Published on: May 2022
Digital Oil-Field - Industry overview
The global digital oilfield market was worth USD 29.11 billion in 2018 and is expected to grow at a CAGR of 4.7 percent between 2019 and 2025. Market demand will be driven by increased oil and gas exploration and production operations, as well as a greater focus on operational efficiency, which results in lower OPEX. Concerns about the safety of sensitive data and the minimization of potential cyber risks have arisen as a result of the integration of smart technology and digitalization.
Why is there a rise in demand for Digital Oil-Field?
The demand for oilfield digitalization is being driven by an increasing share of unconventional oil and gas deposits, as well as falling production from existing wells. Furthermore, digital oilfield technologies allow for remote monitoring and automated operations from a single site, lowering total operational costs. In 2018, the market for digital oilfields in the United States was valued at USD 6.73 billion. Rising shale gas output and expanding refining capacity are two major factors propelling the industry in the United States. Furthermore, rising unconventional reserves in major oil basins such as the Permian Basin, MidContinent, Williston, and Eagle Ford are expected to boost industry growth. Predictive maintenance, field productivity, fleet management, and production asset optimization are the top digital oilfield services identified. These services provide more efficiency and a higher recovery rate while maintaining or lowering extraction and other operational costs.
Market segmentation of Digital Oil-Field industry
The adoption of IoT and automation software such as Supervisory Control and Data Acquisition (SCADA) will drive industry growth significantly. Baker Hughes, which makes the InForce surface control technology, is projected to speed up output and lower total operational costs. Well monitoring instruments, intelligent good completion technology, and chemical automation products are all part of the system. Budgetary constraints, organisational hurdles, and a scarcity of critical talent are all likely to have an impact on the adoption of digital oilfield technology. In the upstream, middle, and downstream areas, companies are working on creating technologically sophisticated ways to provide more efficient digital oilfield solutions. Siemens, for example, created SmartPump, a data-driven digital oilfield solution that reduces the significant expense of pumping stations. By improving flow rates, load management, and overall pump-system performance, the pump can move client oil, gas, and NGL products via pipelines.
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