Report Description

United States Digital Oilfield Market is anticipated to grow at a steady pace in the forecast period, 2024-2028.  There is an increasing focus on environmental sustainability and reducing carbon emissions in the oil and gas industry. Digital oilfield technologies help operators optimize energy consumption, reduce greenhouse gas emissions, and improve environmental performance by identifying the problems. In 2022, the updated U.S monthly crude oil supply data was published; according to which the US is producing 786,000 barrels per day (b/d).

Digital oilfields enable oil and fuel agencies to remotely detect and control essential activities at production centers. These technologies aim to enhance productiveness and performance in exploration and production (E&P) through minimizing gadget downtime and improving production optimization which is especially important in present scenario where oil and gas companies are seeking to streamline their charges to get over the Covid-led power demand shock.

 

Adoption of Visualization Tools and AI/ IoT in Oilfield

 

Digital Oilfield technology has gained momentum with the arrival of the Internet of Things (IoT). They use artificial intelligence (AI), predictive analytics, and visualization tools to generate statistics-pushed insights in real time to hurry up choice-making approaches. The adoption is particularly noticeable in more recent tasks that use the cutting-edge technologies and system to extract hydrocarbons. Companies are trying to automate as many methods as viable to mitigate operational risks.


Creating a virtual oilfield could also help oil and gas companies adopt more environmentally friendly procedures. For instance, by detecting oil leaks, artificial intelligence and predictive analytics can help organizations reduce damage. Oil and petrol businesses may automate maintenance and manage equipment more effectively while also continuing to develop by investing in virtual oil area. This could make way for improved petrol performance and delivered oil and fuel costs. Oilfield service providers and commercial device manufacturers, who supply virtual solutions and offers to address difficult real-world problems, fundamentally control the competitive environment of the digital oilfield.

 

Real time Field Management in DOF

 

The usage of remote oil sands facilities has increased via machine-to-machine interfaces and real-time communication gaining traction, which allow central specialists to troubleshoot and monitor daily operations. Additionally, the utilization of IoT devices for monitoring reservoirs, smart wells, and drilling sites would be improved through ongoing industry collaboration between digital oilfield technology suppliers, IT service providers, and hardware manufacturers.  The utilization of IoT devices for monitoring reservoirs, smart wells, and drilling sites would be improved via ongoing industry collaboration between digital oilfield technology suppliers, IT service providers, and hardware manufacturers. It is anticipated that this will effectively collect real-time data and enhance operating performance from upstream to downstream sectors. Industry expansion is anticipated to be helped by the availability of cutting-edge products like reservoir supervisory control, reservoir characterization as well as cutting-edge machinery like actuators, smart alarms, and sensors.


Additionally, software for digital oilfield production captures the behavior of the oilfield on the PC. For the course of the assets' entire lives, the applications serve as an online management system for the oil and gas company's assets. The digital oilfield solution from The Petroleum Experts offers an enterprise-level, vendor-neutral method for displaying reservoir, wellbore, and facility information.

 

US Central Government Initiatives Towards Oil & Gas Extraction

 

The US federal government conducted an auction of more than 80.9 million acres to be leased for oil and gas extraction in 2021, with support from the policy and government plans. Operators are searching for novel approaches to embrace the "digital oilfield age" for more effective and economical operations in the current market as the digital revolution spreads across nation. Quite apart from the fact that digitization has reduced overall OpEx and CapEx (capital expenditures) costs and assisted operators in weathering economic downturns.

 

During the period of 2017- 2035, total capital expenditures (CAPEX) for the construction of oil and gas infrastructure will range from USD 1.06 to USD 1.34 trillion. Over the projection, these investment levels translate to an average annual CAPEX of USD 56 to USD 71 billion (Exhibit ES-2). This covers investments in both new and existing oil and petrol storage facilities, oil producing facilities, refineries, and other infrastructure. Hence, the country's demand for the adoption of digital oilfield services has also significantly increased because of the recent development of shale plays, horizontal drilling, and fracking technologies. For instance, 92 million barrels of additional proven crude oil reserves were discovered and extended in 2020, largely by American operators drilling horizontal wells. These expansions are expected to drive offshore survey and production activity. Hence, the demand for digital oilfields solutions is anticipated to increase in the future.

