Global digital oilfield technology market is projected to reach $34,871.6 million by 2023. The market growth is mainly driven by the growing big data analytics and volume of data generated in oilfields.
the digital oilfield technology market is categorized into production optimization, reservoir optimization, drilling optimization, and others; ‘others’ include safety management, asset management, and repair and maintenance. Of these, production optimization is expected to be the fastest growing category in the market, advancing at a CAGR of 4.8% during the forecast period. the fastest growth of the category is attributed to the growing demand from filed operators, as oil production is decreasing and hydrocarbon recovery rates are required to be improved.
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the digital oilfield technology market is bifurcated into instrumentation and automation and IT expenditure. Instrumentation and automation is expected to be the faster growing service type, advancing at a CAGR of 4.7% during the forecast period. Owing to the growing concern of data safety and need of real-time monitoring and quick analysis, the category is expected to witness faster growth.
Geographically, Europe was the largest digital oilfield technology market. The market in the region is driven by the presence of large number of oil reserves. Also, companies in the western part of Europe, such as British Petroleum and Royal Dutch Shell plc, are adopting digital oilfield technologies for optimizing their upstream operations in the oilfields, which is further driving the market growth. Additionally, discovery of new oil and gas fields along with increasing volume of crude oil production in the region is propelling the market growth.
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The rising shale gas market is also generating massive digital field data for analysis. The $600 billion investment in shale infrastructure by the U.S. and the nearly 2,000 million well-feet drilled have produced hundreds of petabytes of relevant data. This vast and diverse shale data domain remains largely untapped and is ready to be mined by emerging big-data analytics.
Some of the major players operating in the global digital oilfield technology market are Schlumberger Limited, Baker Hughes Incorporated, National Oilwell Varco Inc., Weatherford International plc, Siemens AG, Honeywell International Inc., Kongsberg Gruppen, Paradigm Ltd., and Petrolink.