During 2017–2018, electricity production from coal, natural gas, and crude oil grew by 370 million tonnes of oil equivalent (Mtoe), driving the global electricity generation during this period, says the International Energy Agency (IEA). Thus, despite the focus shift toward renewable energy, fossil fuels continue to hold the largest share in the earth’s energy mix. This is perhaps because power production from these sources requires technologies that have been known for over one century. Moreover, renewable technologies require a high investment, and many of them don’t produce electricity as efficiently; solar plants don’t work at night, while wind plants can only work on really windy days.
Thus, with the rising oil and gas exploration and production (E&P) activities, the digital oilfield technology market size will likely grow from $26,570.4 million in 2017 to $34,871.6 million by 2023, at a 4.6% CAGR between 2018 and 2023. This will be because with the aging of oil and gas fields, the pressure with which the commodities rise to the surface decreases, which creates the need for advanced technology to keep the production volume economically feasible. Moreover, a number of brownfield reserves are being discovered, which have already matured, thus require digital technologies to boost production.
Moreover, a huge volume of unstructured data is created when looking for oil and gas and extracting and producing them, which needs to be turned into structured sets and aptly analyzed for taking any action. Digital technologies gather the data, give it a structure, and make it easier for oil and gas companies to analyze it. Even the discovery of immature oil and gas fields is driving the usage of digital oilfield technologies as the focus on renewable energy has made E&P firms focus on cost-effective and efficient production, so that the levelized cost of energy (LCoE) of such fossil fuels can be kept low.
Reservoir optimization, production optimization, and drilling optimization are the three processes accomplished by digital oilfield technologies. Among these, the technologies are majorly used for production optimization in both greenfield (newly developed) and brownfield (already operational) oil and gas fields. In order to achieve profitability, it is important for E&P companies to increase their production volume for the same investment, which is why the usage of digital oilfield solutions for this purpose is rising.
Presently, Europe and North America are the two largest contributors to the digital oilfield technology market because of their huge oil and gas reserves. The U.S. and Russia account for some of the largest oil and gas reserves and E&P volumes. Although Venezuela in South America is said to have the largest proven oil reserves, its production volume is quite low due to it being a developing country with primitive technology, which is not suitable for mass production.
Other than North America and Europe, the Middle East and Africa (MEA) is another potential user of the digital oilfield technology. For a region the very economy of which is built around oil, the Middle East could potentially generate a huge demand for such solutions. Among the top 10 countries with the largest proven oil reserves in the world are Saudi Arabia, Iran, Iraq, Kuwait, the U.A.E., and Libya, all in the MEA region.
Hence, with oil and gas continuing to power humanity, the demand for advanced technologies that can help boost their production will only rise.
Digital Oilfield Market: Global Market Size, Trends, Competitive, Historical & Forecast Analysis, 2020 – 2030- Gradual technological advancements along with the transition of the oil and gas sector towards digitalization to achieve efficiency and cost effectiveness are major factors driving the digital oilfield market.The Global Digital Oilfield Market was valued at USD 23.97 billion in 2019 and is predicted to reach USD 38.90 billion by 2030 with a CAGR of 4.5% during the forecast period.
However, increased number of cyber-attacks and data security concerns are expected to inhibit the growth of digital oilfield market.Access Full Description of this report at:-https://www.nextmsc.com/report/digital-oilfield-market The major market players of the digital oilfield market are Emerson Electric, General Electric, Weatherford International, Schlumberger, Halliburton, Baker Hughes, Sinopec Oilfield Service, Honeywell International, and Siemens, National Oil well Varco, Pason Systems, and International Business Machines (IBM).The global digital oilfield market share has been segmented on the basis of process, component and geography.
On the basis of process, the market is categorized into reservoir optimization, drilling optimization, production optimization, and others.
Based on geography the market is segmented into North America, Europe, Asia Pacific and RoW.
Recent analysis indicate that North America held the lion share of the digital oilfield market in 2019 due to the re-engineering efforts of oilfield solutions for optimization and management of the operations and increasing discoveries of oil reserves resulting stiff growth in the production.
However, Asia Pacific is predicted to show rapid and consistent growth in terms of market share within the forecast period.
Global Digital Oilfield Market: OverviewIn order to optimize the recovery of the hydrocarbons and to improve the safety in the operations an advanced application in the information technology is used which is termed as digital oilfield.
The solutions that are provided by the digital oilfield include providing optimum reservoir management and support the exploration and production activities.
The benefit that the digital oilfield solutions provide is it integrates the traditional practices of the oil and gas with the modern information technology, communication, and automation.Global Digital Oilfield Market: SegmentationThe digital oilfield market is globally segmented into its process and service.
Moreover, the unsafe nature of the gas and oil industry and the concerns regarding the human resource and the environment are rising amid the accidents that have occurred in the past years.
The key factor that is restraining the market growth is the unwillingness to adopt the method of digital oilfield over the conventional methods.Request for Table of Contents: http://www.marketgrowthanalysis.com/reports/toc/203Global Digital Oilfield Market: Regional AnalysisThe global digital oilfield market is regionally diversified into Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa.
The oil and gas industry is growing in this region; hence, many of the mature oilfields are expected to become digitalized in the coming years.Global Digital Oilfield Market: Competitive PlayersThe major market players in the digital oilfield market include Konsberg Oil & Gas Technologies AS, Halliburton Company, Schlumberger Limited, Baker Hughes Inc., Paradigm, and Honeywell International.Report Description: http://www.marketgrowthanalysis.com/digital-oilfield-marketAbout Us:Market Growth Analysis is one of the leading digital services provider and a result-oriented company based in Canada.