 

Interruption in the Decision-Making Process

 

One of the main obstacles for the oilfield sector is the time-consuming nature of real-time data collecting and useful analysis. It is challenging to compile extensive instructive data and present it as market-relevant information for wellheads. The gathering and analysis of the data require professional personnel with the appropriate experience and knowledge. The oil and gas industry's major players are concentrating on making new discoveries by utilizing the potential of precise and reliable data. Analytical instruments that are used for examining and analyzing data and define the potential of wellheads are costly processes. This means that the market expansion in the anticipated time frame is constrained by the delay in decision-making processes caused by analytical tools.

 

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.
  • On December 2021, Kuwait Oil Company ("KOC") announced granted Weatherford International plc a three-year digital oilfield contract. The contract is meant to assist the company' integrated enterprise excellence platform and digital transformation plan.
  • According to the High Case, U.S. oil production would expand quickly, reaching upwards of 12 million barrels per day by 2035. Much more noticeable growth is observed in natural gas production, which will rise from its current daily average of around 72 billion cubic feet to a range between 110 and 131 billion cubic feet by 2035. Throughout future, the production of natural gas liquids (NGL) will follow the production of gas.
  • Refinery output in the U.S. is anticipated to increase from its present level of just over 16 million barrels per day to between 17 - 19 million barrels per day by 2035. Oil sands production from Western Canada and tight oil development in the United States are the main drivers of increased oil refining.



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Market Segmentation

 

The United States Digital Oilfield Market is segmented based on process, technology, and region. Based on process, the market is bifurcated into drilling optimization, production optimization, reservoir optimization, and others. Based on technology, the market is bifurcated into internet of things, artificial intelligence, cloud computing & others. Based on region, the market is bifurcated into.  Regionally, United States is divided into West, Midwest, Northeast, South.

 

Market Players

 

Main market players in the United States Digital Oilfield market are Schlumberger, Halliburton, Weatherford International Inc, Digi International, Microsoft, Baker Hughes, Rockwell Automation, Honeywell Process Solution, Emerson, National Oilwell Varco.

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

Process

Technology

Regional Scope

West, Midwest, Northeast, South

Key companies profiled

Schlumberger, Halliburton, Weatherford International Inc, Digi International, Microsoft, Baker Hughes, Rockwell Automation, Honeywell Process Solution, Emerson, National Oilwell Varco

Customization scope

10% free report customization with purchase. Addition or alteration to country, regional & 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 United States Digital Oilfield Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

            ·         United States Digital Oilfield Market, By Process:

o   Drilling Optimization

o   Production Optimization

o   Reservoir Optimization

o   Others  

            ·         United States Digital Oilfield Market, By Technology:

o   Internet of Things

o   Artificial Intelligence

o   Cloud Computing

o   Others

            ·         United States Digital Oilfield Market, By Region:

o   West

o   Midwest

o   Northeast

o   South

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the United States Digital Oilfield 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).

United States Digital Oilfield 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 United States Digital Oilfield Market

