Asia-Pacific Digital Oilfield Services Market is expected to be dominated by Reservoir Optimization segment during the forecast period
Increase in exploration operations in uncharted
off-shore/ultra-deep-waters and rapid advancement in technologies are the major
factors driving the Asia-Pacific Digital Oilfield Services market in the
forecast period, 2024-2028.
According to TechSci Research report, “Asia-Pacific Digital Oilfield Services
Market - By Country, Competition Forecast & Opportunities, 2028,” the Asia-Pacific Digital Oilfield Services
Market is anticipated to grow at a steady rate in the forecast period,
2024-2028. Increased upstream oil and gas investments, an increase in the
global demand for oil and gas, and an increasing focus on unconventional oil
and gas exploration and production (E&P) activities are all factors that
will affect market growth. In deepwater and ultra deepwater regions where
semi-submersibles, drill ships, and other floating assets are heavily deployed
as of 2021, more than 60% of China's offshore hydrocarbon resources are found.
In order to maximize
asset performance and value over the course of the oil and gas production
lifecycle, the digital oilfield services technology integrates information,
people, and processes. With the help of a digital or smart oilfield solution, organizations
may streamline production, increase operational effectiveness, and raise
productivity. Many techniques, tools, and measurements are used in an oil
field. A digital oilfield connects all processes and data related to facility
operations. They comprise a quick loop/algorithm process for monitoring and
leak detection, a medium coil process for optimizing lift, and a long loop
process for optimizing the reservoir to improve the EOR method or recovery.
Due to growing
investments in cloud-based technologies, AI, and IoT, the Asia-Pacific Digital
Oilfield Services industry is expected to expand. For instance, China received
approximately USD5.6 billion in venture capital funding for AI in 2019, making
it the second most advanced nation in terms of AI development. The advancement
of artificial intelligence technologies will be accelerated by these
investments across the country. Owing to which the market is expected
grow in the forecast period.
Digital oilfields offer a promising method of assisting
operators in integrating, analyzing, and altering production-related data in
real time to improve oilfield operations. The main building block of any
digital oilfield solution is the enormous amount of data that must be gathered,
analyzed, and visualised from sources including 3D seismic surveys, well logs,
production, and safety systems. This necessitates the use of devices with
networked intelligence incorporated into them as well as a network and cloud
architecture that can give the highest level of control, flexibility, and
transparency. They assist businesses in saving field service costs, increase
asset performance and reliability, and minimize unforeseen maintenance because
of their real-time controls, distributed analytics, and automated processes.
Companies receive improved asset insights that enable optimal operations,
production, and recovery by deploying scalable edge compute at their wells and
production facilities, which aids in optimizing production.
Revenue from the sector will increase in the next years
because of the expanding attempts to include efficient production techniques
and increase production yields from mature wells in various locations. Through
the use of statistical and analytical tools and software, digital oilfield
techniques play a crucial role in the efficient planning, and exploration of
oil and gas wells.
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The Asia-Pacific Digital Oilfield Services Market is segmented based on process,
technology, application, country and
competitive landscape.
Based on process, the market is segmented into drilling optimization, production
optimization, reservoir optimization, and others. During the projected period of
2024-2028, the market is predicted to be dominated by reservoir optimization.
Processing data from seismic, geophysical, reservoir fluid, drilling, and
production surveys is a part of reservoir optimization. The analysis of the
data throughout this process can be aided in numerous ways by big data
analytics services. Identifying patterns and anomalies in data may speed up the
decision-making process, increase staff efficiency, and, most significantly,
reduce uncertainty. The decision-making process for reservoir optimization has
an impact on the field's useful life. Hence, reducing process faults can result
in significant financial savings for operating organizations throughout the
course of a field production.
Based
on technology, the market is divided into internet of things, artificial
intelligence, cloud computing & others. Based on country, the market is divided into China,
Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia,
Rest of Asia-Pacific.
Increasing
E&P activities both onshore and offshore, along with the continuous
recovery of the price of crude oil, are expected to drive the industry
landscape. The market size will be driven by the rising need for cutting-edge
digital technologies like IoT, Scada systems, and artificial intelligence to
control and optimize oil and gas operations.
Major companies operating in the Asia-Pacific Digital Oilfield Services Market are:
- Baker
Hughes Company
- IBM
Corporation
- Rockwell
Automation, Inc.
- Halliburton
Energy Services, Inc.
- Schlumberger
Limited
- Redline Communications Group Inc
- Emerson
Electric Co.
- Siemens
AG.
- Honeywell
International Inc.
- NOV
Inc.
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“The Asia-Pacific
digital oilfield services market has found digitalization to be a successful
move since day-to-day operations are now easier than ever while also
contributing to cost savings. Over the forecast period, reservoir optimization
is anticipated to rule the market since it analyzes data from seismic surveys,
geophysical surveys, reservoir fluid surveys, drilling data, and production
data.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based
global management consulting firm.
Asia-Pacific Digital
Oilfield Services Market By Process (Drilling Optimization, Production
Optimization, Reservoir Optimization, and Others), By Technology (Internet of
Things, Artificial Intelligence, Cloud Computing & Others), By Application
(On-Shore, Off-Shore), By Country, Competition Forecast and Opportunities, 2028,” has evaluated the future growth potential
of Asia-Pacific Digital Oilfield Services Market and
provides statistics & information on market size, structure, and future
market growth. The report intends 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 in the Asia-Pacific Digital Oilfield Services Market.
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