Exploration activities are engulfing digital technologies and systems at an exhilarating pace. The global oil and gas industry continues to make quantum leaps in unifying people, processes, and technologies. Therefore, it is safe to say that oil and gas companies are the brink of digitalizing their workflows and processes in order to minimize risks and […]
Digital Oilfield Market: Key Growth Factors and Predictions
Exploration activities are engulfing digital technologies and systems at an exhilarating pace. The global oil and gas industry continues to make quantum leaps in unifying people, processes, and technologies. Therefore, it is safe to say that oil and gas companies are the brink of digitalizing their workflows and processes in order to minimize risks and maximize profits. The digital oilfield market is expanding alongside the growing popularity of artificial intelligence, the internet of things (IoT), and the cloud. The sensitive nature of operations conducted across oilfields makes it imperative for operators to have an advanced view of production-related information. Digital oilfields enable operators to gather, assess, analyze, and respond to information and events taking place across the oilfield. This is an important point of utility for oilfield operators.
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Big Data Analytics and IoT to Dominate Digital Technologies Used by Oil and Gas Companies
Big data/analytics and IoT were surveyed to be the most sought-after technologies for oil companies during the period between 2016 and 2021. While big data and analytics were an investment priority for 38% of the companies, 36% of the companies showed a sense of proclivity towards investing in IoT. Over the course of the next decade, adoption of other key technologies such as mobile devices, robotics and drones, cloud, wearables, artificial intelligence, and social tools shall also gain momentum. The digital oilfield market is at an important juncture on its journey to acquire robust growth. This assertion is based on the visible growth in ocean vessels deployed by oil companies across the globe. As the fleet of vessels expands, the use of digital technologies to monitor and track their operations shall also increase.
Middle East to Witness Surge in Demand for Digital Oilfield Technologies
Middle Eastern countries like Saudi Arabia and UAE are advocating for a non-oil-based economy that thrives on cutting-edge digital technologies. However, instead of being at loggerheads with the oil and gas industry, this new vision has benefitted oil and gas companies. Increased digitalization has ensured that these companies have better access to digital technologies that can be integrated into the oilfield. Therefore, the digital oilfield market in the Middle East would tread along a lucrative track in the forthcoming years. Advancements in technologies for ocean mapping and bathymetry have also caused a rise in adoption of digital technologies by oil companies. However, growth in digital technologies across oilfields also poses several challenges related to data privacy, interoperability, and security. The Shamoon virus launched at Saudi Aramco had caused major disruptions to the overall sync of the oil industry in the Middle East. Therefore, governments are making dedicated efforts to ensure security of data pertaining to digital oilfields.
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Some of the key companies existing in the global digital oilfield market are Siemens AG, Honeywell International Inc., Rockwell Automation, Kongsberg Gruppen ASA, Pason Systems Corp., National Oilwell Varco, Inc., and Petrolink. These companies are expected to keep pace with the pace of digital transformation across the world by introducing new technologies and systems for the digial oilfield.
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