Asia-Pacific Digital Oilfield Services Market By Process (Drilling Optimization, Production Optimization, Reservoir Optimization, and Others), By Technology (Internet of Things, Artificial Intelligence, Cloud Computing & Others), By Application (On-Shore, Off-Shore), By Country, Competition Forecast and Opportunities, 2028

  • Industry : Oil and Gas
  • Pages : NA
  • Published Date : NA
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Summary

Report Description

Asia-Pacific Digital Oilfield Services Market is anticipated to grow at a steady pace in the forecast period, 2024-2028. Rapid growing demand for oil & gas and other petroleum products from developing countries such as China, India, Japan along with increasing efforts to migrate the production costs are the factors fueling the market growth in the forecast period. In 2021, the Asia-Pacific area produced about 7,335 thousand barrels of oil per day. When compared to the previous year, when oil output was 7,428 thousand barrels per day, the data demonstrates a drop.

The automation of upstream, midstream, and downstream oilfield operations is referred to as a digital oilfield service. It is a sector of the energy business that has improved the productivity and profitability of the manufacturing process by integrating cutting-edge software and data analysis techniques into its operations. They provide benefits including increased safety, improved environmental protection, optimal hydrocarbon production rates, and convenience in locating deposits and fully utilizing them. A "Digital Oilfield" is an oil and gas field with sensors and screens installed. Workflow automation and digital technology integration into business processes are ideas. It enables a business to lessen interference from people and the risks connected with oil and gas operations. The analysis interface and data flow are quickly linked, enabling the operation to make the best decisions possible in a timely manner.

 

Advent of digitization in the oil and gas sector across the region

The oil and gas industry are changing as a result of digital technology, which is further fueled by real-time data, cloud computing, and virtual reality. By fusing process management with digital technologies, digital oilfields have been developed to revamp oil and gas systems and enable complete optimization throughout the supply chain. Additionally, implementing digital oilfields aids oil and gas companies in their shift to greener business practices.

Predictive analytics and artificial intelligence, for instance, can assist organizations discover oil leaks after or even before they happen, minimizing various losses. Oil and gas companies may automate maintenance and manage equipment more effectively while fostering innovation by investing in digital oilfield technologies.

 



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Adoption of Visualization Tools and AI/ IoT in Oilfield

Since the Internet of Things has taken off, digital oilfield technology has become more popular (IoT). In order to accelerate the decision-making process, they employ artificial intelligence (AI), predictive analytics, and visualization technologies to produce statistics-driven insights in real time. Particularly notable examples of the adoption are seen in more recent projects that extract hydrocarbons using state-of-the-art technology and methods. Businesses are attempting to automate as many processes as they can to reduce operational risks as well as labor concerns, which will likely result in cost savings over the long term.

Another way to encourage oil and gas businesses to use more ecologically friendly practices to create a virtual oilfield. For instance, artificial intelligence and predictive analytics can assist firms in minimizing damage by spotting oil spills in advance. By investing in virtual oil areas, oil and gasoline corporations may automate maintenance and operate equipment more efficiently while also advancing. Improved gasoline performance and lower delivered oil and fuel costs may result from this. Oilfield service providers and commercial device manufacturers, who offer virtual solutions to challenging real-world challenges, are the main players in the digital oilfield's competitive landscape.

 

Real Time Field Management in DOF

Machine-to-machine interfaces and real-time communication, which enable centralized experts to troubleshoot and monitor everyday operations, are increasing the use of remote oil sands facilities. Also, continued industry cooperation between suppliers of digital oilfield technology, IT service providers, and hardware manufacturers will enhance the use of IoT devices for monitoring reservoirs, smart wells, and drilling sites. By continued industry cooperation, vendors of digital oilfield technology, IT service providers, and hardware manufacturers can better utilize IoT devices for monitoring reservoirs, smart wells, and drilling sites. This should efficiently capture real-time data and improve operational efficiency across all sectors, from upstream to downstream. The availability of cutting-edge goods like reservoir supervisory control and reservoir characterization as well as cutting-edge equipment like actuators, smart alarms, and sensors is projected to aid in industry expansion.

