Summary
The global Digital Oilfield Solutions Market is expected to witness a CAGR of xx% over the forecast period 2020-2026 and is expected to reach US$ xx million in 2026, from US$ xx million in 2019.
Increasing consumption of oil is expected to propel growth of global digital oilfield solutions market over the forecast period. For instance, according to the International Energy Agency, the U.S. alone will cover 80% of the world’s oil demand from 2018 to 2020.
Government initiatives to boost digitalization in the oil and gas sector is expected to offer lucrative growth opportunities for players in the global digital oilfields solutions market. For instance, in February 2021, The Egyptian Ministry of Petroleum and Schlumberger launched Egypt Upstream Gateway, a national project for the digitalization of subsurface information.
Decline in the oil and gas sector is expected to hinder growth of the digital oilfield solutions market. For instance, according to Fitch Ratings Inc., the U.S.-based credit rating agency, the oil and gas sector is expected to lose US$1.8 trillion in 2020.
The digital oilfield solutions market is witnessing several M&A activities. For instance, in February 2021, Baker Hughes, an industrial service company, acquired ARMS Reliability, a provider of reliability solutions to mining, oil and gas, power, manufacturing, and utilities industries.
Major players operating in the digital oilfield solutions market are focused on adopting collaboration and partnership strategies to enhance their market share. For instance, in February 2021, OPEX Group, data analytics and predictive technology solutions provider for the oil and gas industry, entered into a long-term collaboration with North Sea oil and gas operator, Dana Petroleum, to apply its X-PAS analytics platform across the firm’s Triton and Western Isles FPSO assets.
Major players operating in the digital oilfield solutions market are also focused on launching new products to expand their product portfolio. For instance, in 2020, Huawei launched its fully digital oilfield IoT solution at the Nigeria International Petroleum Summit 2020.
Key Takeaways
Increasing consumption of oil is expected to propel growth of global digital oilfield solutions market over the forecast period
Major players operating in the digital oilfield solutions market are focused on adopting collaboration and partnership strategies to enhance their market share. For instance, in February 2021, Well Data Labs formed a strategic alliance with HUNTING PLC, an energy services provider to the world's leading national and international oil and gas companies. Under the agreement, HUNTING PLC agreed to provide Well Data Labs with US$ 2.5 million in convertible capital financing to support WDL's growth in the onshore technical well data analytics market.
Major players operating in the digital oilfield solutions market include, ABB, Emerson Electric, Rockwell Automation, Siemens AG, OPEX Group, Well Data Labs, Huawei, Schneider Electric, Honeywell International Inc., and General Electric
The Digital Oilfield Solutions Market report highlights product development and growth strategies such as merger and acquisition adopted by market players along with SWOT Analysis, PEST and Porter’s Five Forces analyses of the Digital Oilfield Solutions Market, which highlight the strengths, weaknesses, opportunities, and commination of key companies. Moreover, the report offers two distinct market forecasts, one from the perspective of the producer and another from that of the consumer.
The various contributors involved in the value chain of the product include manufacturers, suppliers, distributors, intermediaries, and customers.
The Key Manufacturers covered in this Report:-
- ABB
- Emerson Electric
- Rockwell Automation
- Siemens AG
- Schneider Electric
- Honeywell International Inc
- General Electric
- ...
By the Product Type, the market is primarily segmented into:
- Hardware
- Software
- Services
By Applications, the market is segmented into:
- Automation Solutions
- Instrumentation
The Report covers the following Regions:
- North America
- United States
- Canada
- Mexico
- Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- Indonesia
- Thailand
- Malaysia
- Philippines
- Vietnam
- Europe
- Germany
- France
- UK
- Italy
- Russia
- Central & South America
- Middle East & Africa
- Turkey
- GCC Countries
- Egypt
- South Africa
Objective of the Digital Oilfield Solutions Market Report:
- To assess the size of the market by value and volume
- Analyze the Digital Oilfield Solutions Market in terms of regions and major countries
- Highlight recent developments and trends in the market
- Offer perceptive data regarding major market players in terms of key developments, strategies, and product portfolio
- Determine share of the Digital Oilfield Solutions Market in terms of various segments such as by product type, application, and end-user
- Offer accurate projection of the market for the forecast period using state-of –the-art tools and the current primary and secondary research approaches
- Discuss major factors that impact growth of the Digital Oilfield Solutions Market
The Digital Oilfield Solutions Market engages the readers with all pivotal approaches to understand their position in the industry based on revenue or sales growth. The report efficiently evaluates the Digital Oilfield Solutions Market from various dimensions to deliver an end-product that is informative, elaborate, and accurate and includes detailed market segmentation, regional analysis, and competition in the market. The information in the report is backed by annual company reports, financial reports, press releases, regulatory databases, government documents, and statistical databases.
For the data information by region, company, type and application, 2019 is considered as the base year. Whenever data information was unavailable for the base year, the prior year has been considered.
Key Stakeholders:
- Material suppliers/wholesalers
- Market Distributors/traders
- Regulatory bodies
- Research organizations, and consulting firms
- Commercial research & developments (R&D)
- Trade associations and industry bodies
- Importers and exporters
- End-use industries
Available Customizations:
Custom research is one of the most crucial components of the business strategy that helps an organization gain insight into specific business sector, aligned with its specific area of interest. Thus, SMI offers more accurate, pragmatic, and actionable information specifically tailored to suit your business needs.
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