Digital Oilfield Market by Process (Reservoir Optimization, Drilling Optimization, Production Optimization, and Others), by Component (Hardware, Software, Services)- Global Opportunity Analysis and Industry Forecast, 2020 – 2030

"Market Definition:
The Global Digital Oilfield Market was valued at USD 23.97 billion in 2019 and is expected to reach USD 38.90 billion by 2030, expanding at a CAGR of 4.5%, during the forecast period, from 2020 to 2030.
Digital oilfield, also known as digitization of oilfield, entails the automation of various upstream, midstream, and downstream oilfield activities. It involves advanced software and various data analysis technique that help provide better outputs and improved profitability. Digital oilfields offer various other advantages including the ease in finding oil and gas reserves, improved safety, environmental protection, and optimized production of hydrocarbons. They deploy various resources to offer efficient and cost-effective outcomes.
Market Dynamics and Trends
Improvements and modernization of activities undertaken in oil fields, technological advancements, infrastructure developments for cost-efficiency, and rising demand for crude oil from various industries are expected to drive the growth of the digital oilfield market. Additionally, increasing investment by market players and rise in population boosting the consumption of fuel are contributing to the market growth. However, increase in cyber-attacks and data security concerns are hampering the market. Conversely, rise in collaborations among market participants, new product launches and software upgrades are expected to create opportunities in the market.
Market Segmentations and Scope of the Study:
The global digital oilfield market is segmented based on process, component, and geography. On the basis of process, the market is segmented into reservoir optimization, drilling optimization, production optimization, and others. Based on component, the market is trifurcated into hardware, software and services. The hardware segment is categorized as distributed control system, supervisory control & data, acquisitions, smart well, safety system, wireless sensor, programmable logic controller, computers, process automation manager, human-machine interaction. The software & service segment is classified as IT outsourcing, software, IT servicing & commissioning, collaborative product, and management. The data storage segment is split into on-premise and hosted. In terms of geography, the market is fragmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). Europe is a key region for the digital oilfield market due to the presence of several mature oil and gas fields in the North Sea.

Competitive Landscape

Key players in the global digital oilfield market include Emerson Electric, General Electric, Weatherford International, Schlumberger, Halliburton, Baker Hughes, Sinopec Oilfield Service, Honeywell International, Siemens, National Oil well Varco, Pason Systems, and International Business Machines (IBM).
KEY MARKET SEGMENTS:
• Global Digital Oilfield Market – By Process
o Reservoir Optimization
o Drilling Optimization
o Production Optimization
o Others
• Global Digital Oilfield Market – By Component
o Hardware
o Software
o Services
• Global Digital Oilfield Market – By Geography
o North America
 U.S.
 Canada
o Europe
 U.K.
 Germany
 France
 Rest of Europe
o Asia-Pacific
 Japan
 China
 India
 Rest of Asia-Pacific
o RoW
 Latin America
 Middle East
 Africa
KEY PLAYERS:
• Emerson Electric
• General Electric
• Weatherford International
• Schlumberger
• Halliburton
• Baker Hughes
• Sinopec Oilfield Service
• Honeywell International
• Siemens
• National Oil well Varco
• Pason Systems
• International Business Machines (IBM)"