Digital Oilfield Market Scenario
The Global Digital
Oilfield Market is expected to grow at more than 5.5% CAGR from 2018 to 2023. Digital
oilfield is the new approach to explore more oil and gas field in less cost.
Under this concept, the oilfield is incorporated with advanced software and
data analysis to provide better outputs and improve the profitability of the
exploration and production process.
The major
advantages of digital oilfield are fast data recovery from the well, organize
the data extracted from well, proper framework, cost reduction, rapid
deployment and asset management. The
growing demand for digital oilfield market is attributed to the rising
demand for oil and gas and the increased demand for natural resources in North
America and Europe.
For instance,
Halliburton has developed an innovative Digital Heavy Oil Field concept for
continuous and cyclic steam injection projects for its unique features such as
automated reservoir optimization using smart algorithms and calculations,
workflow swim lanes (injection, production & reservoir) which can work
coupled or independently, and fully integration well, reservoir, wells, and
surface network. Additionally, this solution helped in overall asset
performance by increasing operational efficiency, reducing operational cost
& nonproductive time.
However, there are
challenges for a successful digital oilfield deployment because of the remote
location of oil and gas field.
Segmental
Overview
The market for digital oilfield market is segmented based on
application as offshore and onshore. Offshore segment dominates the market
because offshore companies are tapping risk intensive Deepwater wells but in an
efficient manner.
North America and
Western Europe with their mature oilfields are having various number of project
which are incorporated with digital oilfield. The main benefit of digital
oilfield is wireless networking which provides high speed communication.
For instance, In
March 2018, BP has awarded a contract to Kongsberg Digital to design, build,
install and perform the acceptance of sophisticated digital twin. The Kongsberg
Digital model will be connected to Mad Dog 2 facility to create realistic
simulation environment which will deliver dynamic decision support for
production efficiency in Gulf of Mexico region.
Leading
Players:
The key players of
the global digital oilfield market are Schlumberger Limited (US), Weatherford
International plc (Switzerland), Halliburton (US), National Oilwell Varco (US),
Baker Hughes Incorporated (US), Siemens AG (Germany), Kongsberg Oil & Gas
Technologies Inc. (UK), Emerson Electric Co. (US), and Rockwell Automation,
Inc. (US).
Scope
of the Report
This research report provides insights into various levels of analysis,
such as industry analysis and market share analysis for the leading industry
competitors, along with their profiles. It also helps in studying the target
segments by providing views on the emerging & high-growth segments. The
market data comprises the basic assessment of the competitive scenarios and
strategies in the global digital oilfield market, including high-growth regions and/or countries, and political and
economic environments. The project report further provides both – historical
market values and pricing & cost analysis
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