Reservoir Optimization segment is Expected to Dominate the Global Digital Oilfield Service Market
Increasing requirement of advanced digital
technologies including IoT, Scada systems and artificial intelligence are some
of the factors driving the Global Digital Oilfield Service Market during the
forecast period 2024-2028.
According
to TechSci Research report, “Global Digital Oilfield Service Market - Industry
Size, Share, Trends, Competition Forecast & Opportunities, 2028”. The Global Digital Oilfield
Service is anticipated to project robust growth in the forecast period with a
CAGR of 4.50% through 2028. The increasing adoption of wireless technologies,
data analysis, mobility, and collection platforms, combined with the growth in
exploration and production activities in both on-shore and off-shore sectors,
driven by the ongoing oil price recovery, declining production from
conventional wells, and the need for efficient well recovery processes, along
with the deployment of enhanced oil recovery systems and the presence of mature
gas fields in the Asia Pacific region, are the key factors expected to fuel the
growth of the digital oilfield market in Asia-Pacific.
The
digital technology includes a wide range of equipment & functions deployed
in different upstream, downstream, and midstream stages to enhance the
operational efficiency of oil & gas processes. The technology adopted by
oilfield companies to achieve a blend of benefits such as improve recovery,
optimize resources, reduce rig downtime, and various other benefits to ensure
flexible and reliable operations. The system is a set of hardware, software,
and services to deliver smart solutions for analyzing, integrating, and
processing data. Development of distant onshore & offshore wells drilling
at numerous depth levels, along with rising efforts to increase monetary
returns by the assets, has catered to the adoption of advanced oilfield
technology in various regions.
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Recent
Developments in the marker are following:-
- In
January 2022, oilfield services company Petrofac announced that it had secured
a five-year contract extension for well management and well operator services
with NEO Energy. Under the contract, the company will provide a five-year
framework for well management and well operator support for 27 wells across the
Affleck, Balloch, Dumbarton, Lochranza, and Finlaggan fields located in the
Central North Sea, UK.
- In
December 2021, Weatherford International PLC announced that it was awarded a
three-year digital oilfield contract from Kuwait Oil Company (KOC), as it is
aiming to support KOC’s digital transformation strategy in the North Kuwait
Heavy Oilfield by deploying its Integrated Enterprise Excellence Platform
across KOC.
- September
2019, Kongsberg Digital had received a contract from ExxonMobil to provide
digital solutions for its offshore asset located in Guyana. The contract
includes production wells, gas and water injection wells, umbilicals,
flowlines, and risers.September 2019, Microsoft, Chevron, and Schlumberger had
announced to enter in a partnership to boost the establishment of advanced
digital and petro-technical technologies to accelerate digital
transformation.June 2019, Baker Hughes and C3.ai had planned to initiate a
joint venture to provide digital transformation technologies. The JV agreement
is set to amalgamate C3.ai’s artificial intelligence solutions & software
with the skilled expertise of Baker Hughes and long-standing oil & gas
portfolio.
The
reservoir optimization segment, which involves the preparation of the
exploration and development strategy based on data acquired during all the
phases of the oil or gas field’s life, boosts demand for digital oilfields and
is set to drive the market during the forecast period. According to the
Environmental Defense Fund (EDF), the global oil and gas industry is losing as
much as USD 34 billion per year in leaked, vented, and flared methane. To
reduce methane emissions, the digital transformation of methane management is
likely to create massive opportunities for the digital oilfield services
market· Due to record-high production, increased offshore activity, and
production from shale fields, North America is expected to remain the largest
market during the forecast period, with maximum demand from the US.
Key
market players in the Global Digital Oilfield Service Market are following:-
- Baker Hughes
Company
- IBM Corporation, Microsoft
- Rockwell Automation, Inc.
- Halliburton Energy Services, Inc.
- Schlumberger Limited
- Redline Communications
- Emerson Electric Co.
- Siemens AG.
- Honeywell International Inc.
- NOV Inc.
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“The
Global Digital Oilfield Service Market in China is poised to be the fastest
growing in the industry. China's oil and gas production activities are rapidly
expanding, both within the country and across international borders. Through
the adoption of digital oilfield solutions, Chinese companies can effectively
optimize production, reduce costs, and maximize resource recovery. This, in
turn, significantly contributes to the overall growth of the Asia Pacific
Digital Oilfield Market.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
Digital
Oilfield Service Market – Global Industry Size, Share, Trends, Opportunity, and
Forecast Segmented By Type of Process (Reservoir Optimization, Production
Optimization, Drilling Optimization, and Other Process Types), By Solution
(Services, Software, and Hardware), By Application (Onshore and Offshore)By
Region, Competition 2018-2028. has
evaluated the future growth potential of Global Digital Oilfield Service Market
and provides statistics and information on market structure, size, share, and
future growth. The report is intended to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities present in the Global Digital
Oilfield Service Market.
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