Digital Oilfield Solutions Market: Increased Demand For Crude And Natural Gas To Aid In Market Expansion

Digital Oilfield Solutions  Market Overview

According to a recent survey conducted by ChemView Consulting, the Global Digital Oilfield Solutions Market grew at a CAGR of 5.8% between 2017-2021 and is estimated to be US$ 29,746.5 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 6.3% and is expected to reach a valuation of US$  54,798.5 Mn by 2032 end.

The oil and gas market has witnessed exponential growth due to increased demand for crude and natural gas. Sales in this market are expected to increase due to the growing need to maximise production from mature wells and the rising return on investment (RoI) in the oil and gas industry. Additionally, the market is likely to be driven by the urgent need to reduce the capital and operating costs associated with the use of smart systems and digitalized solutions.

ChemView Consulting has analyzed that The digital oilfield combines emerging technologies such as the internet of things (IoT), artificial intelligence (AI), mobile connectivity, augmented reality, and cloud computing. They promise to help the oil industry to analyze, gather their information and make fast decisions. The factors contributing to the market growth are intense competition in the oil sector, advantages of digital oil field integration with innovative processes, and ease of operation.

According to oilfield services companies, one of the primary challenges faced by operators and companies in the oil industry is to manage all the information promptly and obtain insights at an early stage of their operations.

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Segments Covered in Report

By Component:

  • Hardware
  • Software
  • Services

By Domain:

  • Automation solutions
  • Instrumentation

By End Use:

  • Upstream
  • Midstream
  • Downstream

By Region and Country:

  • North America (U.S., Canada)
  • Latin America (Brazil, Mexico, Rest of Latin America)
  • Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
  • Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
  • Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
  • Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Key Takeaways from the Digital Oilfield Solutions  Market

  • Based on the Domain, The automation solutions segment was the largest revenue-generating segment, accounting for over 60.0% of the market. The growth in oilfield automation solutions has been seen due to the increasing usage of distributed control systems, smart wells, and security systems to evaluate real-time data.
  • Based on the End Use, In 2021, The surge in the use of digital oilfield solutions was expected to boost the growth of the upstream segment over the forecast period. Technological advancements such as hybrid convoys and storage tanks are anticipated to augment the demand for these systems. Additionally, population growth, changing lifestyles due to technological advances, and green initiatives will contribute to the development of this segment.
  • Based on Region, The North American digital oilfield solutions market is expected to account for approximately 31.8% of the share in 2022. The ongoing improvement of the technological tools already in place to manage and optimise oil and gas operations is expected to stimulate the market in the United States. On the other hand, a lot of businesses are renovating lots of offshore oil and gas platforms using machine learning and AI solutions, which would also increase demand for digital oilfield solutions in this nation.

Competition Summary

Key companies covered in the market study are ABB, Siemens AG, Schneider Electric, Emerson Electric Co., Rockwell Automation, Inc, General Electric, Eaton, and Honeywell International, Inc.

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Report Key Highlights and Coverage

  • Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
  • Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
  • The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
  • Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
  • Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
  • Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
  • Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
  • Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
  • Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
  • Strategic market analysis, recommendations, and future headways on crucial winning strategies.

About ChemView Consulting

ChemView Consulting is a leading information, market intelligence, and business consulting firm serving clients worldwide in Chemical & Materials, Food & Beverage, Oil & Gas, Clean Energy & Power, and Packaging domains. In their business transformation journey, we have been collaborating with global enterprises, including 70% of the largest Forbes 1000 enterprises, helping them deliver on their business ambitions. ChemView Consulting serves clients in approximately 100 countries, with its office in New York, U.S., and Pune, India.

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