The global digital oilfield market size was estimated at $35.05 billion in 2022, according to a new report by GlobalData Plc. Increasing preference of the companies to automate processes to mitigate operational as well as labor risks and reduce operational costs in the long term is expected to drive the market growth.
Digital Oilfield Market Outlook 2022-2026 ($ Billion)
Digital oilfield market outlook report with detailed product and end-use category segment analysis is available with GlobalData Now! Read our FREE sample!
Digital Oilfield Market FAQs
- What was the digital oilfield market size in 2022?The digital oilfield market size was $35.05 billion in 2022.
- What will be the digital oilfield market growth rate during 2022-2026?The digital oilfield market will grow at a CAGR of 5.9% during 2022-2026.
- What are the key segments of the digital oilfield market?The digital oilfield market is segmented by product and end-use.
- What are the key regions in the digital oilfield market?The key regions in the digital oilfield market are North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa.
- Which are the key companies in the digital oilfield market?The key companies in the digital oilfield market are Schlumberger, Halliburton, Baker Hughes, Weatherford International, Equinor, and ExxonMobil among others.
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Digital Oilfield Market Dynamics
The demand for digital oilfield is projected to increase as it allows companies to achieve operational efficiencies through the effective use of sensor-driven data, thereby becoming cost effective. Additionally, automating repeated tasks using digitalization is expected to boost the operational efficiency at the oilfields, which is predicted to have a positive impact on market growth.
Digital oilfields are gaining traction due to increased awareness regarding advanced technologies in the oil & gas industry. Furthermore, the growing need to reduce carbon footprints has prompted oil & gas companies to invest in digital technologies to detect and contain operational emissions. As a result, Leading operators, such as TotalEnergies, BP, and Chevron are turning to digital technologies to streamline processes and workflows to cut carbon emissions from routine tasks, thus, propelling the digital oilfield market growth.
However, factors such as lack of digital maturity and limited availability of skilled talent might create some bottlenecks for the digital oilfield market growth. In addition, the growing number of cyberattacks including malware and phishing can be a serious threat to the global digital oilfield market.
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Digital Oilfield Market Report Highlights
- The global digital oilfield market is projected to witness a CAGR of 5.9% from 2021 to 2026. The ability to deliver productivity gains and maximize hydrocarbon recovery through improved reservoir understanding, downhole monitoring, and enhanced collaboration across all functions are expected to boost the market growth.
- North America accounted for the largest revenue share of over 35.0% in 2021 and the trend is expected to continue over the forecast period. This can be attributed to increasing awareness regarding the benefits of the digital oilfield to improve efficiency across upstream, midstream, and downstream operations.
- The digital oilfield market in the U.S. is estimated to be US$ 9.72 billion and is expected to witness a spur, owing to the preference for continuous upgradation of the existing technology solutions to enable optimization and control of oil & gas operations. In addition, rising exploration & production projects, coupled with increasing domestic production are expected to have a positive influence on the market.
- Industry participants are focused on mergers & acquisitions to expand their product offerings and increase their geographical footprint. For instance, in October 2022, Baker Hughes acquired AccessESP, which offers exclusive solutions to allow the deployment and recovery of a submersible pump using conventional, lightweight response equipment. This will help reduce the costs and downtime between conversions used for ESP replacement. Also, Baker Hughes acquired Altus Intervention, in March 2022, to strengthen its oil and gas integrated well intervention solutions.
- The key digital oilfield market players analyzed as part of this report include Halliburton (US), Schlumberger (US), Baker Hughes (US), Weatherford International (US), NOV (US), ABB, Baker Hughes, Rockwell Automation, among others.
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GlobalData Plc has segmented the digital oilfield market report by product, end-use and, and region:
Global Digital Oilfield Product Outlook (Revenue, $ Million, 2019-2026)
- Data Storage
Global Digital Oilfield End-use Outlook (Revenue, $ Million, 2019-2026)
Digital Oilfield Regional Outlook (Revenue, $ Million, 2019-2026)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Central & South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
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