Digital Oilfield Market Size Worth $40.21 Billion By 2025 | CAGR: 4.7%: Grand View Research, Inc.

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Nov 06, 2019, 04:05 ET

SAN FRANCISCO, Nov. 6, 2019 /PRNewswire/ -- The global digital oilfield market size is expected to reach USD 40.21 billion by 2025, expanding at a CAGR of 4.7%, according to a new report by Grand View Research, Inc. Expected growth in the number of oil and gas reserves, coupled with the need for increased operational efficiency, is likely to strengthen the demand for digital oilfields.

Key suggestions from the report:

Instrumentation & automation will emerge as the fastest growing segment exhibiting a CAGR of 5.8% over the forecast period, on account of the development of advanced data acquisition and interpretation systems and rising adoption of wireless networks
The downstream application segment was valued at USD 10.84 billion in 2018 owing to factors such as rapid digitalization of refining processes, adoption of smart refineries, higher yields, and reduced inventory costs
North America dominated the global digital oilfield market accounting for 30.70% of the global revenue in 2018 due to surge in domestic production and shale gas reserves discoveries across the region
Europe was valued at USD 7.08 billion in 2018 and is forecast to witness substantial growth on account of new development projects in North Sea fields such as Johan Sverdrup field, Johan Castberg Field, and Mariner Heavy Oil Field
The industry witnessed a number of new product launches with Weatherford launching an advanced technology called ForeSite Edge, which increases productivity by identifying optimization opportunities and reducing downtime through predictive-failure analytics.

Read 95 page research report with ToC on "Digital Oilfield Market Size, Share & Trends Analysis Report By Application (Upstream, Midstream, Downstream), By Service (IT Services, Instrumentation & Automation), By Region, And Segment Forecasts, 2019 – 2025'' at: https://www.grandviewresearch.com/industry-analysis/digital-oilfield-market

Growing requirement for real-time monitoring systems that provide timely updates through wireless connectivity is anticipated to provide growth opportunities for digital oilfield technology. The market is primarily driven by the need to maximize oilfield recovery, eliminate nonproductive time, and reduce capital and operating expenses by integrating the workflow.

The upstream application segment accounts for a significant share in the industry. Digitalization of upstream processes, including production, reservoir, and drilling optimization through digital twin well evaluation, is expected to benefit the industry growth. In addition, growing digitalization of other upstream processes such as production surveillance, predictive process control, intelligent command centers, and control systems is anticipated to positively impact the market growth. Such control systems include Supervisory Control and Data Acquisition (SCADA).

Industry participants are adopting several strategic initiatives such as technological collaborations with software providers to expand their foothold in the industry. For instance, in February 2019, ExxonMobil partnered with Microsoft, adopting the latter's integrated cloud technology to gain access to real-time data from oilfield assets.

Grand View Research has segmented the global digital oilfield market based on application, service, and region:

Digital Oilfield Application Outlook (Revenue, USD Billion, 2014 - 2025)

Upstream
Midstream
Downstream

Digital Oilfield Service Outlook (Revenue, USD Billion, 2014 - 2025)

IT Services
Instrumentation and Automation

Digital Oilfield Regional Outlook (Revenue, USD Billion, 2014 - 2025)

North America

U.S.
Canada
Mexico

Europe

U.K.
Norway
Russia

Asia Pacific

China
India
Indonesia

Central & South America

Brazil
Argentina

Middle East & Africa

U.A.E.
Saudi Arabia

Find more research reports on Conventional Energy Industry, by Grand View Research:

Offshore Drilling Market – Global offshore drilling market is expected to witness significant growth on account of increasing drilling activities in the U.S. Gulf.
Oil And Gas Fishing Market – Global oil And gas fishing market is expected to witness high growth over the forecast period owing to continuous developments in oil And gas industry coupled with swelling crude demand across the world.
Oil & Gas Automation & Instrumentation Market – Global oil & gas automation & instrumentation market is expected to drive on account of increased crude production rate owing to automation & instrumentation employment in exploration process.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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