DUBLIN--(BUSINESS WIRE)--Nov 18, 2019--

The global digital oilfield market size was valued at US$ 23.1 Billion in 2018. Looking forward, the global digital oilfield market is set to reach a value of US$ 29.7 Billion by 2024, registering a CAGR of around 4% during 2019-2024.

The rising trend of digitalization across several industries, including oil and gas, is the key factor driving the market growth. The increasing demand for oil and oil derivates across various industries coupled with the potentially hazardous working environment of the oil and gas sector, has significantly enhanced the need for digital oilfields.

Furthermore, many oilfields are saturating, owing to which digital mechanisms are being employed to enhance oil recovery. Advanced solutions such as well testing facilities and reservoir optimization are gaining traction amongst the end use industries. An increasing number of exploration activities that are leading to discoveries of new oilfields is also catalyzing the growth of the market.

Moreover, the growing usage of real-time monitoring of operations to reduce non-productive functions and losses is projected to drive the market further. These systems also enable more efficient management of the plants with accurate and reliable administration as compared to manually supervised fields and related operations.

Other factors such as advancements in wireless technologies, data analysis and collection services along with the rising investment in offshore oil exploration activities are also expected to positively impact the market growth.

Competitive Landscape

The report has also analyzed the competitive landscape of the market with some of the key players being Schlumberger, Weatherford International Plc, General Electric, Halliburton, Honeywell International, Siemens AG, Rockwell Automation, Kongsberg Gruppen ASA, Paradigm Group B.V, Pason Systems, Petrolink AS, Accenture PLC, IBM Corporation, EDG Inc, Oleumtech, etc.

Key Questions Answered in This Report

  • How has the global digital oilfield market performed so far and how will it perform in the coming years?
  • What are the key regional markets in the global digital oilfield industry?
  • What is the breakup of the market based on the solution?
  • What is the breakup of the market based on the process?
  • What is the breakup of the market based on the application?
  • What are the various stages in the value chain of the global digital oilfield industry?
  • What are the key driving factors and challenges in the global digital oilfield industry?
  • What is the structure of the global digital oilfield industry and who are the key players?
  • What is the degree of competition in the global digital oilfield industry?

Key Topics Covered

1 Preface

2 Scope and Methodology

3 Executive Summary

4 Introduction

4.1 Overview

4.2 Key Industry Trends

5 Global Digital Oilfield Market

5.1 Market Overview

5.2 Market Performance

5.3 Market Breakup by Solution

5.4 Market Breakup by Process

5.5 Market Breakup by Application

5.6 Market Breakup by Region

5.7 Market Forecast

6 Market Breakup by Solution

6.1 Hardware Solution

6.1.1 Market Trends

6.1.2 Major Types

6.1.2.1 Distributed Control Systems (DCS)

6.1.2.2 Supervisory Control and Data Acquisition (SCADA)

6.1.2.3 Smart Wells

6.1.2.4 Safety Systems

6.1.2.5 Wireless Sensors

6.1.3 Market Forecast

6.2 Software Solution

6.2.1 Market Trends

6.2.2 Major Types

6.2.2.1 IT Outsourcing

6.2.2.2 Software

6.2.2.3 IT Services and Commissioning

6.2.2.4 Collaborative Product Management (CPM)

6.2.3 Market Forecast

6.3 Others

6.3.1 Market Trends

6.3.2 Major Types

6.3.2.1 Data Storage Solutions (Hosted)

6.3.2.2 Data Storage Solutions (On-Premise)

6.3.3 Market Forecast

7 Market Breakup by Process

7.1 Production Optimization

7.2 Drilling Optimization

7.3 Reservoir Optimization

7.4 Safety Management

7.5 Others

8 Market Breakup by Application

8.1 Onshore

8.2 Offshore

9 Market Breakup by Region

9.1 Asia Pacific

9.2 Europe

9.3 North America

9.4 Middle East and Africa

9.5 Latin America

10 SWOT Analysis

10.1 Overview

10.2 Strengths

10.3 Weaknesses

10.4 Opportunities

10.5 Threats

11 Value Chain Analysis

12 Porter's Five Forces Analysis

13 Price Analysis

14 Competitive Landscape

14.1 Market Structure

14.2 Key Players

14.3 Profiles of Key Players

14.3.1 Schlumberger

14.3.2 Weatherford International PLC

14.3.3 General Electric

14.3.4 Halliburton

14.3.5 Honeywell International

14.3.6 Siemens AG

14.3.7 Rockwell Automation

14.3.8 Kongsberg Gruppen ASA

14.3.9 Paradigm Group B.V

14.3.10 Pason Systems

14.3.11 Petrolink AS

14.3.12 Accenture PLC

14.3.13 IBM Corporation

14.3.14 EDG Inc.

14.3.15 Oleumtech

For more information about this report visit https://www.researchandmarkets.com/r/cddehl

Laura Wood, Senior Press Manager

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KEYWORD:

INDUSTRY KEYWORD: TECHNOLOGY ENERGY OTHER TECHNOLOGY OIL/GAS

SOURCE: Research and Markets

Copyright Business Wire 2019.

PUB: 11/18/2019 05:43 AM/DISC: 11/18/2019 05:43 AM

Copyright Business Wire 2019.