the digital oilfield. Additionally, IoT data can be used to analyze safety trends, identify potential risks, and implement preventive measures to improve overall safety performance. Furthermore, data driven decision making, optimization of resource utilization, integration & collaboration of various stakeholders, improved predictive maintenance and remote operations and controls are few of the key advantages offered by the IoT technology, which in turn is propelling the North America digital oilfield market demand.
 

The oil and gas industry in U.S. has witnessed a substantial development in the recent years. This sector has faced cost pressures in recent years due to market volatility and price fluctuations. For instance, as per International Energy Agency (IEA), the crude oil first purchase price in U.S. has grown from USD 26.7 per barrel in 2000 to USD 65.8 per barrel in 2021 with highest value of USD 96 per barrel witnessed in 2013. This has boosted the requirement for digital oilfield services as these technologies aid the industry in streamlining processes, minimize downtime, and reduce operational expenses, thereby improving profitability.