$27 Bn Digital Oilfield Market - Global Forecast to 2022 - Focus on Process Optimization Through Digitalization By Oil & Gas Operators
DUBLIN, March 13, 2018 /PRNewswire/ --
The "Digital Oilfield Market by Solutions (Hardware, Software & Service, and Data Storage Solutions), Processes (Reservoir, Production, Drilling Optimizations), Application (Onshore and Offshore), and Region - Global Forecast to 2022" report has been added to ResearchAndMarkets.com's offering.
The global digital oilfield market is expected to grow at a CAGR of 5.09%, from 2017 to 2022, to reach a market size of USD 27.10 Billion by 2022.
The increase in production activities in the Middle East region, the presence of unconventional reserves, and growing investments in offshore in the Asia Pacific region are expected to be the key factors driving the digital oilfield market during the forecast period.
The report segments the digital oilfield market, on the basis of the process into drilling optimization, reservoir optimization, production optimization, and others. The others segment includes asset management, maintenance & repair, and safety management. The production optimization segment led the digital oilfield market by process from 2017 to 2022. Employing real-time techniques for production optimization increases the recovery of oil and reduce the non-productive time. The ongoing market dynamics, where there has been a constant fluctuation in the oil prices, requires focussing on reducing the non-productive time and improve workflow efficiency with the use digital oilfield solutions.
The global digital oil field market, by application, has been segmented into onshore and offshore, with the onshore segment growing at a faster pace. The complexity in deepwater drilling, along with the increasing adoption of digital oilfield techniques in regions such as the Middle East, and North America, where the maximum of the oilfields are located onshore, are expected to drive the onshore segment. Thus, the increasing production activities in these regions and reduction of non-productive time is expected to drive the onshore segment at the highest rate during the forecast period.
The report further segments the digital oilfield market, by solution, into hardware solutions, software & service solutions, and data storage solutions. The hardware segment is estimated to grow at a faster rate from 2017 to 2022. The investments by oilfield operators towards technology enhancement and process automation enable the companies to eliminate non-productive time, optimize production, and enhance control & monitoring of oil & gas fields, thereby driving the hardware market during the forecast period.
The major factor restraining the growth of the digital oilfield market are the fluctuating crude oil price, and the data security/cyber-threats combined with resistance by operators toward adoption of new technology.
Some of the leading players in the digital oilfield market include integrators such as Schlumberger (US), Weatherford (Switzerland), Halliburton (US), BHGE (US), National Oilwell Varco (US), and equipment providers such as ABB (Switzerland), Emerson (US), Rockwell(US), and Siemens (Germany).
These players have adopted growth strategies such as new product launches, contracts & agreements, partnerships, collaborations, alliances, and joint ventures, mergers & acquisitions, and investments & expansions to capture a larger share of the digital oilfield market.
Key Topics Covered:
1 Introduction
1.1 Objectives of the Study
1.2 Definition
1.3 Market Scope
1.4 Currency
1.5 Stakeholders
2 Research Methodology
2.1 Research Data
2.2 Secondary Data
2.3 Primary Data
2.4 Market Size Estimation
2.5 Market Breakdown & Data Triangulation
2.6 Limitations
2.7 Assumptions
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Digital Oilfield Market
4.2 Digital Oilfield Market, By Solutions
4.3 Digital Oilfield Market, By Country
4.4 European Digital Oilfield Market, By Process & Country
4.5 Digital Oilfield Market, By Process
4.6 Digital Oilfield Market, By Solutions
4.7 Digital Oilfield Market, By Application
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Focus on Process Optimization Through Digitalization By Oil & Gas Operators
5.2.1.2 Increased Need From Oil & Gas Operators to Scale Up Production From Mature Wells
5.2.1.3 Availability of Cloud Computing Services in Oil & Gas Increases the Adoption of Digital Oilfield Solutions
5.2.2 Restraints
5.2.2.1 Fluctuating Crude Oil Price
5.2.2.2 Data Security/Cyber-Threats Combined With Resistance Toward New Technology Can Hamper the Growth of the Digital Oilfield Market
5.2.3 Opportunities
5.2.3.1 Integration of Oil Wells With Advanced Hardware & Software Solutions
5.2.3.2 Offshore/Ultra-Deep-Water Discoveries
5.2.4 Challenges
5.2.4.1 Interoperability of Multiple System Components From Different Solution Providers
5.3 Supply Chain Overview
5.3.1 Key Influencers
5.3.1.1 Saas Providers
5.3.1.2 Equipment Manufacturers
5.3.1.3 Service Providers/Integrators
5.3.1.4 Oilfield Operators
6 Digital Oilfield Market, By Process
6.1 Introduction
6.2 Production Optimization
6.3 Drilling Optimization
6.4 Reservoir Optimization
6.5 Others
7 Digital Oilfield Market, By Solutions
7.1 Introduction
7.2 Hardware Solutions
7.2.1 Distributed Control System (DCS)
7.2.2 Supervisory Control and Data Acquisition (SCADA)
7.2.3 Smart Well
7.2.4 Safety Systems
7.2.5 Wireless Sensor
7.2.6 Programmable Logic Controller (PLC)
7.2.7 Computer Equipment & Application Hardware
7.2.8 Others
7.3 Software & Service Solutions
7.3.1 IT Outsourcing
7.3.2 Software
7.3.3 IT Services & Commissioning
7.3.4 Collaborative Product Management (CPM)
7.4 Data Storage Solutions
7.4.1 On-Premise
7.4.2 Hosted
8 Digital Oilfield Market, By Application
8.1 Introduction
8.2 Onshore
8.3 Offshore
9 Digital Oilfield Market, By Region
10 Competitive Landscape
10.1 Overview
10.2 Ranking of Players and Industry Concentration, 2016
10.3 Competitive Scenario
10.3.1 New Product Launches
10.3.2 Contracts & Agreements
10.3.3 Mergers & Acquisitions
10.3.4 Investments & Expansions
10.3.5 Partnerships, Collaborations, Alliances, and Joint Ventures
11 Company Profiles
11.1 Benchmarking
11.1.1 Service Provider
11.1.2 Equipment Provider
11.2 Schlumberger
11.3 Weatherford
11.4 BHGE
11.5 Halliburton
11.6 National Oilwell Varco
11.7 ABB
11.8 Emerson
11.9 Rockwell
11.10 Siemens
11.11 Honeywell
11.12 Kongsberg
11.13 IHS Markit
11.14 CGG
11.15 Digi International
11.16 Pason
11.17 Redline
11.18 EDG
11.19 Oleumtech
11.20 Petrolink
11.21 Katalyst
For more information about this report visit https://www.researchandmarkets.com/research/xff8fj/27_bn_digital?w=5
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