The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

Increased offshore exploration and drilling activities are expected to spur innovation in digital oilfield manufacturing, propelling the market during the forecast period.

The global digital oilfield market is expected to grow from $26.20 billion in 2022 to $27.68 billion in 2023 at a compound annual growth rate (CAGR) of 5.6%. The digital oilfield market is expected to grow to $33.93 billion in 2027 at a CAGR of 5.2%.

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Global Digital Oilfield Market Segments Include:

• By Solution: Hardware Solutions, Software and Service Solutions, Data Storage Solutions
• By Process: Production Optimization, Drilling Optimization, Reservoir Optimization, Safety Management, Other Process
• By Service: Instrumentation and Automation, Information Technology
• By Application: Onshore, Offshore
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global digital oilfield market in 2021.

Major Market Players in the digital oilfield market include Halliburton Company, Schlumberger Limited, Baker Hughes Company, Weatherford International plc., ABB Ltd., Emerson Electric Co., Rockwell Automation Inc.

Technological advancements are a major trend that is gaining traction in the digital oilfields market. To gain a competitive advantage in the digital oilfields market, major companies are moving towards next-generation automation technology. For example, Weatherford International, a US-based oilfield service company that provides innovative energy services, will launch ForeSite Sense, a next-generation automation technology for reservoir monitoring, in October 2020. This solution has been installed in over 7,000 wells and provides real-time intelligence across mature, shale, and deep-water wells. ForeSite becomes the world’s only single-source, production-performance solution by incorporating ForeSite Sense into the ForeSite ecosystem.

The Digital Oilfield Global Market Report 2023  provides a digital oilfield market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The digital oilfield market forecast analyzes digital oilfield market size, digital oilfield market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The term “digital oilfield” refers to a concept that combines business process management and digital technologies to automate workflows. Using emerging technologies such as artificial intelligence (AI), the internet of things (IoT), augmented reality, mobile connectivity, and the cloud, operators can gather, analyse, and react to production-related data in real time.

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