Digital oilfields offer various solutions for increasing efficiency and maintaining safety in oilfields. Major benefit of digital oilfield is the incorporation of modern technologies within traditional methods which lowers the overall cost and can be deployed in relatively quick amount of time.
Rapid increase in exploration and production activities, especially in developing economies coupled with technological advancements in equipment are major factors boosting growth of the global digital oilfield market. Moreover, rising demand for efficiency and safety in oilfields is another factor expected to fuel growth of the global market over the forecast period. But, fluctuations in crude oil prices coupled with cyber security concerns are major factors anticipated to hamper growth of the global market over the forecast period.
The global digital oilfield market report has been segmented on the basis of process, application, solutions, and region. On the basis of region, the global digital oilfield market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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The market in Europe accounted for highest share in terms of revenue in the global digital oilfields market, and is expected to maintain its dominance over the forecast period. This can be attributed to rising demand for digital oilfields coupled with significant presence of oilfields in countries in the region. The market in North America is estimated to account for second-highest revenue share, and is followed by markets in Asia Pacific, Middle East & Africa, and Latin America respectively. The market in Asia Pacific is expected to witness significant growth over the forecast period, owing to rapid industrialization and increasing presence of digital oilfields in emerging economies such as China, Japan, and India. The market in Middle East & Africa is also projected to witness moderate growth over the forecast period.
Prominent players in the global digital oilfield market include Konsberg Oil & Gas Technologies AS, Halliburton Company, Schlumberger Limited, Baker Hughes Inc., Honeywell International, BHGE (General Electric), Weatherford, and National Oilwell Varco.