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).

Digital Oilfield Market: Soaring to New Highs in Oil and Gas Industry

 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 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.

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The production optimization segment is expected to hold the largest share of digital oilfield market.

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.

Europe is expected to be the largest digital oilfield market

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.

Moreover, Europe is a leading region for offshore activities as the oil operators and oilfield service (OFS) providers are targeting the new fields and reserves from the UK and Norwegian continental shelf. For instance, Equinor, a Norwegian oil upstream operator, explored oil in the Johan Sverdrup field, which was under development, and started production in 2019. In the Johan Sverdrup, Equinor awarded a contract to Alcatel Submarine for reservoir management. Such projects create a strong market for digital oilfields in Europe. As per the BP Statistical Review 2020, Russia and Norway held approximately 72.2% of the total oil reserves in the European region in 2019. As per the EIA, countries such as Russia, France, Ukraine, and Poland have considerable shale gas resources, and further development of these reserves in these countries is expected to drive the growth of the digital oilfield market in the region. According to Baker Hughes’ Worldwide Rig Count report for March 2019, the rig count in the European region had observed a consistent growth from the last six months. This growth trend creates opportunities for the digitalization of more oil fields in the region. Also, the rising Brent prices and the demand for the Brent basket are driving the digitalization of oil fields in Europe. Digitalization helps in creating an accurate analysis of the data, thus decreasing the time of production from the wells.

The European Unconventional Oil and Gas Assessment (EUGOA) study incorporates data for a total of 82 shale formations within 38 geological basins covering 21 countries of Europe. These untapped sources create opportunities for new field developments in the region, which will demand the digitalization of the oil fields. The European Union has also revised its offshore regulatory regime and incorporated new regulations on the safety of oil and gas operations. According to the new regulations, the oil & gas companies are mandated to submit a special report before commencing any offshore drilling operations in the region on the major possible hazards that their operations may have on the environment.

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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).

Digital Oilfield Market to Observe Stunning Growth

 The global Digital Oilfield Market size is projected to reach USD 28.5 billion by 2025 from an estimated value of USD 20.2 billion in 2020, at a CAGR of 7.1% from 2020 to 2025. New technological advancements in the digital oilfield, increased return on investment in the digital oilfield, and increased need from oil & gas operators to scale up production from mature wells are the key factors driving the digital oilfield market.

The onshore segment is the fastest-growing market and is projected to lead the market during the forecast period. The larger intensity of onshore applications is mainly in the regions such as the Middle East and North America, where digitization of the fields can maximize the oil & gas outputs, reduce non– productive time, and increase profitability by integrating the workflow. This would ultimately create new revenue pockets for the Digital Oilfield Market during the forecast period.

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The production optimization segment is expected to be the largest segment of the digital oil field market, by process, from 2020 to 2025, due to increased production activities among the major oil & gas suppliers worldwide for enhancing their respective oil outputs. The adoption and implementation of digital optimization techniques can enable these companies to meet their production targets and enhance their respective profitability.  Employing real-time techniques for production optimization increases the recovery of oil and reduces the non-productive time. The ongoing market dynamics, where there has been a constant fluctuation in the oil prices, requires focusing on reducing the non-productive time and improve workflow efficiency with the use of digital oilfield solutions.

Europe is expected to be the largest digital oilfield market

In this report, the Digital Oilfield Market has been analyzed with respect to 6 regions, namely, Asia Pacific, Europe, North America, South America, the Middle East, and Africa. Europe is expected to be the largest Digital Oilfield Market, by region, during the forecast period. The region has several mature fields in the North Sea, which demand increased use of technological prowess to produce oil. Russia, the UK, and Norway share the majority of the number of reserves in the region. In the UK and Norway, oil & gas production takes place at offshore locations, whereas Russia has more onshore fields. The high number of oil & gas fields lead to demand for digital oilfields such as well intervention and Enhanced Oil Recovery (EOR) techniques.

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Some of the leading players in the Digital Oilfield Market such as Schlumberger (US), Weatherford (Switzerland), Halliburton (US), Baker Hughes Company (US), National Oilwell Varco (US), and equipment providers such as ABB (Switzerland), Emerson (US), Rockwell (US), and Siemens (Germany).

Digital Oilfield Market Future Trends and Opportunities

According to the new market research report "Digital Oilfield Market by Solutions (Hardware, Software & Service, and Data Storage Solutions), Processes (Reservoir, Production, and Drilling Optimizations), Application (Onshore and Offshore), and Region - Global Forecast to 2025",published by MarketsandMarkets™, the Digital Oilfield Market size is expected to grow from an estimated USD 20.2 billion in 2020 to USD 28.5 billion by 2025, at a CAGR of 7.1%, during the forecast period. The market is set to witness growth due to the increasing focus on optimization through digitization, mostly in mature fields.

The production optimization segment is expected to be the largest segment of the digital oil field market, by process, in 2019. The segment is expected to grow during the forecast period due to increased production activities among the major oil & gas suppliers worldwide for enhancing their respective oil outputs. The adoption and implementation of digital optimization techniques can enable these companies to meet their production targets and enhance their respective profitability.

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The onshore segment is expected to hold the largest share of the Digital Oilfield Market.

The onshore segment is the fastest-growing market and is projected to dominate the market during the forecast period. The larger intensity of onshore applications is mainly in the regions such as the Middle East and North America, where digitization of the fields can maximize the oil & gas outputs, reduce non– productive time, and increase profitability by integrating the workflow. This would ultimately create new revenue pockets for the Digital Oilfield Market during the forecast period.

