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Digital Oilfield Market Forecast to hit $30bn by 2024

Digital Oilfield Market Forecast to hit $30bn by 2024

 

The Digital Oilfield Market is Projected to Grow from an Estimated USD 24.1 Billion in 2019 to USD 30.40 Billion by 2024, at a CAGR of 4.77%

New technological advancements and increased Return on Investment (ROI) are driving the digital oilfield market. Europe and North America are expected to be the largest markets for digital oilfield during the forecasted year. Data security and cyber threats are key pain points for oil field operations that can restrain the growth of the market during the forecast period.

A digital oilfield provides design and deployment of integrated workflows where the real-time data from a well site at various oilfields is continuously recorded and monitored at remote locations. Its workflow combines business process management with advanced information technology and engineering expertise to streamline and automate the execution of the various oilfield tasks. It uses various hardware solutions, software & service solutions, and data storage solutions.

Oilfields are deployed with hundreds of sensors that transmit real-time data to the supervisory control units. The data is then managed and filtered by various service providers and sent to operators. The data gathered by these data oilfield systems is stored on on-premise or hosted (cloud).

The basic components considered under the hardware solutions segment include DCS, SCADA, smart wells, PLC, wireless sensors, and other digitalization instruments responsible for surveillance and communication data transfer in both onshore and offshore fields. They help in oilfield recovery, eliminating downtime, and increasing profitability.

New technological advancements in the digital oilfield, increased return on investment in the digital oilfield, and increased need from oil & gas operators to scale up production from mature wells are the key factors driving the digital oilfield market. However, the introduction of digital trends in the digital oilfield and offshore/ultra-deep-water discoveries offer promising new opportunities in the digital oilfield market.

The key players in the digital oilfield market include integrators such as Schlumberger, Weatherford, Halliburton, BHGE, National Oilwell Varco; and equipment providers such as ABB, Emerson, Rockwell, and Siemens.

Published: 17-05-2019

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