Digital Oilfield Market Analysis (2021-2026)

The digital oilfield market is poised for robust growth on the back of increasing adoption of digital technologies across the oil and gas sector. Using a combination of cutting-edge technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), mobile connectivity, the cloud, and analytics, the digital oilfield promises to help operators analyze, gather, and react in real-time to production-related information in the field.

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This has prompted companies to invest heavily in digital technologies to streamline operations, increase output, decrease operating, and reduce unscheduled shutdowns of equipment. Besides, the digital oilfield market is likely to see a booming period of growth due to surging use of data analytics practices in the oil and gas sector.

As per a study conducted at Global Market Insights Inc., the digital oilfield market is expected to record a 7% CAGR through 2020- 2026.

Decline in public and private investments along with a delay in project pipeline due to the ongoing COVID-19 pandemic is expected to hamper digital oilfield market growth over the forecast period. However, favorable government measures to continue operations across industries, manufacturing facilities, as well as infrastructure projects are likely to improve the digital oilfield market business outlook.

Notably, the digital oilfield market is expected to record lucrative growth proceeds from IT-based services. Oil and gas producers across the globe are implementing next-generation IT solutions to support production, exploration, and wellhead activities.

Citing an instance to highlight the same, in 2019, The Kuwait Oil Company announced plans to introduce the second phase of the KwIF project delivering integrated operations which includes optimization of field assets, modeling, and real-time surveillance. In addition, the ability of these services to improve the operational and product efficiency coupled with less maintenance cost is likely to further accelerate product demand over the forecast period.

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On the regional front, the Middle East & Africa may come up as a vital avenue for digital oilfield market. As per reports, the regional business space is anticipated to record prominent growth on the back of increasing investments in digital technologies. The region has a strong presence of oil-producing nations such as Saudi Arabia and Kuwait. These nations are focusing on the digital transformation of the oil and gas sector to boost their production output, which in turn will accelerate the digital oilfield industry over the ensuing years. On this note, Middle East & Africa digital oilfield market is expected to record growth at a rate of 6% through 2026.

While speaking about the competitive landscape, it is important to mention that industry participants are introducing cutting-edge products and services to enable the digital transformation of the oil and gas industry. For instance, in 2019, ABB Group launched a new cloud-based visualization system that enables immediate access to data, alarms, notification, data, while reducing downtime as well as risk. Notably, Kuwait Oil Company, Rockwell, ABB, General Electric, Schneider Electric, National Oil Varco, and Kuwait Oil Company are major companies currently at the forefront of the digital oilfield industry.