5.    Voice of Customer

5.1.  Brand Awareness and Brand Recall

5.2.  Factors Considered While Selecting Contractor

5.3.  Contractor Satisfaction Level

5.4.  Major Challenges/Issues Faced

6.    United States Energy Outlook

7.    United States Rig Count Outlook

8.    United States Digital Oilfield 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, and Others)

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

8.2.3.    By Region (West, Midwest, Northeast, South)

8.2.4.    By Company (2022)

8.3.  Market Map

9.    West Digital Oilfield 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

10. Midwest Digital Oilfield 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

11. Northeast Digital Oilfield 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

12. South Digital Oilfield 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

13. Market Dynamics

13.1.             Drivers

13.1.1. Emerging Technologies such as Artificial Intelligence (AI) and the Internet of Things

13.2.             Challenges

13.2.1. Knowledge about analysis of data

14. Market Trends & Developments

14.1.             Increasing Consumption of Oil & Gas in the Country

14.2.             Oilfield Services to Drive the Market

15. Policy and Regulatory Landscape

16. United States Economic Profile

17. Competitive Landscape

17.1.             Schlumberger

17.1.1. Business Overview

17.1.2. Key Revenue and Financials (If Available)

17.1.3. Recent Developments

17.1.4. Key Personnel

17.1.5. Key Product/Services

17.2.             Halliburton

17.2.1. Business Overview

17.2.2. Key Revenue and Financials (If Available)

17.2.3. Recent Developments

17.2.4. Key Personnel

17.2.5. Key Product/Services

17.3.             Weatherford International Inc.

17.3.1. Business Overview

17.3.2. Key Revenue and Financials (If Available)

17.3.3. Recent Developments

17.3.4. Key Personnel

17.3.5. Key Product/Services

17.4.             Digi International

17.4.1. Business Overview

17.4.2. Key Revenue and Financials (If Available)

17.4.3. Recent Developments

17.4.4. Key Personnel

17.4.5. Key Product/Services

17.5.             Microsoft

17.5.1. Business Overview

17.5.2. Key Revenue and Financials (If Available)

17.5.3. Recent Developments

17.5.4. Key Personnel

17.5.5. Key Product/Services

17.6.             Baker Hughes

17.6.1. Business Overview

17.6.2. Key Revenue and Financials (If Available)

17.6.3. Recent Developments

17.6.4. Key Personnel

17.6.5. Key Product/Services

17.7.             Rockwell Automation

17.7.1. Business Overview

17.7.2. Key Revenue and Financials (If Available)

17.7.3. Recent Developments

17.7.4. Key Personnel

17.7.5. Key Product/Services

17.8.             Honeywell Process Solution

17.8.1. Business Overview

17.8.2. Key Revenue and Financials (If Available)

17.8.3. Recent Developments

17.8.4. Key Personnel

17.8.5. Key Product/Services

17.9.             Emerson

17.9.1. Business Overview

17.9.2. Key Revenue and Financials (If Available)

17.9.3. Recent Developments

17.9.4. Key Personnel

17.9.5. Key Product/Services

17.10.          National Oilwell Varco

17.10.1. Business Overview

17.10.2. Key Revenue and Financials (If Available)

17.10.3. Recent Developments

17.10.4. Key Personnel

17.10.5. Key Product/Services

18.  Strategic Recommendations

19. About Us & Disclaimer

Figures and Tables

Frequently asked questions

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The oil and petrol industry's next phase of digital transformation is represented by the digital oilfield. The digital oilfield promises to aid operators in gathering, analyzing and responding in real-time to production-related information in the field by combining emerging technologies like artificial intelligence (AI), the Internet of Things (IoT), augmented reality, mobile connectivity, and the cloud.

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One of the main barriers for the US digital oilfield sector is the time-consuming nature of RTD (real-time data) collecting and useful analysis. It is challenging to compile extensive instructive data and present it as market-relevant information for wellheads.

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Increasing consumption of oil & gas in the country and adoption of advanced technologies and connectivity in oil filed are some of the major factors driving the growth of the United States Digital Oilfield Market.

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Main market players in the United States Digital Oilfield market are Schlumberger, Halliburton, Weatherford International Inc, Digi International, Microsoft, Baker Hughes, Rockwell Automation, Honeywell Process Solution, Emerson, National Oilwell Varco.

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Parvati Sharma

Account Manager BD
Press Release

United States Digital Oilfield Market Is Expected To Be Dominated By Reservoir Optimization Segment During The Forecast Period

Jun, 2023

Rapidly growing demand for oil & gas and rapid advancement in technologies are the major factors driving the United States Digital Oilfield Market in the forecast period 2024-2028.