Digital Oilfield Market Emerging Trends, Growth and Opportunities to 2026

 According to the new market research report "Digital Oilfield Market by Solution (Hardware, Software & Service, and Data Storage Solutions), Processes (Reservoir, Production, Drilling Optimizations, Safety Management), Application (Onshore and Offshore), and Region - Global Forecast to 2026", published by MarketsandMarkets™, the global digital oilfield market size is expected to grow from an estimated USD 24.3 billion in 2021 to USD 32.0 billion by 2026, at a CAGR of 5.6%, during the forecast period. The key drivers for the digital oilfield market include new technological advancements in oil & gas industry; increased return on investment in oil & gas industry; and growing need for maximizing production potential from mature wells.

 

The production optimization held the largest share of the digital oilfield market, by process in 2020. The growth of the production optimization segment is driven by the need to improve production efficiency. The market for the production optimization in Europe is expected to grow at the 5.8% CAGR during the forecast period.

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The onshore segment is the largest contributor in the digital oilfield market

The onshore segment is estimated to lead the digital oilfield market. North America was the largest market for onshore application segment in 2020. Increasing number of onshore oil & gas and mature fields is expected to drive the digital oilfield market. Onshore wells are extensively drilled globally, with more oil and gas production potential from regions such as the Middle East, North America, Africa, and Asia Pacific. The demand for digital oilfield services and solutions in the onshore application segment is increasing as the cost incurred in oil & gas activities such as drilling and well completion is less onshore compared to the offshore application. The complexity in deepwater drilling, along with the increasing adoption of digital oilfield techniques in regions such as the Middle East and North America, where the maximum oilfields are located onshore, is expected to drive the market for the onshore segment.

Europe is expected to be the largest market during the forecast period.

Europe accounted for the largest share of the global digital oilfield market in 2020. The scope of the European market includes the UK, Norway, Russia, and the Rest of Europe. The Rest of Europe includes Denmark, Italy, and Germany, among others. According to the International Energy Agency, the total crude oil produced by the region in 2019 was 17.1 million barrels per day, which declined by 0.05% as compared to 2018. Moreover, new explorations and field development activities are increasing, thus increasing the opportunities for developing new fields digitally.

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The key players in the Digital Oilfield Market include companies such as Halliburton (US), Schlumberger (US), Baker Hughes (US), Weatherford International (US), and NOV (US).

Well Testing Services Market: Increasing exploration and production activities in Oil and Gas Industry

According to the new market research report "Well Testing Services Market by Services (Downhole Well Testing, Surface Well Testing, Reservoir Sampling, Real Time Well Testing, Hydraulic Fracturing Method Testing) by Application (Onshore, Offshore), by Well Type (Horizontal Wells, Vertical Wells), by Stages (Exploration, Appraisal, Development, Production) by Region - Global Forecast to 2026", published by MarketsandMarkets™, The global Well Testing Services Market is projected to reach USD 8.8 billion by 2026 from an estimated market size of USD 6.4 billion in 2021, at a CAGR of 6.4% during the forecast period. The factors driving the growth for well testing services are the rising global oil demand and the exploration and adoption off unconventional oil & gas resources.

Real Time Well Testing: The largest segment of the Well Testing Services Market, by technology

The Well Testing Services Market, by services, is segmented into Downhole Well Testing, Surface Well Testing, Real Time Well Testing, Reservoir Sampling and Hydraulic Fracturing Method Testing. The real time well testing segment is estimated to have the largest market share and expected to grow at the highest rate during the forecast period. The higher growth rate of this segment is due to its increased adoption due to cost and operational efficiency and enhanced accuracy of data acquired on performing real time well testing.

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The Onshore segment is expected to be the most significant Well Testing Services Market, by application

The Well Testing Services Market, by application, is segmented into Onshore and Offshore. The onshore segment holds the largest share in the Well Testing Services Market, followed by offshore. The onshore exploration and re-exploration activities are expected to fuel the growth of the onshore segment of the Well Testing Services Market. Further, the technological advancements to achieve cost and operational efficiency is expected to boost the market for offshore segment of the Well Testing Services Market during the forecast period.

North America is expected to dominate the global Well Testing Services Market

The North America region is estimated to be the largest market for the well testing services, followed by APAC. The North America region is also projected to be the fastest growing market during the forecast period. The presence of vast shale reserves in the North American region encourages the oilfield operators to invest in the exploration and production of these resources, which consequently drives the demand for the well testing services in the North American region during the forecast period.

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Well Testing Services Market. These players include Schlumberger (US), Halliburton (US), EXPRO Group (UK), Baker Hughes (US) and Weatherford (US). 

