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Smart Oilfield Market

Smart Oilfield Market

Smart Oilfield Market Global Industry Assessment & Forecast

# Pages:

136

Base Year:

2021

Nov - 2021

Format:

Report Code:

VMR-2021-0477

Segments Covered
  • By Processes Production, Reservoir, Drilling Optimization
  • By Application Onshore, Offshore Application
  • By Solution Types Hardware, Software & Service, Data Storage Solutions
Snapshot
Forecast YearsForecast Years: 2022 - 2028
Historical YearsHistorical Years: 2016 - 2021
Revenue 2021Revenue 2021: 1485.6 Million
Revenue 2028Revenue 2028: 2385.7 Million
Revenue CAGRRevenue CAGR (2022 - 2028): 6.1
Fastest Growing Region Fastest Growing Region (2022 - 2028) North America
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report
  • Go To Market Strategy
  • Region Specific Market Dynamics
  • Region Level Market Share
  • Import Export Analysis
  • Production Analysis
  • Others Request Customization Speak To Analyst

Key Insights

The global Smart Oilfield market was valued at USD 1485.6 Million in 2020 and is projected to reach USD 2385.7 Million by 2028, growing at a CAGR of 6.1% from 2021 to 2028.

Years Parameters
Historical Data (Actual Data) 2016-2020
Base Year Data 2020
Current Year Date 2021
Projected year data 2021-2028
Annual Market Size (2028) 2385.7 Million
Annual Market Size (2021)
CAGR (2021 - 2028) 6.1%

Overview and Description

Smart oilfields are based on cloud computing, Internet of things, and artificial intelligence technologies. It can fully perceive the dynamics, automatically operate device, predict trends, optimize management of oilfield, and scientifically assist oilfields in decision-making.


This report provides an analysis of the Smart Oilfield market for the historic period of 2016–2019 and forecasts for 2021–2028 while 2020 is considered as a base year for estimations. The report includes exhaustive analysis of segments, regions and countries comprising of market size and estimations in terms of revenue for the years 2016–2028. There regional section of the report is bifurcated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Moreover, the report also covers exhaustive information on growth factors/drivers, restraints, opportunities, regulatory landscape and technology roadmap among others. Moreover, the report also includes exhaustive SWOT analysis, PEST analysis, value chain analysis, and Porter’s five forces analysis on Smart Oilfield market. This data is likely to help the industry stakeholders and stimulate the decision-making process.

Yearly Infographics 1485.6 Million 2385.7 Million

COVID-19 Impact Analysis

The COVID-19 outbreak has affected various industries worldwide. The Smart Oilfield market is no exception. Governments across the world took severe actions like border seals, lockdown, and implementing strict social distancing measures, in order to stop swift spread of COVID-19. These actions led to severe impact on the global economy. Industrialist across the globe were forced to halt their production, leading to supply chain disruptions and impairing of various industries. However, it is expected that reopening of trade activities, the market will witness steady growth in demand in the coming years. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends for all the regions and countries.


The report provides a completely separate chapter for COVID-19 Impact Analysis. This chapter includes:

o   Impact Assessment of COVID-19 Pandemic

o   Pre & Post COVID-19 Market Size

o   Qualitative analysis on the short term & long-term impact of COVID-19 on the market

o   The analysis provides foremost strategies adopted by competitors to minimize the impact of the pandemic on their business activities and scope for future developments.

Industry Analysis

The advanced techonology which is changing fast in oil and gas industry has made a path for deployment of smart oilfields. The companies are deploying smart oil fields increasingly for maximization of oilfield recovery, drive profitability and eradicate downtime through the integrated workflows. This is anticipated to augment the growth of the market in the years to come. 

The smart oilfield is based on advanced software and hardware and data analysis techniques drives the E&P efficiency of oil and gas mainly. The huge demand for energy and rise in depletion of ‘easy oil’ are growing the deployment of smart oilfields and supporting the growth of the market in the near future. 

Directives and legislations changes with different counteries is pertaining to the use of mud pump. Players find it difficult to meet such country-wise legislations. This can discourage investment in the market, thereby adversely affecting the market.