The behavior of the oilfield is also recorded on the PC via software for digital oilfield production. The applications act as an online asset management system for the oil and gas company's assets over the whole asset life. The Petroleum Experts' digital oilfield solution provides an enterprise-level, vendor-neutral way to show reservoir, wellbore, and facility data. By employing models, workflows, and data that has been intelligently filtered, the approach promotes logical decision-making inside a multidisciplinary company with a range of competencies and engineering skill sets. The market will rise in 2024–2028 because of rising oilfield advancement.

 

Increase in exploration operations in uncharted off-shore/ultra-deep-waters

Throughout the past two decades, there has been a great deal of uncertainty over the rise in the consumption of oil and petroleum products around the world. The supply and demand for oil and oil products, which drive the drilling of new oil wells or the production of gas, are depicted by the uncertainty. Also, oil corporations are researching oilfields to learn how digital technologies are being adopted to boost productivity. Several businesses, including ABB and CGG, are engaged in the search for new offshore and onshore oilfields. Nowadays, onshore sites account for 70% of the world's oil and gas extraction, with offshore oilfields accounting for the remaining 30%. As a result, onshore oilfield exploration is more and has always been quite prevalent, and the majority of corporations have done so.

 

Interruption in the Decision-Making Process by Installing Various Analytic Tools to Impede Growth

The time-consuming nature of gathering real-time data and doing appropriate analysis is one of the key challenges facing the oilfield sector. It is difficult to gather in-depth educational data and provide it as market-relevant knowledge for wellheads. Data collection and analysis require qualified professionals with the necessary training and understanding. The leading players in the oil and gas sector are focusing on using the potential of accurate and trustworthy data to make new discoveries. Costly procedures are involved in the employment of analytical instruments to examine and analyze data and determine the potential of wellheads. This indicates that the market's ability to expand in the envisioned time frame is limited by the delay in decision-making that analytical tools cause.

 

Recent Developments

  • The recently announced joint venture (JV) Sensia was concluded in October 2019 by oilfield services provider Schlumberger and industrial automation and information solutions provider Rockwell Automation. Sensia is the first digitally enabled complete automation solution for the oil and gas sector. To meet the ever-evolving requirements of the energy sector, the joint venture would make use of Schlumberger's and Rockwell Automation's substantial oil and gas expertise. Sensia aims to employ its staff of about 1,000 individuals to serve consumers in 80 different countries and generate yearly sales of USD 400 million. Sensia conducts its business on its own. In their joint venture, Rockwell Automation holds a 53% stake, while Schlumberger holds a 47% stake.
  • In September 2019, it was reported that Microsoft, Chevron, and Schlumberger would collaborate to promote the development of cutting-edge digital and petrotechnical innovations and speed up the digital revolution.
  • In June 2019, Baker Hughes and C3.ai intended to launch a joint venture to offer technology for digital transformation. The JV deal will combine the software and artificial intelligence solutions from C3.ai with Baker Hughes's specialized knowledge and extensive oil and gas portfolio.

Market Segmentation

The Asia-Pacific Digital Oilfield Services Market is segmented based on process, technology, application, country and competitive landscape. Based on process, the market is segmented into drilling optimization, production optimization, reservoir optimization, and others. Based on technology, the market is divided into internet of things, artificial intelligence, cloud computing & others. Based on Application, the market is segmented into On-Shore and Off-Shore. Based on country, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand and Indonesia.

 

Market Players

Main market players in the Asia-Pacific Digital Oilfield Services market are Baker Hughes Company, IBM Corporation, Rockwell Automation, Inc., Halliburton Energy Services, Inc., Schlumberger Limited, Redline Communications Group Inc, Emerson Electric Co., Siemens AG., Honeywell International Inc., NOV Inc., among others.

Attribute

Details

Base Year

2022

Historic Data

2018 – 2021

Estimated Year

2023

Forecast Period

2024 – 2028

Quantitative Units

Revenue in USD Million, and CAGR for 2018-2022 and 2023-2028

Report Coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

By Process

By Technology

By Application

By Region

Country Scope

China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia.