Shore Power Market: Rising Power Demand From Ports to drive Market

 According to the new market research report "Shore Power Market by Installation (Shoreside, Shipside), Connection (New Installation, Retrofit), Component (Transformers, Frequency Converters, and More), Power Output (Up to 30 MVA, 30 to 60 MVA, Above 60 MVA) and Region - Global Forecast to 2027", published by MarketsandMarkets™, the Shore Power Market size will grow to USD 2.8 billion by 2027 (forecast year) from USD 1.6 billion in 2022 (estimated year), at a CAGR of 11.2% during the forecast period. Shore power, shore-to-ship power, or cold ironing is a technique of supplying electricity from the shore to ships to fulfill their power requirements for onboard electrical systems. This technique is also called an alternative maritime power, wherein the provided electricity can either be derived from a combination of port-owned renewable energy sources and local grids or solely from the local grids. The incoming power is fed to a substation at the port, converted into the required form, and transmitted to special power connectors, enabling the connection between the shore and ship.

The shoreside segment is expected to grow at the highest CAGR from 2022 to 2027

Based on the installation type of shore power systems, the shoreside segment is estimated to be the fastest-growing market from 2020 to 2027. The strict environmental regulations implemented by governments worldwide have led port authorities to highly focus on reducing noise and emission levels through port operations, which has increased the shoreside installation of shore power systems and fueled the market growth.

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Frequency converters segment is expected to grow at the highest CAGR from 2022 to 2027

Based on the frequency converters of shore power systems, the component is estimated to be the fastest-growing market from 2020 to 2027. The shore power frequency converters power the ships through the port’s electrical grid, even if they have different operating voltages, which can be witnessed in ships traveling internationally. The frequency converters change the local grid power to match the input frequency and voltage of the ship. Their use helps save costs as they consume less diesel fuel. They also reduce air pollution caused by the engine’s operation while at the port.

Asia Pacific is expected to lead the Shore Power Market

Asia Pacific accounted for a 33.4% share of the Shore Power Market in 2022. The countries covered in the region are China, Japan, South Korea, India, Australia, Singapore, and Rest of Asia Pacific. Asia Pacific is projected to hold the largest size of the Shore Power Market during the forecast period as multiple countries in the region have been emphasizing reducing their carbon footprint by utilizing several techniques such as shore power, which would help them achieve their goals.

Asia Pacific is the world’s most populated region and is expected to become the largest energy-consuming region globally in the near future. The growing population and rising per capita income are the key factors for the increasing demand for energy in Asia Pacific. It comprises several developing nations that eventually require more energy for different purposes. According to the Asian Development Bank (ADB), the region’s share of global energy consumption is expected to increase to 56% by 2035 from 34% in 2010.

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The leading players in the Shore Power Market include GE (US), Siemens (Germany), Schneider Electric (France), ABB (Switzerland), and Eaton (Ireland).

Power Rental Market: Surging demand for uninterrupted & reliable power supply to fuel the market growth

According to the new market research report "Power Rental Market by Fuel Type (Diesel, Natural Gas), Equipment (Generators, Transformers, Load Banks), Power Rating (Up to 50 kW, 51–500 kW, 501-2500 kW, Above 2500 kW), Application, End User and Region - Global Forecast to 2027", published by MarketsandMarkets™, the global power rental market is projected to reach USD 12.8 billion by 2027 from an estimated USD 9.8 billion in 2022, at a CAGR of 5.6% during the forecast period. The rapid expansion of the industrial sector along with the Surging demand for uninterrupted & reliable power supply is expected to drive the demand for the global Power Rental Market.

The diesel segment is the largest contributor to the power rental market in 2021.

The diesel segment is estimated to be the fastest-growing segment of the Power Rental Market, by fuel type, from 2022 to 2027. Key advantages of using diesel generators include economical operation and easy availability and storage. Additionally, diesel generator sets are ideal for long-term (prime) operations with a load of range 70–80% as they are typically designed to offer the best operational efficiency. Moreover, they facilitate the constant generation of voltage and power without peaks and help to regulate fluctuations in the delivered power. Diesel generators find applications mainly in commercial establishments and manufacturing facilities.

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The utilities segment is expected to grow at the fastest rate during the forecast period.

Utilities are connected through a grid to develop a distribution network for the supply of power. Generation utilities are the companies that are engaged in the generation of power, which is then sold by distribution utilities with transmission utilities acting as a bridge to deliver power from generation to distribution site. In developing regions, such as Africa and Asia Pacific, local grids cannot provide reliable supply, mainly due to the poor transmission network. Unreliable supply from a local grid or limited access to the main transmission network prohibits the delivery of electricity to industrial, commercial, and residential users. A weak network also means that there would be a lot of fluctuations in the power levels inside the grid, threatening its stability and integrity. In such cases, there is a high demand for power rental solutions for applications such as peak shaving wherein power rental solutions come in handy for stabilizing the grid within a short duration of time at economical prices.