Europe is expected to be the largest market for digital oilfield

In this report, the Digital Oilfield Market has been analyzed with respect to 6 regions, namely, Asia Pacific, Europe, North America, South America, the Middle East, and Africa. Europe is expected to be the largest Digital Oilfield Market, by region, during the forecast period. The region has several mature fields in the North Sea, which demand increased use of technological prowess to produce oil. Russia, the UK, and Norway share the majority of the number of reserves in the region. In the UK and Norway, oil & gas production takes place at offshore locations, whereas Russia has more onshore fields. The high number of oil & gas fields lead to demand for digital oilfields such as well intervention and Enhanced Oil Recovery (EOR) techniques.

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Some of the leading players in the Digital Oilfield Market such as Schlumberger (US), Weatherford (Switzerland), Halliburton (US), Baker Hughes Company (US), National Oilwell Varco (US), and equipment providers such as ABB (Switzerland), Emerson (US), Rockwell (US), and Siemens (Germany).

Electrical Digital Twin Market worth $1,642 Million by 2024 - Latest Report by MarketsandMarkets™

According to the new market research report "Electrical Digital Twin Market by Twin Type (Gas & Steam Power Plant, Wind Farm, Digital Grid, Hydropower Plant, and Der), Application, Deployment (Cloud/Hosted and On-Premises), End-user, Region - Global Forecast to 2024", published by MarketsandMarkets™, the global Electrical Digital Twin Market is projected to reach USD 1,642 million by 2024 from an estimated USD 804 million in 2019, at a CAGR of 15.4%. This growth can be attributed to the improved accuracy and efficiency in power sector operations, streamlined integration of renewable energy technologies, and reduced unplanned downtime and maintenance cost.

The asset performance management is expected to hold the largest share of the Electrical Digital Twin Market, by application, during the forecast period.

The asset performance management segment is projected to be the largest market during the forecast period. This is mainly because the power utilities are constantly focusing on asset management to continuously monitor asset health, increase grid reliability, and help in maintenance optimization. With the help of digital twining, the power utilities can map physical assets to a digital platform that helps in creating a single source of data for all power generation or renewable assets.  

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The cloud segment is expected to be the fastest growing Electrical Digital Twin Market, by deployment, during the forecast period.

The cloud segment accounted for the highest CAGR during the forecast period. The growth of this segment can be attributed to the multiple benefits of cloud software installation such as easy accessibility, no upfront cost associated (instead regular payments are made which are an operating expense), maintenance of software or the hardware it resides on by cloud service providers, quick deployment, and lower energy consumption cost. All these factors are likely to increase the demand for cloud services in the Electrical Digital Twin Market during the forecast period.

North America: The leading Electrical Digital Twin Market.

In this report, the Electrical Digital Twin Market has been analyzed with respect to 5 regions, namely, North America, South America, Europe, Asia Pacific, and the Middle East & Africa. North America is estimated to dominate the global Electrical Digital Twin Market during the forecast period. In recent years, the development of software and automation solutions deployed across the power generation utilities have created a positive impact on the growth of digital twins. Moreover, the increased research & development (R&D) activities in the field of Internet of Things (IoT) and Industrial Internet of Things (IIoT) and increasing demand for efficient and cost-effective technologies for power utilities are the factors driving the market in this region.

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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 Electrical Digital Twin Market. Some of the key players are Siemens (Germany), GE (US), ABB (Switzerland), Emerson (US), and AVEVA (UK). The leading players are adopting various strategies to increase their share in the Electrical Digital Twin Market.

Digital Utility Market Latest Trends and Forecast to 2022

According to the new market research report "Digital Utility Market by Network (Generation, Transmission and Distribution, and Retail), Technology (Hardware and Integrated Solutions (Cloud and Software, Services)), and Region (North America, Europe, and Asia-Pacific) - Global Forecast to 2022", published by MarketsandMarkets™, Global digital utility market is projected to grow at a CAGR of 12.57%, from 2017 to 2022, to reach a market size of USD 244.31 billion by 2022. North American market held the largest share in 2016 followed by the markets in Europe and Asia-Pacific. However, by 2022, the market in Asia-Pacific is projected to gain the largest share. Digital utility market growth is driven by strict regulatory requirements for electric utilities, energy efficiency mandates demanding carbon emission reduction, and increase in the number of distributed and renewable power generation projects.

The digital utility market in Asia-Pacific is projected to grow at the fastest rate during the forecast period. Increasing investment in the electrical infrastructure and growing decentralized power generation will be driving the growth of the digital utility market in the region during the forecast period. The developing smart grid projects and investments in smart cities are also driving the digital utility market in Asia-Pacific.

The growth of the transmission and distribution segment is primarily driven by aging infrastructure in the power utilities industry. New digital devices and communications and control systems improve the efficiency of assets and increase the ability of operators to monitor and manage electric transmission and distribution systems. This would ultimately create new revenue pockets for the digital utility market during the forecast period.

North America: The largest market for digital utility
The market in North America is currently the largest market for digital utility, closely followed by the European market. Rising investments in aging electrical infrastructure and increasing electricity demand are driving the digital utility market in the North America. The market in the U.S. is estimated to be the largest in the region, followed by the markets in Canada and Mexico, during the forecast period.

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The leading players in the digital utility market includes Accenture plc (Ireland), Cap Gemini S.A. (France), Cognizant Technology Solutions Corporation (U.S.), General Electric Company (U.S.), Siemens AG (Germany), SAP SE (Germany), International Business Machines Corporation (U.S.), and Oracle Corporation (U.S.), among others.