Global Smart Oilfield Market Report Scope

Parameter Details
Market Size Provided for Years 2016-2028
Base Year 2020
Historic Years 2016-2020
Forecast Years 2021-2028
Market Size Provided In Terms Of Revenue & Volume
Segments Covered Processes, Application, Solution Types
Regions Covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Countries Covered The U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, South East Asia, Brazil, Argentina, GCC Countries, and South Africa, among others
Companies Covered Schlumberger Ltd., Halliburton Corporation, Accenture, Baker Hughes, Shell, Weatherford International, Kongsberg, Gruppen, China National Petroleum Corporation, Rockwell Automation, Pason Systems Inc., Siemens, National Oilwell Varco.
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis

Market Segmentation

The report delivers an acute breakdown of the market based on various segments such as Processes, Application, Solution Types, and region. The report includes market size and forecast for each segment by region/country for the years 2016–2028. Moreover, it also covers a thorough analysis of growth factors and opportunities impacting segmental growth.

On the basis of Processes, the market is divided into Production, Reservoir, Drilling Optimization. Production dominated the global Smart Oilfield market in 2020 and is projected to witness the same trend during the forecast period.

Based on Application, the market is segmented into Onshore, Offshore Application. onshore accounted for the highest market share and is expected to grow at a significant CAGR from 2021 to 2028. 

Global Smart Oilfield Market: Processes Segment Analysis

    • Production
    • Reservoir
    • Drilling Optimization

Global Smart Oilfield Market: Application Segment Analysis

    • Onshore
    • Offshore Application

Global Smart Oilfield Market: Solution Types Segment Analysis

    • Hardware
    • Software & Service
    • Data Storage Solutions

Regional Analysis: Preview

Based on the geography, the global Smart Oilfield market is segmented into North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa. Moreover, the regional sections if further bifurcated into key country level markets for better understanding of the market.

The report covers detailed analysis on drivers, business opportunities, regulatory norms, supplier concertation and such other factors impacting regional growth. Moreover, it also covers market estimations and forecast for each segment for each region for the years 2016–2028. 

Market Size, 2021 (USD Billion)
North America
Europe
Asia Pacific
South America
Middle East Africa

Global Smart Oilfield Market: Regional Analysis

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • France
    • Germany
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Rest of Latin America
  • Middle East and Africa
    • GCC Countries
    • South Africa
    • Rest of MEA

Competitive Landscape

The global Smart Oilfield market report provides an exhaustive competitive landscape to give a comprehensive synopsis of the global market. Major players in the Smart Oilfield market are Schlumberger Ltd., Halliburton Corporation, Accenture, Baker Hughes, Shell, Weatherford International, Kongsberg, Gruppen, China National Petroleum Corporation, Rockwell Automation, Pason Systems Inc., Siemens, National Oilwell Varco..  This section of the report provides in depth analysis on key market players based on various parameters such as business overview, portfolio analysis, business strategies, financial performance, geographical presence, and recent developments among others. It will also include information on key strategies adopted by major market players. 

Global Smart Oilfield Market: Key Highlights

  • The global Smart Oilfield market was valued at USD 1485.6 Million in 2020
  • The global Smart Oilfield Market is projected to reach USD 2385.7 Million by 2028
  • North America held the highest share of the Smart Oilfield market in 2020
  • Some of the major companies operating in the Smart Oilfield market are Schlumberger Ltd., Halliburton Corporation, Accenture, Baker Hughes, Shell, Weatherford International, Kongsberg, Gruppen, China National Petroleum Corporation, Rockwell Automation, Pason Systems Inc., Siemens, National Oilwell Varco.

FAQ
Frequently Asked Question
  • The global Smart Oilfield valued at 1485.6 Million in 2020 and is expected to reach 2385.7 Million in 2028 growing at a CAGR of 6.1%.

  • The prominent players in the market are Schlumberger Ltd., Halliburton Corporation, Accenture, Baker Hughes, Shell, Weatherford International, Kongsberg, Gruppen, China National Petroleum Corporation, Rockwell Automation, Pason Systems Inc., Siemens, National Oilwell Varco..

  • The market is project to grow at a CAGR of 6.1% between 2021 and 2028.

  • The driving factors of the Smart Oilfield include

    • The advanced techonology which is changing fast in oil and gas industry has made a path for deployment of smart oilfields. The companies are deploying smart oil fields increasingly for maximization of oilfield recovery, drive profitability and eradicate downtime through the integrated workflows. This is anticipated to augment the growth of the market in the years to come.
    • The smart oilfield is based on advanced software and hardware and data analysis techniques drives the E&P efficiency of oil and gas mainly. The huge demand for energy and rise in depletion of ‘easy oil’ are growing the deployment of smart oilfields and supporting the growth of the market in the near future.

  • North America was the leading regional segment of the Smart Oilfield in 2020.