Evolve Businesses Intelligence has published a research report on the Smart Oilfield Market, 2021–2030. The smart oilfield market is projected to exhibit a CAGR of around X% during the forecast period of 2022 to 2030.
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The smart oilfield market is projected to be valued at USD X Billion by 2030, recording a CAGR of around X% during the forecast period. Smart oilfield or digital oilfield has become one of the hottest topics in the oil and gas industry today. Smart oilfield involves applying advanced software and hardware along with extensive data analysis to increase oil and gas field efficiency. Due to the increasing energy demand and the growing number of mature oil fields, smart oilfield helps to achieve maximum productivity by bringing smart oilfield automation and monitoring. Today’s smart oilfields typically collect real-time data from pump flow sensors, pressure and temperature gauges, tank level sensors, and many other I/O devices and send the collected data. collected at the central server and control room. The data is then analyzed to provide real-time insights into the current situation. Many smart oilfields also offer the convenience of a live video feed for visual monitoring and evaluation.
The economic effects of COVID19 have had a negative impact on the oil and gas industry. The oil and gas industry was affected by falling oil prices, which resulted in a decrease in the returns of investors in the oil sector. Therefore, this factor reduces the adoption of technology in the oil and gas sector. Sectors. Oil extraction activity decreased due to a decrease in demand from many sectors such as the petrochemical, chemical industry, and others. Oil profits for companies have been hampered, due to reduced demand from end-user industries for oil, which can lead to delays in the development of oil projects, investment in technology, etc.
The smart oilfield market has been segmented based on the solution, process, application, and region.
Based on solutions, the smart oilfield market is segmented into hardware, software & services, and data storage solutions. The hardware segment of the market is expected to grow at a rapid rate during the forecast period. This is due to the large capital investments made by the oilfield operators’ technological innovation and process automation. This allows companies to eliminate non-production time, optimize production and increase control and monitoring of oil and gas fields.
Based on the process, the market is segmented into reservoir optimization, production, and drilling. The manufacturing optimization segment accounted for the largest segment of the market in 2018 and this trend is expected to continue during the forecast period. This is attributed to increased production activities among the major global oil and gas suppliers to enhance their respective oil production. Smart or digital optimization will increase productivity and profits.
In terms of application, the market is divided into domestic and offshore. Onshore applications are expected to account for a larger market share than offshore smart fields during the forecast period..
The smart oilfield market is divided into six regions: North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa. The European region is projected to dominate the smart oilfield market. Increased spending to improve oil production from aging oilfields is expected to significantly boost the North American digital oilfield market. The smart oilfield market share in Asia-Pacific will be mainly driven by the growing focus on improving operational management as well as reducing capital and operating costs as a result of the adoption of solutions. latest digital. In Latin America, Many companies are revamping multiple oil and gas platforms in the offshore area by integrating machine learning and AI solutions, which will also drive demand for digital oilfield solutions in the country. The steady rise in exploration and production as well as smart technology trends driving the Middle East. The implementation of tax relief and subsidies has spurred the adoption of AI-based technologies to improve the performance of oil and gas (O&G) fields in the digital oil field market forecast in Africa.