Digital Oilfield Market by Technology and Geography - Forecast and Analysis 2021-2025

  • Published: Jul 2021
  • Pages: 120
  • SKU: IRTNTR43923
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The digital oilfield market has the potential to grow by USD 5.00 billion during 2021-2025, and the market’s growth momentum will accelerate at a CAGR of 3.48%.

This digital oilfield market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by technology (software, services, and hardware) and geography (MEA, North America, Europe, APAC, and South America). The digital oilfield market report also offers information on several market vendors, including ABB Ltd., Emerson Electric Co., General Electric Co., Halliburton Co., Honeywell International Inc., Rockwell Automation Inc., Schlumberger Ltd., Schneider Electric SE, Siemens AG, and Weatherford International Plc among others.

What will the Digital Oilfield Market Size be in 2021?

Digital-Oilfield-Market-Market-Size-2020-2025

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Digital Oilfield Market: Key Drivers and Trends

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The rise in rig count is notably driving the digital oilfield market growth, although factors such as fluctuations in crude oil prices may impede market growth. To unlock information on the key market drivers and the COVID-19 pandemic impact on the digital oilfield industry get your FREE report sample now.

  • The rise in rig count will fuel the growth of the digital oilfield market size in the coming years.
  • The operation facilities in most industries, including oil and gas, have evolved with the emergence of digital technologies.
  • Digitization of the oil and gas industry offers various advantages like cost savings, increased productivity, and safer operations.
  • Although the oil and gas industry witnessed a downturn in the industry due to weak oil prices, the adoption of digital technology helped provide the required resilience against the downturns of the industry.
  • With the increase in oil rigs, the need for monitoring and managing the activities to improve the overall productivity using digital technology increased, thereby driving the market. 
  • The drilling activities in remote areas will drive the digital oilfield market growth.
  • The depletion of easy oil has resulted in an increase in the cost of hydrocarbon acquisition, along with the displacement of drilling operations geographically.
  • The energy companies are moving to areas like the Andaman Sea in the Indian sub-continent, the Yamal basin in Russia, and other regions in the Arctic.
  • Though the exploration and production companies use new technologies to monitor and efficiently capture the behavioral data of equipment during drilling activities in these locations, in the comparatively tougher accessible areas, the need for real-time monitoring of the drilling locations becomes the utmost priority. As a result, the exploration and production companies use digital oilfield systems to monitor the drilling activities in remote areas.

This digital oilfield market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. Get detailed insights on the trends and challenges, which will help companies evaluate and develop growth strategies.

Who are the Major Digital Oilfield Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • ABB Ltd.
  • Emerson Electric Co.
  • General Electric Co.
  • Halliburton Co.
  • Honeywell International Inc.
  • Rockwell Automation Inc.
  • Schlumberger Ltd.
  • Schneider Electric SE
  • Siemens AG
  • Weatherford International Plc

 

The digital oilfield market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market. Click here to uncover other successful business strategies deployed by the vendors. 

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Download a free sample of the digital oilfield market forecast report for insights on complete key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Digital Oilfield Market?

Digital-Oilfield-Market-Market-Share-by-Region-2020-2025

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38% of the market’s growth will originate from MEA during the forecast period. Saudi Arabia is a key market for digital oilfields in MEA. Market growth in this region will be faster than the growth of the market in Europe, North America, and South America.

The increase in new oilfield investments will facilitate the digital oilfield market growth in MEA over the forecast period. To garner further competitive intelligence and regional opportunities in store for vendors, view our sample report.

What are the Revenue-generating Technology Segments in the Digital Oilfield Market?

Digital-Oilfield-Market-Market-Share-by-Technology-2020-2025

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The digital oilfield market share growth by the software segment will be significant during the forecast period. The software components include a variety of application-based software such as asset modeling, real-time surveillance, workflow integration, petroleum data management, and analysis, along with the optimization of all the applications. The software technologies improve the oil recovery processes, prolong the life of the reservoirs, and allow remote management of the offshore oilfield and risk-prone function areas.

Fetch actionable market insights on post COVID-19 impact on each segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the digital oilfield market size.

 

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What are the Key Factors Covered in this Digital Oilfield Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive digital oilfield market growth during the next five years
  • Precise estimation of the digital oilfield market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the digital oilfield industry across MEA, North America, Europe, APAC, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of digital oilfield market vendors

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Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The digital oilfield market growth will increase by $4209.00 Million during 2019-2024.
The digital oilfield market is expected to grow at a CAGR of 3.09% during 2019-2024.
Technavio has segmented the digital oilfield market by technology (Services, Software, and Hardware) and geographic (Europe, North America, APAC, MEA, and South America).
ABB Ltd., Emerson Electric Co., General Electric Co., Halliburton Co., Honeywell International Inc., Rockwell Automation Inc., Schlumberger Ltd., Schneider Electric SE, Siemens AG, Weatherford International Plc are a few of the key vendors in the digital oilfield market.
Europe will register the highest growth rate of 32.09% among the other regions. Therefore, the digital oilfield market in Europe is expected to garner significant business opportunities for the vendors during the forecast period.
  • US
  • UK
  • China
  • Saudi Arabia
  • Canada
The key factors driving the digital oilfield market growth are:
  • Rise in rig count
  • Increasing applications of digital oilfields
The digital oilfield market vendors should focus on grabbing business opportunities from the services segment as it accounted for the largest market share in the base year.
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