Digital Oilfield Market: Overview
The development of new technologies and an increased requirement from gas and oil operators to boost production are driving growth in the digital oilfield market. The companies are increasing their emphasis on oil field remote management in order to process automation and optimization. It is further boosting opportunities in the digital oilfield market.
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The current COVID-19 pandemic has adversely impacted the oil and gas industries at the global level. The increasing social distancing and imposed lockdown during different waves of the pandemic have hit the manufacturing units in the market. Similar to other industries, the oil and gas industry had to shut down its manufacturing unit to control the infection getting spread. Further, some major oil and gas projects have also been either suspended or delayed due to pandemics. These factors have hampered the growth in the digital oilfield market.
Further, the prices of oil, manufacturing and supply units of oil and gas projects, and well drilling have been impacted due to the reduced number of laborers in the pandemic and stringent government regulations. So, the digital oilfield market has witnessed a major loss.
Digital Oilfield Market: Key Trends
The substantial improvement in the performance and management of digital oilfield facilities is boosting industry growth. The technological advancements in collection platforms, mobility, data analysis, and wireless technology are also driving growth in the digital oilfield market.
The oil and gas sector is making a shift with the adoption of digitization techniques and transforms itself from conventional business models to the smarter mode of operations. This digitization will help the industry operators from oil and gas to work efficiently with a minimum workforce at remote locations. The limited oil or fuel supply in the market has driven a need to look for solutions where the number of vehicles is increasing. The oil and gas industry should look for the adoption of new and technically improved technologies. So, the increasing demand for digital operations is boosting the digital oilfield market.
IoT, ML, AI, and seismic imaging are some of the crucial fields that are undergoing advancement processes in the industry. The IoT-enabled system helps market players with the collection, processing, and analysis of data that is collected with the assistance of connecting sensors, analytical tools, and communication. The data collected from these digital devices and sensors is providing real-time market insights to maintain, plan, and operate the system effectively. So these value-added solutions provided in the industry will boost the digital oilfield market.
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Digital Oilfield Market: Competitive Dynamics and Key Developments
Weatherford has introduced Centro, the holistic approach for the effective management of complex website operations with digital platforms. It was introduced in March 2020. The seamless integration of elements of good data of different operators and the access of the same to global locations will boost the digital oilfield market. The team members are enabled to access, transmit, and store the information of vital projects at any time. Centro will make consolidated data available for real-time viewing and analysis.
Some of the key players in the digital oilfield market include:
- Epic Systems Corporation
- Cognizant Technology Solutions
- Cerner Corporation
- Medecision Inc.
- ZeOmega Inc.
- Casenet, LLC
Digital Oilfield Market: Regional Assessment
The digital oilfield market is anticipated to be dominated by the European market with the availability of different mature fields. These fields in the North Sea are demanding technological prowess for the production of oil in the region. The increasing number of oil and gas fields further creates requirements for digital solutions in the digital oilfield market. The enhanced oil recovery (EOR) and well intervention are some of these technologies available in the digital oilfield market. The Middle East and Africa, Europe, North America, South America, and the Asia Pacific are the regions where the digital oilfield market is propelling.
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