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. Various big
giants such as BP p.l.c, Halliburton, and Shell are evolving their technology. 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 Technology 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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