The Global Digital Oilfield Solutions Market Are Slated To Top US$ 37.2 Bn In 2022. Expanding At A Healthy 6.5% CAGR, The Market Size Is Projected To Total US$ 54.4 Bn By 2030.

Digital Oilfield Solutions Market Overview:

The increasing need to maximize the production capacity of mature oil wells and surging return on investment (RoI) in the oil and gas industry are expected to drive sales in this market. Additionally, the urgent need to lower capital and operating costs through the utilization of smart systems and digitized solutions is likely to drive the market.

Continued advancements in data collection, mobility and analytics platforms are set to improve the overall performance and management of oil and gas platforms. A rapid shift in countries to devise robust economic well recovery processes, coupled with a decrease in oil and gas production from existing wells, will also have a positive impact on the market.

Digital Oilfield Solutions market size, estimates and forecasts are provided in terms of sales volume (K units) and revenue (million USD), with historical and forecast data for the period 2017 to 2030, with 2022 being considered as the base year. This report segments the global Digital Oilfield Solutions market in detail. Regional market sizes related to products by type, by application, and by player are also delivered. In estimating the size of the market, we took into account the impact of COVID-19 and the Russian-Ukraine war.

Key Market Updates:

• In November 2021, OspreyData, a leading US-based oil and natural gas company, introduced the latest OspreyData Vision platform available on any mobile device. It allows rental operators, artificial lift technicians and production engineers to sit in a 'virtual control center' to access critical operational information and troubleshoot from virtually anywhere.
• In July 2021, British multinational oil and gas company Norske Shell announced that it would use Kognitwin Energy, a new digital twin solution from Kongsberg Digital. The company aims to develop a virtual representation of the Ormen Lange deepwater gas field. This will help the company integrate Ormen Lange into the existing onshore digital twin being developed at the Nyhamna gas processing facility.

Major Market Segments Covered in Digital Oilfield Solutions Industry Research:

Market Key Players:
ABB, Emerson Electric Co., Rockwell Automation, Inc., General Electric, Siemens AG, Schneider Electric, Eaton, Honeywell International, Inc.

By Type:

• Hardware
• Software
• Services

Domain:

• Automation solutions
• Instrumentation

By Application:

• Upstream
• Midstream
• Downstream

By Region:

Continued upgrading of existing technology solutions for managing and optimizing oil and gas operations will spur the US market during the evaluation period. The North American digital oilfield solutions market is expected to account for approximately 24.3% share in 2022.

Beyond that, increasing domestic production and increasing oil discoveries are expected to change the business landscape in the United States. Meanwhile, many companies are integrating machine learning and AI solutions to retrofit numerous oil and gas platforms in the offshore sector. , which will also boost the demand for digital oil field solutions in the country.

High energy demand due to paradigm shift towards technologically advanced solutions is estimated to drive the sector. For example, in January 2020 Baker Hughes, one of the world's largest oilfield services companies, stated that the average number of rigs in the United States was 804 in December 2019. This figure is likely to surge over the next few years, bolstering the market. .

Surge in new field development and exploration activities is expected to create growth opportunities in the UK over the forecast period. The Western European digital oil field solutions market is expected to account for a share of about 22.9% in 2022.

According to the UK government, in 2020 UK refineries received 8.6 million tonnes of crude oil from the UK Continental Shelf (UKCS), covering 18% of refinery demand. Therefore, rising crude oil production in the country is expected to drive the demand for digital oilfield solutions in the future.

Continued development of smart oilfields to optimize overall operation and management is likely to propel the Chinese market. Southeast Asia (SEA) and Pacific digital oil field solutions market is expected to generate about 11.6% share in 2022.

For example, in October 2021, China National Offshore Oil Corp, one of China's largest state-owned oil companies, began operating the Qinhuangdao 32-6 smart oil field. AI, big data, IoT and cloud computing will help make offshore gas and oil production more intelligent and digital. At the same time, maintenance costs can be reduced by 5-10% and production efficiency can be increased by 30%. These industrial developments by major players are estimated to fuel the demand for digital oilfield solutions in China.

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
  • Denmark
  • Finland
  • Iceland
  • Sweden
  • Norway
  • Belgium
  • The Netherlands
  • Luxembourg
• Germany
• France
• Italy
• Spain
• UK
• Nordic Countries
• Benelux Union
• Rest of Europe
• Asia-Pacific
  • Indonesia
  • Thailand
  • Malaysia
  • Singapore
  • Rest of Southeast Asia
• Japan
• China
• India
• Australia
• South Korea
• Southeast Asia
• Rest of Asia-Pacific
• The Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of the Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America

Digital Oilfield Solutions Market report scope:

Report Attributes	Details
Growth Rate	CAGR of 6.5% from 2022 to 2030.
By Type	Hardware, Software, Services
By Application	Upstream, Midstream, Downstream
By Companies	ABB, Emerson Electric Co., Rockwell Automation, Inc., General Electric, Siemens AG, Schneider Electric, Eaton, Honeywell International, Inc.
Regions  and Countries  Covered	North America: (US, Canada, Mexico, Rest of North America) Europe(Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe) Asia-Pacific (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific) The Middle East & Africa(Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa) Latin America(Brazil, Argentina, Rest of Latin America) Rest Of the World
Base Year	2022
Historical Year	2017 to 2022
Forecast Year	2023 to 2030

Key Takeaways from this Digital Oilfield Solutions Report

• Estimate Digital Oilfield Solutions market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, applications and by different industry verticals.
• Understand the supply chain in depth on the value growth at each step, in order to optimize value and bring effectiveness in your processes.
• Know the different dynamics affecting the market - challenges, key driving factors and opportunities.
• Get a quick viewpoint on the Digital Oilfield Solutions market entropy - M&A's, deals, partnerships, product launches of all key companies for the historical 5 years.
• Estimate the supply-demand gaps, import-export data and regulatory landscape for more than top 20 countries worldwide for the market.
• Get complete insights on your competitor performance - market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
• Study the sales and distribution channels over key geographies to improve top-line revenues.

Frequently Asked Questions-

What is the CAGR of Digital Oilfield Solutions market?

The Digital Oilfield Solutions Market is growing at a CAGR of 6.5% During Forecast Period.

What are the key types of Digital Oilfield Solutions market?

Hardware, Software, Services

What are the key applications of Digital Oilfield Solutions market?

Upstream, Midstream, Downstream

Who are the key players in Digital Oilfield Solutions market?

ABB, Emerson Electric Co., Rockwell Automation, Inc., General Electric, Siemens AG, Schneider Electric, Eaton, Honeywell International, Inc.