Global Smart Oilfield Market by Solutions, Processes, Applications, and Regions — Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2020–2026
The global smart oilfield market is projected to expand at a substantial CAGR during the forecast period. This growth is attributed to the technological advancements, increasing return on investment (ROI), and the rising need to scale up production from mature wells to optimize production.
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The smart oilfield, also known as digital oilfield, have become very useful for oil & gas industry. The smart oilfield includes the application of advanced software and hardware along with the vast data analysis in order to increase the efficiency of an oil and gas field. It helps in achieving maximum productivity by bringing intelligent automation and monitoring the oilfield. These smart oilfields usually collect real-time data from pump flow sensors, pressure and temperature meters, tank-level sensors and many other I/O devices and send the collected data to the central server and control room which provides insights into the current situation. Many of the smart oilfields deploy live video feeds for visual monitoring and evaluation.
Market Trends, Drivers, Restraints, and Opportunities:
- High investments of oil and gas companies in digital technologies is fueling the growth of the market.
- Increasing need from oil & gas operators to scale up production from mature wells is driving the growth for the market.
- With the advent of new technology such as IoT and UAV, collection of digital data has become a challenge for the oil & gas industry. Hence, it is essential to deploy potential human capital and resources.
- Increasing use of wireless technology and pervasive ethernet in smart oilfield may raise concerns regarding reliability and cyber intrusion which is a key restraint of the market.
- Technological advancement in smart fields such as IoT, seismic imaging, AI, and ML are some of the positive trends that is going to foster the growth of the market during the forecast period.
Competitive Landscape:
Major companies in the global smart oilfield market include Baker Hughes, China National Petroleum Corporation (CNPC), Halliburton Corporation, Honeywell International, Schlumberger Ltd, Accenture, Kongsberg Gruppen, Microseismic, National Oilwell Varco, Paradigm, Pason Systems, Petrolink, Redline Communications Group, Rockwell Automation, Shell, Siemens, Weatherford.
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The global smart oilfield market has been segmented on the basis of
Solutions
- Hardware
- Software
- Services
- Data Storage Solutions
Processes
- Reservoir
- Production
- Drilling
Applications
- Onshore
- Offshore
Regions
- Asia Pacific
- Europe
- North America
- Middle East & Africa
- Latin America
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Table of Contents
- Executive Summary
- Assumptions and Acronyms Used
- Research Methodology
- Smart Oilfield Market Overview
- Global Smart Oilfield Market Analysis and Forecast by Type
- Global Smart Oilfield Market Analysis and Forecast by Application
- Global Smart Oilfield Market Analysis and Forecast by Sales Channel
- Global Smart Oilfield Market Analysis and Forecast by Region
- North America Smart Oilfield Market Analysis and Forecast
- Latin America Smart Oilfield Market Analysis and Forecast
- Europe Smart Oilfield Market Analysis and Forecast
- Asia Pacific Smart Oilfield Market Analysis and Forecast
- Middle East & Africa Smart Oilfield Market Analysis and Forecast
- Competition Landscape
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