North America: Key market for power rental during the forecast period.

In this report, the power rental has been analyzed with respect to six regions, namely, Asia Pacific, Europe, North America, South America, and Africa. Countries such as the US and Canada are the fastest-growing markets in the North American region. North America is expected to continue to dominate the Power Rental Market during the forecast period, owing to factors such as increasing investments in the oil & gas, construction, and mining industries. Additionally, the increased investments in the mining and related exploration activities in the region are also driving the requirement for power rental equipment during the forecast duration.

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the key players in Power Rental Market such as Aggreko (UK), United Rentals (US), Caterpillar (US), Herc Rental (US), Ashtead Group (UK), and Atlas Copco (Sweden). Other players in the market include Speedy Hire (UK), Cummins (US), Bredenoord (UK), Kohler (US), Multiquip (US), SoEnergy (US), Allmand Brothers (US), Generac Power (US), Wacker Neuson (Germany), and more.

Growing Trend of Distributed Power Generation Presents New Opportunities for Silent Generators

 According to the new market research report "Silent Generator Market by Sound Level (Super Silent, Silent), Fuel (Diesel, Natural Gas), Power Rating (Up to 25 kVA, 25-49 kVA, 50-99 MW, 100-499 kVA, & Above 500 kVA), Phase, Type, Application, End-User Industry and Region - Global Forecast to 2027", published by MarketsandMarkets™, the Silent Generator Market size will grow to USD 4.1 billion by 2027 (forecast year) from USD 3.0 billion in 2022 (estimated year), at a CAGR of 6.5% during the forecast period. Silent generators are machines that convert mechanical energy into electricity. They can be used for residential, commercial, as well as industrial purposes. They are widely preferred because of their reliable performance, ease of operation, and soundproof enclosure. The increasing demand for uninterrupted and reliable power supply from several end users in the healthcare, telecom, and mining sectors and educational institutions, commercial complexes, and residential spaces is expected to fuel the demand for silent generators during the forecast period.

The silent generators segment is expected to grow at the highest CAGR from 2022 to 2027

Based on the sound level of silent generator systems, the silent segment is estimated to be the fastest-growing market from 2020 to 2027. Super silent generators sound level is below 60 (dB) and silent generators sound level ranges between 60 (dB) to 70 (dB). Silent generators are useful in schools, hospitals, courts, etc. whereas super silent generators are very much helpful for residential and commercial purpose.

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The diesel segment, by fuel, is expected to grow at the highest CAGR from 2022 to 2027.

Based on the fuel of silent generator systems, the diesel component is estimated to be the fastest-growing market from 2020 to 2027. The Silent Generators Market by fuel type is classified into diesel, natural gas and others. Diesel generators are used for emergency purpose and come with single and three phase. Companies like Atlas Copco, Cummins, Generac and Mahindra Powerol are top producer of silent diesel generators. The natural gas generators are environment friendly. Companies such as Generac, Honda are key players for silent natural gas generators. The other generator fuel types include petrol, LPG, biodiesel, coal gas, producer gas, and propane gas-based generators.

The standby and peak segment is expected to dominate the Silent Generator Market, by application, during the forecast period.

The standby and peak segment, by application, is projected to hold the highest market share during the forecast period. The standby generators are very useful in power outages and blackouts and are driving the market growth globally. Increased industrialization has boosted growth opportunities for silent generators driven by reliability on backup power solutions.

The residential segment is expected to dominate the Silent Generator Market, by end-user, during the forecast period.

The Silent Generator Market has been segmented, by end user, into residential, commercial, and industrial. Generators used for residential purposes should be compact, noise-free, and affordable; here, silent generators are helpful. Frequent blackouts and severe weather conditions across various regions are expected to boost the demand for residential silent generators. In commercial use, silent generators could be the ideal option for healthcare facilities, courts, and educational institutions, since these are silent zones. These generators can also be used in the hotel industry as well as offices. The increasing applications of commercial silent generators in small business establishments are expected to boost their demand in the Silent Generators Market globally. Silent generators can be beneficial for industrial use, such as at construction sites, manufacturing units, and power generation plants. The industrial sector produces a high level of noise during their operations; silent generators can help to overcome this problem.

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North America is expected to lead the Silent Generator Market

North America accounted for a 36.8% share of the Silent Generator Market in 2022. The countries covered in the region are US, Canada, Mexico and the Rest of North America. North America is projected to hold the largest size of the Silent Generator Market during the forecast period due to the growth of the industrial sector. The demand for energy in the mining and oil & gas industries is likely to propel market growth. Increased shale gas developments in the region are also fueling the growth of diesel fuel-type silent generators.

The key players include Atlas Copco (Sweden), Cummins Inc. (US), Generac (US), Rolls-Royce Holdings(UK), Honda (Japan).