The digital oilfield market expansion would be propelled by increasing awareness towards the incorporation of integrated workflow solutions, along with the rising acquisition of cloud-based technologies in corporates. Digital oilfield workflow helps organizations to gather, analyze and respond in real-time to information related to several business processes by the incorporation of emerging technologies such as the Internet of Things (IoT), artificial intelligence (AI), mobile connectivity, and the cloud.
The introduction of advanced technologies to enhance asset management and business operations in the field will boost the adoption of these services in the next few years. Escalating demand for oil & gas across developing economies would provide a sustainable business environment. As per the World Oil Outlook 2020, the demand for energy globally is expected to witness a significant growth of 25% up to 2045, despite the considerable drop in 2020 due to the COVID-19 pandemic.
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According to a Global Market Insights, Inc., analysis report, global digital oilfield market size is estimated to grow substantially at over 7% through 2026. Described below are some factors driving the high adoption of digital oilfield software in business processes.
Robust demand for IT in digital oilfield
The application of information technology in the digital oilfield industry will experience significant growth owing to extensive investments in system refurbishment as well as the upliftment of the existing oil and gas infrastructure. For example, Kuwait oil company in 2019, introduced the second phase of the KwIF project portraying integrated operations which include real time surveillance, modeling, and optimization of field assets.
The capability of such services to increase the production and operational efficiency, along with reducing maintenance expenses would augment product demand. Also, the presence of supportive government regulations for the incorporation of IoT based solutions and advanced analytics would foster digital oilfield developments.
SCADA to simplify complex business processes
Supervisory control and data acquisition (SCADA) based digital oilfield services would be augmented by the continuous advancements in technology to simplify complex processes and to provide easy-to-use applications with enhanced visualization and dashboard to users. For example, ABB in 2019, introduced its latest cloud-based visualization system that was designed to provide immediate access to data, alarms, and notifications, while reducing the risk of data breaches and downtime.
The applications of these systems providing integrity monitoring of hazardous data leakages and real-time solutions would accelerate product demand in the forthcoming years. Also, the advent of sophisticated technologies including machine learning platforms, advanced AI solutions, and utilization of 3D seismic surveys across the E&P sector will positively impact the high adoption of the product.
Enhancing business operations in MEA
The Middle East & Africa digital oilfield industry is estimated to grow significantly at over 6% CAGR up to 2026. The regional industry progression will be driven by the rising need to enhance business operations, due to surging economic dependency on oil & gas production and trade. A substantial investment towards the integration of advanced digitalized solutions by regions like Saudi Arabia and Kuwait to uplift their production output shall accelerate services demand in the country.
The ongoing crisis of the coronavirus has severely impacted the inflow of investments made by the public and private bodies and significant delay in numerous business processes, which could have impeded the growth of the overall market. However, supportive government initiatives toward the continuity of operations across industries, manufacturing facilities, and infrastructural projects which were on hold will complement digital oilfield market outlook in the coming years.
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