Digital Oilfield Market 2020 Report offers a professional and in-depth study on the current state of the Global Digital Oilfield Market along with competitive landscape, Digital Oilfield Market share and revenue forecasts 2023.
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.
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.
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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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