Home > Pressrelease > Digital Oilfield Market size to exceed $35bn by 2026

Digital Oilfield Market size to exceed $35bn by 2026

  • Published Date: November 3, 2020

Digital Oilfield Market size is expected to surpass USD 35 Billion by 2026, as reported in the latest study by Global Market Insights Inc.

Digital oilfield industry is set to surge on account of rising focus toward adoption of integrated workflow solutions and cloud-based technologies across the oil & gas sector. Favorable government policies coupled with ongoing digitalization of upstream sector will fuel the business landscape. In addition, growing investments toward digital technology along with increasing number of mature fields will drive the industry scenario.

Paradigm shift toward digitization of oil and gas sector will drive the digital oilfield market demand

Increasing exploration and production activities coupled with volatile crude oil prices will sway the instrumentation & automation based digital oilfield industry growth. Ability to maximize oilfield recovery, increase profitability and eliminate non-productive time will positively influence the product demand. Moreover, these systems are integrated in synchronization with E&P activities and used to provide analytical data for enhanced production management.

Ongoing technological advancement to provide asset management and operational efficiency will drive the product adoption

Cloud computing technology segment of digital oilfield market will witness significant growth owing to its ability to provide data analysis of business processes, asset management and maintenance planning strategies. For instance, in 2019, Schlumberger introduced its new exploration platform, GAIA which enables the operators to quickly access and discover the basin scale data and allows the companies to manage their data as per their corporate strategies. Ongoing technological advancement followed by increasing investments across the R&D sector to provide unparallel productivity will augment the product demand.

Browse key industry insights spread across 380 pages with 553 market data tables & 48 figures & charts from the report, “Digital Oilfield Market Forecasts By Process (Production Optimization, Reservoir Optimization, Drilling Optimization), By Service (Instrumentation & Automation {Security Systems, Smart Wells, Wireless Systems, Distributed Control System, SCADA}, Information Technology {Software, Computer Equipment & Application Hardware, IT Outsourcing Services}), By Application (Onshore, Offshore), By Technology (IoT, Advance Analytics, Robotics, Cloud Computing, Mobility), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:

Growing consumer inclination toward enhanced analytical solutions providing well and equipment optimization will drive the market share

Drilling optimization from digital oilfield industry is estimated to surpass USD 7 billion by 2026. Ability to provide solutions toward optimized bit weight, bit rotational speed as well as minimizing drilling cost will foster the service demand. Growing consumer inclination toward exception-based surveillance services offering analytical driven analogies for wells and equipment requiring proactive response will further propel the industry scenario.

Increasing deployment of IoT based applications will propel the Europe digital oilfield market size

Europe digital oilfield industry is set to exceed USD 9 billion by 2026. Increasing number of mature fields have incurred the requirement of efficient production and drilling optimization solutions to boost the recovery from existing fields. Furthermore, technological advancements coupled with favorable measures to deploy the advanced analytical systems across the brown and green fields will stimulate the industry landscape.

COVID - 19 impact has resulted into delay in project pipeline followed by decline in the public and private investments toward the upcoming and conventional fields which in turn may affect the industry outlook. However, ongoing government measures to continue the operations across major manufacturing facilities, industries and infrastructure projects will positively sway the market growth.

Notable players operating across digital oilfield market comprises of Schneider, Kuwait Oil Company, Schlumberger, Rockwell, National Oil Varco, Weatherford, Accenture, Emerson, Infosys, Honeywell, Enovate, Katalyst, CGG, Pason, Sinopec Oilfield, Cisco, Oleumtech, Wipro, EDG, DIGI, Redline, General Electric, Halliburton, ABB, Siemens, and Intel.

Authors: Ankit Gupta, Abhishek Chopra

Explore More on Related Topics: