May 12, 2020
According to the research report titled ‘Global Digital Oilfield Market Size study, by Fiber Type (Single Mode Fiber, Multimode Fiber), by End-User (Oil & Gas, Military, Infrastructure, Transportation, Others) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, global digital oilfield market was worth USD 22.8 billion in 2018 and is anticipated to expand with a CAGR of 5.2% during 2019-2026.
For the record, digital oilfield is a set of automation solutions for upstream, midstream and downstream activities of an oilfield. It is considered as a part of energy sector which integrates various advanced software as well as data analysis techniques in order to provide improved profitability and enhanced outputs of the production processes.
Increasing awareness pertaining to benefits of digital oilfields such as improved production rate of hydrocarbons, easy identification of oil reserves, and environment protection is a major factor driving the market growth. Advancements in digital oilfield is further fueling the market expansion. High returns on investments (ROI) in tandem with growing demand for digital oilfield solutions among oil & gas operators in order to improve the production processes are also stimulating the industry outlook.
In January 2019, for instance, Osprey Informatics acquired USD 3.75 million investment which was led by Shell Venture LLC, InterGen Capital and Evok Innovations towards development of advanced visual monitoring system for industrial operations. However, increasing deployment of various analytic tools have resulted in delayed decision making processes, which in turn may hinder the market expansion. Additionally, rising concerns regarding cybersecurity threat may also act as a restraining factor to digital oilfield market expansion.
As per fiber type, the market is split into multimode fiber and single mode fiber. Whereas in terms of end-user landscape, digital oilfield market is divided into transportation, infrastructure, military, oil & gas and others.
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Considering the geographical landscape, Asia-Pacific digital oilfield industry is expected to register momentous growth during the forecast period, primarily due to rising adoption of digital oilfields among oil & gas operators to improve yield.
Meanwhile, digital oilfield market in North America is slated to acquire admirable returns in the subsequent years. High ROI in digital oilfield sector and rapid technological advancements are favoring the market scenario in North America.
Ziebel AS, Silixa Ltd., Omnisens SA., Fotech Solutions Ltd., Northrop Grumman Corp., Future Fibre Technologies Ltd., Baker Hughes Inc., Schlumberger NV, Halliburton Co. and QinetiQ Group PLC are the major contenders in global digital oilfield industry.