Global Smart Oilfield Market growing at a CAGR of 5.9% from 2023 to 2030
Category : Materials And Chemicals | Published Date : Aug 2023
Key Market Overview
Consegic Business Intelligence analyzes that the smart oilfield market is predicted to grow at a compound annual growth rate of 5.9% from 2023 to 2030 and is expected to reach USD 2,632.27 million in 2030 which was valued at USD 1,672.37 million in 2022.
The report highlights the increasing energy demand across the globe, which is proliferating global market growth. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the smart oilfield market.
Global Smart Oilfield Market By Overview
The smart oilfield market is bifurcated into solutions, process and application. Based on solutions the market is segmented into hardware, software and service and data storage solutions. In 2022, the software and service segment dominate in the overall smart oilfield market. The process segment is categorized into Production Optimization, Reservoir Optimization, Drilling Optimization, Safety Optimization, and Others. In 2022, the production optimization segment accounted for the highest market share in the smart oilfield market. Based on application the market is segmented into onshore and offshore. In 2022, the offshore segment dominate in the overall smart oilfield market
Get Free SampleMarket Dynamics
Driver:
- Increasing energy demand across the globe
- Increasing investments in oil and gas technologies
Restraints:
- Low Awareness regarding the benefits and uses of smart oilfield systems
Market Segmentation:
| Report Attributes | Report Details |
| By Solutions | Hardware, Software and Service, and Data Storage Solutions |
| By Process | Production Optimization, Reservoir Optimization, Drilling Optimization, Safety Optimization, and Others |
| By Application | Onshore and Offshore |
| By Region | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Competitive Landscape :
The market is dominated by certain major companies such as Schlumberger, Halliburton, Weatherford, Siemens, and Baker Hughes which have a strong market position in current market circumstances. These companies are continuously leveraging new technologies to develop innovative solutions that are more durable, ensure superior functioning, and others. Furthermore, the Smart Oilfield market is expected to witness substantial growth in the coming years due to the growing digital transformation and increasing automation in the oil and gas industry in key regions such as North America, Asia Pacific, and others.
The market is characterized by intense competition, with companies focusing on expanding their product offerings and increasing their market share through mergers, acquisitions, and partnerships.
- Schlumberger
- Halliburton
- Weatherford
- Siemens
- Osprey Informatics
- Digi International
- Baker Hughes
- Accenture
- Kongsberg Digital
- ABB Ltd.
- Rockwell Automation