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blog details: According to a new market research report titled, ‘Digital Oilfield Solutions Market by Offering (Hardware, Software, Services), Process (Production Optimization, Drilling Optimization, Others), Technology (IoT, AI, Others), Application (Onshore, Offshore), and Geography—Global Forecast to 2030,’ the digital oilfield solutions market is projected to reach $41.7 billion by 2030, at a CAGR of 7.6% from 2023 to 2030.
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Some of the major factors driving the growth of this market are the growing need to enhance production from mature oilfields and technological advancements in the oil & gas industry. In addition, the growing demand for offshore/ultra-deepwater discoveries is expected to create opportunities for market growth. However, data retrieval and analysis and the scarcity of quality information hamper decision-making processes, restraining the growth of this market.
The digital oilfield solutions market is segmented by offering (hardware, software, services), process (production optimization, drilling optimization, reservoir optimization, safety management, and other processes), technology (IoT, artificial intelligence, big data analytics, cloud computing, cybersecurity, blockchain, and other technologies), application (onshore, offshore), and geography
Based on offering, the digital oilfield solutions market is segmented into hardware, software, and services. In 2023, the software segment is expected to account for the largest share of the digital oilfield solutions market. However, the hardware segment is expected to record the highest CAGR during the forecast period. The growth of this segment is driven by rising digitization in the oil & gas industry and significant research & development activities to build advanced hardware and solutions such as Supervisory Control and Data Acquisition (SCADA) and Distributed Control Systems (DCS).
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Based on process, the digital oilfield solutions market is segmented into production optimization, drilling optimization, reservoir optimization, safety management, and other processes. In 2023, the production optimization segment is expected to account for the largest share of the digital oilfield solutions market. However, the reservoir optimization segment is expected to record the highest CAGR during the forecast period.
Based on technology, the digital oilfield solutions market is segmented into IoT, artificial intelligence, big data analytics, cloud computing, cybersecurity, blockchain, and other technologies. In 2023, the IoT segment is expected to account for the largest share of the digital oilfield solutions market. However, the big data analytics segment is expected to record the highest CAGR during the forecast period
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Based on application, the digital oilfield solutions market is segmented into onshore and offshore. In 2023, the onshore segment is expected to account for the larger share of the digital oilfield solutions market. However, the offshore segment is expected to record the higher CAGR during the forecast period. The high growth of this segment is driven by growing investments in subsea oil & gas assets and the increasing need to handle multiple types of equipment, which are very risky and challenging to operate manually.
Key Players:
The key players operating in the digital oilfield solutions market are Schlumberger (U.S.), Halliburton (U.S.), Rockwell Automation (U.S.), NOV Inc. (U.S.), ABB Ltd. (Switzerland), Siemens (Germany), Schneider Electric (France), Baker Hughes Company (U.S.), Weatherford (U.S.), Infosys Limited (India), Emerson Electric Co. (U.S.), Honeywell International Inc. (U.S.), IBM Corporation (U.S.), Intel Corporation (U.S.), Microsoft Corporation (U.S.), and KONGSBERG (Norway).
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