The connected oilfield global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Connected Oilfield Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The connected oilfield market size has grown strongly in recent years. It will grow from $24.76 billion in 2023 to $26.5 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to evolution of communication networks, adoption of supervisory control and data acquisition (SCADA) systems, growth of data analytics, safety and risk management, energy transition.
The connected oilfield market size is expected to see strong growth in the next few years. It will grow to $33.16 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to demand for operational efficiency, data-driven decision making, regulatory compliance, remote workforce management, supply chain optimization. Major trends in the forecast period include integration of digital twins, enhanced cybersecurity measures, remote operations optimization, hybrid connectivity solutions.
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Scope Of Connected Oilfield Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Connected Oilfield Market Overview
Market Drivers –
The surging oil and gas exploration activities are expected to propel the growth of the connected oilfield market going forward. Oil and gas exploration activities refer to the systematic process of searching for underground deposits of oil and natural gas resources. Oil and gas exploration is critical to fueling the connected oilfield because it provides the primary data for maximizing oil recovery and operational efficiency. The exploration efforts help to increase oil recovery from the seabed by using better data analysis, software, and technology. For instance, in 2021, according to the U.S. Energy Information Administration’s (EIA), US-based government agency, annual U.S. crude oil production will average 11.1 million b/d in 2021 and expects crude oil production to increase in 2022 by 0.4 million b/d because of increased drilling as prices remain at or near $50 per barrel. Therefore, the surging oil and gas exploration activities are driving the growth of the connected oilfield market.
Market Trends –
Major companies operating the connected oilfield are focusing on developing innovative solution such as upstream digital oilfield solutions to drive operational excellence, maximize profitability, and maintain competitiveness in a rapidly evolving market landscape. It is a solution with advanced technological tools and systems designed to optimize operations in the upstream segment, such as exploration and production of the oil and gas industry. For instance, in June 2022, mCloud Technologies Corp., a US-based software company, launched upstream digital oilfield solutions known as AssetCare digital oilfield solutions in United State. mCloud’s AI technology continuously optimizes these solutions to enhance operational efficiency and performance in the oil and gas industry. It utilizes cloud-based AI to automate production management, continually optimize wellsite performance, and drive predictive maintenance. This strategic move signifies a significant step towards leveraging advanced digital technologies to streamline operations and maximize productivity in the upstream oilfield sector.
The connected oilfield market covered in this report is segmented –
1) By Solution: Hardware, Software And Service, Data Storage Solutions
2) By Processes: Reservoir, Production, Drilling Optimizations, Safety Management
3) By Application: On Shore, Off Shore
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Regional Insights –
North America was the largest region in the connected oilfield market in 2023. The regions covered in the connected oilfield market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the connected oilfield market are China Petroleum & Chemical Corporation, Exxon Mobil Corporation, Royal Dutch Shell plc, TotalEnergies SE, Chevron Corporation, BP plc, GAZPROM PAO, Equinor ASA, Ente Nazionale Idrocarburi Società per Azioni., ConocoPhillips, Repsol SA, Occidental Petroleum Corporation, PJSC Lukoil, Schlumberger Limited, Pioneer Natural Resources, Baker Hughes Company, Kinder Morgan Inc., Devon Energy, Woodside Petroleum, Enbridge Inc., Hess Corporation, TC Energy Corporation, Apache Corporation, Rosneft Oil Company, Marathon Oil Corporation
Table of Contents
1. Executive Summary
2. Connected Oilfield Market Report Structure
3. Connected Oilfield Market Trends And Strategies
4. Connected Oilfield Market – Macro Economic Scenario
5. Global Connected Oilfield Market Size and Growth
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32. Global Connected Oilfield Market Competitive Benchmarking
33. Global Connected Oilfield Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Connected Oilfield Market
35. Connected Oilfield Market Future Outlook and Potential Analysis
36. Appendix
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