Digital oilfield solutions incorporate advanced software and IT services to enhance oil & gas production and operational efficiencies. These solutions optimize drilling & completion processes, improve production forecasting, reservoir management, and enhance safety. Digital oilfield solutions help in real-time monitoring of drilling operations, production optimization and remote operation of oilfields.
The global Digital Oilfield Market is estimated to be valued at US$ 26.31 Bn in 2023 and is expected to exhibit a CAGR of 9.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The adoption of advanced analytics and machine learning (ML) solutions is one of the major trends being witnessed in the digital oilfield market. Advanced analytics helps in analyzing large sets of data collected from oilfields to optimize operations. ML algorithms can be trained on historical data to recognize patterns and make predictions. Several oil & gas companies are implementing ML & advanced analytics to enhance drilling optimization, production forecasting, prevent downtime, and achieve cost savings. For instance, integrated solutions from major vendors provide ML-driven drill bit optimization and drilling advisory solutions. The increasing volume of data from Internet of Things (IoT) devices and sensors is driving the demand for advanced analytics and ML algorithms to extract meaningful insights for improving productivity.
Segment Analysis
The global digital oilfield market is segmented based on solution and service. The solutions segment dominates the market and is expected to remain the largest sub-segment during the forecast period. This is mainly because solutions such as software, hardware, data storage solutions help oil & gas companies optimize production processes and enhance recovery from oilfields.
Key Takeaways
The global Digital Oilfield Market Share is expected to witness high growth over the forecast period.
Regional analysis: North America currently dominates the market due to large production of shale oil & gas in the US. However, the Asia Pacific region is expected to grow at the fastest pace owing to increasing oil & gas exploration activities in countries like China and India.
Key players operating in the digital oilfield market are Sotrafa, Berry Global, NETAFIM, Certhon, Richel Group SA, Stuppy Greenhouse, Logiqs B.V., Argus Control Systems Ltd., Poly-Tex, Inc., The Glasshouse Company, Luiten Greenhouses BV, Agra Tech, Inc. Regional analysis shows that North America currently dominates the market due to large production of shale oil & gas in the US. However, the Asia Pacific region is expected to grow at the fastest pace owing to increasing oil & gas exploration activities in countries like China and India.
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