Key companies profiled

Baker Hughes Company, IBM Corporation, Rockwell Automation, Inc., Halliburton Energy Services, Inc., Schlumberger Limited, Redline Communications Group Inc, Emerson Electric Co., Siemens AG., Honeywell International Inc., NOV Inc.

Customization scope

10% free report customization with purchase. Addition or alteration to country, country & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

 

Report Scope:

In this report, the Asia-Pacific Digital Oilfield Services Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

·         Asia-Pacific Digital Oilfield Services Market, By Process:

o   Drilling Optimization

o   Production Optimization

o   Reservoir Optimization

o   Others  

·         Asia-Pacific Digital Oilfield Services Market, By Technology:

o   Internet of Things

o   Artificial Intelligence

o   Cloud Computing

o   Others

·         Digital Oilfield Services Market, By Application:

o   On-Shore

o   Off-Shore

·         Drilling Rig Market, By Country:

o   China

o   Japan

o   India

o   South Korea

o   Singapore

o   Malaysia

o   Australia

o   Thailand

o   Indonesia

o   Rest of Asia-Pacific

 

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Asia-Pacific Digital Oilfield Services Market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Asia-Pacific Digital Oilfield Services Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Service Overview

1.1.  Market Definition

1.2.  Scope of the Market

1.3.  Markets Covered

1.4.  Years Considered for Study

1.5.  Key Market Segmentations

2.    Research Methodology

2.1.  Baseline Methodology

2.2.  Key Industry Partners

2.3.  Major Association and Secondary Sources

2.4.  Forecasting Methodology

2.5.  Data Triangulation & Validation

2.6.  Assumptions and Limitations

3.    Executive Summary

4.    Impact of COVID-19 on Asia-Pacific Digital Oilfield Services Market

5.    Voice of Customer

6.    Asia-Pacific Energy Outlook

7.    Asia-Pacific Rig Count Outlook

8.    Asia-Pacific Digital Oilfield Services Market Outlook

8.1.  Market Size & Forecast

8.1.1.    By Value

8.2.  Market Share & Forecast

8.2.1.    By Process (Drilling Optimization, Production Optimization, Reservoir Optimization, Others)

8.2.2.    By Technology (Internet of Things, Artificial Intelligence, Cloud Computing, Others)

8.2.3.    By Application (Onshore, Offshore)

8.2.4.    By Country (China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Rest of Asia-Pacific)

8.3.  By Company (2022)

8.4.  Market Map

9.    China Digital Oilfield Services Market Outlook

9.1.  Market Size & Forecast       

9.1.1.    By Value

9.2.  Market Share & Forecast

9.2.1.    By Process

9.2.2.    By Technology

9.2.3.    By Application

10. Japan Digital Oilfield Services Market Outlook

10.1.             Market Size & Forecast        

10.1.1. By Value

10.2.             Market Share & Forecast

10.2.1. By Process

10.2.2. By Technology

10.2.3. By Application

11. India Digital Oilfield Services Market Outlook

11.1.             Market Size & Forecast        

11.1.1. By Value

11.2.             Market Share & Forecast

11.2.1. By Process

11.2.2. By Technology

11.2.3. By Application

12. South Korea Digital Oilfield Services Market Outlook

12.1.             Market Size & Forecast        

12.1.1. By Value

12.2.             Market Share & Forecast

12.2.1. By Process

12.2.2. By Technology

12.2.3. By Application

13. Singapore Digital Oilfield Services Market Outlook

13.1.             Market Size & Forecast        

13.1.1. By Value

13.2.             Market Share & Forecast

13.2.1. By Process

13.2.2. By Technology

13.2.3. By Application

14. Malaysia Digital Oilfield Services Market Outlook

14.1.             Market Size & Forecast        

14.1.1. By Value

14.2.             Market Share & Forecast

14.2.1. By Process

14.2.2. By Technology

14.2.3. By Application

15. Australia Digital Oilfield Services Market Outlook

15.1.             Market Size & Forecast        

15.1.1. By Value

15.2.             Market Share & Forecast

15.2.1. By Process

15.2.2. By Technology

15.2.3. By Application

16. Thailand Digital Oilfield Services Market Outlook

16.1.             Market Size & Forecast        

