Global Digital Oilfield Services, Forecast to 2025 with Baker Hughes, Schlumberger, Weatherford Int'l, Siemens, Halliburton Company, and Kongsberg Gruppen Dominating the Competition

DUBLIN, Feb. 27, 2020 /PRNewswire/ -- The "Digital Oilfield Services Market - Growth, Trends, and Forecast (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.

http://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

The global digital oilfield services market is expected to grow at a CAGR of more than 4.5% over the period of 2020-2025.

Due to volatile oil-price scenario, the focus is now on installing the digital solutions which provide immediate benefits in terms of lowering costs, such as cloud technology and Internet of Things (IoT), which, in turn, is driving the digital oilfield services market.

Oil and Gas operators are striving for maximum production from mature fields, for which digital oilfield is a viable solution which helps in quick and effective planning of well intervention techniques, hence driving the global market. However, cyber attacks and lack of funding in oil and gas automation process acts as restrain for the global digital oilfield services market.

The digital oilfield services market is fragmented. Some of the key players in this market are Baker Hughes Co., Schlumberger Ltd., Weatherford International Ltd., Siemens AG, Halliburton Company, and Kongsberg Gruppen AS.

Key Highlights

    --  The reservoir optimization segment which involves preparation of
        exploration and development strategy, based on the data acquired during
        all the phases of oil or gas field's life posts high demand for digital
        oilfield and is set to drive the market during the forecast period.
    --  According to Environmental Defense Fund or EDF, the global oil and gas
        industry is losing as much as USD 34 billion per year in in leaked,
        vented, and flared methane. So, for reduction of methane emission,
        digital transformation of methane management is likely to create massive
        opportunities for digital oilfield services market.
    --  Due to record high production, increased offshore activity, and
        production from shale fields, North America is the largest market during
        the forecast period, with majority demand coming from the United States.

Key Market Trends

Reservoir Optimization to Dominate the Market

    --  Reservoir optimization requires handling the data acquired during
        seismic surveys, geophysical evaluation, reservoir fluid evaluation,
        drilling data, and production data.
    --  The big data analytics services help handle the data during this process
        in many ways, such as finding the trends in the data, identifying
        anomalies, among others, which in turn, helps in reducing uncertainties
        along with saving time in the process, by improving the productivity of
        the workforce, and more importantly, enabling better decision making.
    --  The decisions made during reservoir optimization affects the production
        life of the field. Thus, reducing the mistakes in the process can save
        large amount of money for the operating company, throughout the
        production life of the field.
    --  Growing exploration activities in offshore region, and growing
        production activities in Permian region of Texas and Federal Gulf of
        Mexico demands for reservoir optimization to ensure maximum production.
    --  Therefore, with the increase in demand for reservoir optimization, the
        global digital oilfield services market is expected to grow during the
        forecast period.

North America to Dominate the Market

    --  North America has dominated the digital oilfield services market in 2018
        and is expected to continue its dominance in the coming years as well.
        The region consists of major oil and gas countries which have some of
        the largest petroleum reserves in the world, which enables the companies
        to use digitalization techniques to enhance production efficiency.
    --  The oil and gas industry is growing in this region; hence, many of the
        mature oilfields are expected to become digitalized in the coming years
        and hence drive the global market.
    --  In 2018, the United States Interior Department allowed drilling in
        nearly all the country's waters, which is among the biggest expansions
        of offshore oil & gas leasing by the federal government in the history
        of the United States.
    --  This new development is expected to drive the offshore exploration and
        production activity, and hence, the demand for digital oilfields
        solutions is likely to increase in the future.
    --  Moreover, increasing offshore field development activities in the Gulf
        of Mexico along with complying to the health and safety regulations is
        expected to drive the digital oilfield services market during the
        forecast period.

Key Topics Covered

1 INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2025
4.3 Onshore and Offshore Capital Expenditures (CAPEX) Forecast in USD billion, till 2025
4.4 Offshore Sector Capital Expenditures (CAPEX) Forecast in USD billion, by Region, till 2025
4.5 Offshore Sector Capital Expenditures (CAPEX) Forecast in USD billion, by Water Depth, till 2025
4.6 Recent Trends and Developments
4.7 Government Policies and Regulations
4.8 Market Dynamics
4.8.1 Drivers
4.8.2 Restraints
4.9 Supply Chain Analysis
4.10 Porter's Five Forces Analysis
4.10.1 Bargaining Power of Suppliers
4.10.2 Bargaining Power of Consumers
4.10.3 Threat of New Entrants
4.10.4 Threat of Substitutes Products and Services
4.10.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION
5.1 Type of Process
5.1.1 Reservoir Optimization
5.1.2 Production Optimization
5.1.3 Drilling Optimization
5.1.4 Others
5.2 Geography
5.2.1 North America
5.2.2 Europe
5.2.3 Asia-Pacific
5.2.4 South America
5.2.5 Middle-East and Africa

6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Baker Hughes Co.
6.3.2 Halliburton Company
6.3.3 Schlumberger Limited
6.3.4 Weatherford International PLC
6.3.5 Siemens AG
6.3.6 Rockwell Automation
6.3.7 Honeywell International Inc.
6.3.8 Kongsberg Gruppen AS
6.3.9 Emerson Electric Co.
6.3.10 Pason Systems Inc.
6.3.11 Accenture PLC
6.3.12 IBM Corporation

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/63yide

Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

View original content:http://www.prnewswire.com/news-releases/global-digital-oilfield-services-forecast-to-2025-with-baker-hughes-schlumberger-weatherford-intl-siemens-halliburton-company-and-kongsberg-gruppen-dominating-the-competition-301012474.html

SOURCE Research and Markets