Global Digital Oilfield Market
Digital Oilfield refers to technologically based approaches that enhance oil recovery from the seabed through sophisticated data analysis and software systems. The software uses workflows and predictive analysis based on information from wellbores, reservoirs, and surface facilities to simulate the functioning of an oil and gas field. Oilfield digitization helps increase operations’ overall cost-effectiveness and the effective use of both human and mechanical resources.
Our recent report predicts that the recession will substantially affect the worldwide Digital Oilfield business in the next years. According to the Centre for Economics and Business Research, a global recession will begin in 2023. (CEBR). Recession is brought on in several economies by the higher borrowing rates used to combat inflation. The global GDP is also expected to rise by less than 2% in 2023, with a 25% probability that the global economy will decrease. Along with hiring, the number of workers quitting their positions has risen. Due to the direct impact of the recession on them, Western businesses refuse to offer equal pay and benefits.
The growing digitalization trend across various industries, including oil and gas, primarily drives the market for Digital Oilfields. The spike in demand for oil and oil derivatives across numerous industries and the potentially dangerous working environment in the oil & gas industry has significantly increased the demand for Digital Oilfields. Increasing exploration activities that discover new oilfields is another factor driving the sector. Additionally, the market is predicted to rise due to the rising utilization of real-time operation monitoring to cut out unproductive procedures and losses. Additional factors anticipated to support market expansion include advancements in wireless technology, data gathering, analysis services, and greater spending on offshore oil exploration activities. These are some of the international trends affecting the Digital Oilfield industry. However, the primary problems that may prohibit recruiting new digital talent and slow down the interoperability of multiple system components from diverse solution providers are growing cyber security concerns and delays in decision-making brought on by using numerous analytical tools.
North America region dominates the Global Digital Oilfield Market. Halliburton, Baker Hughes, Schlumberger, and other technological behemoths are constantly working on new technologies, which benefits the outlook for the North American market. The two most advanced nations in North America in terms of technological development are the United States and Canada. On the other hand, the second-largest market for Global Digital Oilfields is in the Asia Pacificdue to increased production and exploration efforts to meet the region’s rising energy demand. The overall energy required to meet the industrial, commercial, and automotive demand is constantly rising in developing economies like India, China, and South Korea.
Some of the key players in the Global Digital Oilfield Market include- Schlumberger (US), Halliburton (US), Rockwell Automation (US), National Oil Varco (US), ABB Ltd. (Switzerland), Siemens (Germany), Schneider (France), Baker Hugh (US) and others.