16.1.1. By Value

16.2.             Market Share & Forecast

16.2.1. By Process

16.2.2. By Technology

16.2.3. By Application

17. Indonesia Digital Oilfield Services Market Outlook

17.1.             Market Size & Forecast        

17.1.1. By Value

17.2.             Market Share & Forecast

17.2.1. By Process

17.2.2. By Technology

17.2.3. By Application

18. Market Dynamics

18.1.             Drivers

18.2.             Challenges

19. Market Trends & Developments

20. Policy and Regulatory Landscape

21. Competitive Landscape

21.1.             Baker Hughes Company

21.1.1. Business Overview

21.1.2. Key Revenue and Financials (If Available)

21.1.3. Recent Developments

21.1.4. Key Personnel

21.1.5. Key Product/Services Offered

21.2.             IBM Corporation

21.2.1. Business Overview

21.2.2. Key Revenue and Financials (If Available)

21.2.3. Recent Developments

21.2.4. Key Personnel

21.2.5. Key Product/Services Offered

21.3.             Rockwell Automation, Inc.

21.3.1. Business Overview

21.3.2. Key Revenue and Financials (If Available)

21.3.3. Recent Developments

21.3.4. Key Personnel

21.3.5. Key Product/Services Offered

21.4.             Halliburton Energy Services, Inc.

21.4.1. Business Overview

21.4.2. Key Revenue and Financials (If Available)

21.4.3. Recent Developments

21.4.4. Key Personnel

21.4.5. Key Product/Services Offered

21.5.             Schlumberger Limited

21.5.1. Business Overview

21.5.2. Key Revenue and Financials (If Available)

21.5.3. Recent Developments

21.5.4. Key Personnel

21.5.5. Key Product/Services Offered

21.6.             Redline Communications Group Inc

21.6.1. Business Overview

21.6.2. Key Revenue and Financials (If Available)

21.6.3. Recent Developments

21.6.4. Key Personnel

21.6.5. Key Product/Services Offered

21.7.             Emerson Electric Co.

21.7.1. Business Overview

21.7.2. Key Revenue and Financials (If Available)

21.7.3. Recent Developments

21.7.4. Key Personnel

21.7.5. Key Product/Services Offered

21.8.             Siemens AG.

21.8.1. Business Overview

21.8.2. Key Revenue and Financials (If Available)

21.8.3. Recent Developments

21.8.4. Key Personnel

21.8.5. Key Product/Services Offered

21.9.             Honeywell International Inc.

21.9.1. Business Overview

21.9.2. Key Revenue and Financials (If Available)

21.9.3. Recent Developments

21.9.4. Key Personnel

21.9.5. Key Product/Services Offered

21.10.          NOV Inc.

21.10.1.              Business Overview

21.10.2.              Key Revenue and Financials (If Available)

21.10.3.              Recent Developments

21.10.4.              Key Personnel

21.10.5.              Key Product/Services Offered

22.  Strategic Recommendations

23. About Us & Disclaimer

Figures and Tables

Frequently asked questions

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Advent of digitization in the oil and gas sector across the region, and rising penetration of emerging technologies such as artificial intelligence (AI) and IoT are the major drivers for the Asia-Pacific Digital Oilfield Services Market.

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Main players in the Asia-Pacific Digital Oilfield Services market are Baker Hughes Company, IBM Corporation, Rockwell Automation, Inc., Halliburton Energy Services, Inc., Schlumberger Limited, Redline Communications Group Inc, Emerson Electric Co., Siemens AG., Honeywell International Inc., NOV Inc.

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The digital oilfield services are the next stage of the oil and gas sector's digital development. The Digital Oilfield Services combines cutting-edge technology like artificial intelligence (AI), the Internet of Things (IoT), augmented reality, mobile connection, and the cloud to help operators acquire, analyze, and react to production-related information in the field.

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Increase in cyber security threats due to digital initiatives, Interoperability of multiple system components from different solution providers are the challenges faced by the Asia-Pacific Digital Oilfield Services Market.

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