Digital Oilfield Industry Report 2019 | Market Size, Share, Growth Rate and Opportunities by 2024

According to the latest report by IMARC Group titled, “Digital Oilfield Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, The global digital oilfield market size was valued at US$ 23.1 Billion in 2018. Digital oilfield refers to a technology that involves a powerful combination of distributed network sensors and artificial intelligence to automate the workflow in the oil and gas sector. This technology assists in the effective deployment of both human and machine resources to enhance oil recovery, provide better output, reduce costs and minimize the overall risks associated with oil and gas operations. It also optimizes the hydrocarbon production rate and eliminates wastage of resources, thereby offering increased safety and environmental protection with predictive intrusion, leakage and deformation detection.

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The growing demand for oil and energy, along with the hazardous working environment in the oil and gas sector, has significantly increased the need for virtual oilfields. Besides this, the advancements in technologies have led to the more efficient management of the plants with accurate and reliable administration as compared to manually supervised fields and related operations. Moreover, the advantages of smart oilfields, such as the ability to track workers in the field, transmitting the required data via various platforms, training employees in real-time and removing them from hazardous situations, have encouraged the leading companies to adopt this technology. Moreover, the increasing investments in offshore oil exploration activities are further expected to positively impact the market growth in the upcoming years.

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Key Market Segmentation:

Breakup by Solution:

1. Hardware Solution

2. Software Solution

3. Others

Breakup by Process:

1. Production Optimization

2. Drilling Optimization

3. Reservoir Optimization

4. Safety Management

5. Others

Breakup by Application:

1. Onshore

2. Offshore

Breakup by Region:

1. Asia Pacific

2. Europe

3. North America

4. Middle East and Africa

5. Latin America

Competitive Landscape:

The report has also examined the competitive landscape of global Digital Oilfield Market. Some of the major players in the market are Schlumberger Limited, Weatherford International, General Electric Company, Halliburton Energy Services, Inc., Honeywell International, Inc., Siemens AG, Rockwell Automation, Inc., Kongsberg Gruppen ASA, Paradigm Group BV, Pason Systems Corp., Petrolink AS, Accenture PLC, IBM Corporation, EDG, Inc., and OleumTech Corporation.

Key highlights of the report:

• Market Performance

• Market Outlook

• Porter’s Five Forces Analysis

• Market Drivers and Success Factors

• SWOT Analysis

• Value Chain

• Competitive Structure

• Profiles of Key Players

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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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