The oil and gas companies are increasingly gravitating towards embracing innovation as oil prices sluggishly recover from the 2014 crash and rising investments in substitute sources of renewable energy gain momentum. Technological advancements are expected to shape the future of oil and gas with companies incorporating smart technologies to stay competitive and keep the fuel flowing.
Growing penetration of technology in the oil and gas industry has paved the way for the deployment of smart oilfields. Companies are increasingly deploying smart oil fields to maximize oilfield recovery, eradicate downtime, and drive profitability via integrated workflows. Highly advanced smart oil fields also help oil companies in redeveloping existing oil fields and enhance oil well management. These factors are anticipated to drive growth in the smart oilfield market.
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The smart oilfield is based on advanced software, hardware, and data analysis techniques and drives the E&P efficiency of oil and gas significantly. The ever-growing demand for energy and growing depletion of ‘easy oil’ are increasing the deployment of smart oilfields, which facilitate in maximizing oilfield recovery by reducing non-productive time are favoring growth in smart oilfield market.
Rapid advancements in the oilfields technology are likely to bring positive changes in the smart oilfield market. Furthermore, with leading vendors in the smart oilfield market, such as Halliburton and CNPC considerably investing in the R&D, the reliability and efficiency of these oilfields are expected to undergo significant improvements in the forthcoming years.
Global Smart Oilfield Market – Overview
The smart oilfield, also known as digital oilfield, has become one of the most trending topics in today’s oil & gas industry. The smart oilfield includes the application of advanced software and hardware along with the vast data analysis in order to increase the efficiency of an oil and gas field. Due to the ever growing energy demand and increasing number of maturing oilfield, the smart oilfield helps in achieving maximum productivity by bringing intelligent automation and monitoring `the oilfield. Today’s smart oilfields usually collect real-time data from pump flow sensors, pressure and temperature meters, tank-level sensors and many other I/O devices and send the collected data to the central server and control room. The data is further analyzed in order to provide real-time insight into the current situation. Many of the smart oilfields also provide the utility of live video feeds for visual monitoring and evaluation. The smart oilfield allows the reservoir engineers and laboratory technicians to access the real-time data and allows them to make desired changes remotely via tablet, notebook and other devices.
With increasing demand for energy from developed and developing countries and decreasing oil reserves, the oil and gas companies need to find new ways to increase productivity along with the reduced cost, which in turn increases the adoption of smart oilfield technology. Owing to the above-mentioned facts, the global market for smart oilfield is anticipated to grow at a significant CAGR over the forecast period.
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Smart Oilfield Market – Market Dynamics
Oil and gas companies have been investing heavily in digital technologies after the 2014 price crash to cut costs. Through the smart oilfield technology, oil supermajors can eke out the last drop of profit from every oil barrel that they sell, which is particularly vital as the region has finite reserves. The transition to smart oilfield may require a huge amount of money but due to effective integration of design and workflow, the ROI and profitability will increase by reducing the production cost. As a consequence, this is anticipated to auger well for the growth of the global smart oilfield market.
Increasing use of wireless technology and pervasive ethernet in smart oilfield may raise concerns regarding reliability and cyber intrusion. Connectivity and networking in a smart oilfield could save thousands of dollars in operating cost reduction but no network is completely secure. But the use of the less reliable simple serial network in a smart oilfield may hinder the growth of the market. On the other hand, the weak digital infrastructure in emerging economies could also be responsible for the slow growth of smart oilfield market in some regions.
Smart Oilfield Market – Regional Analysis
The smart oilfield market can be segmented into seven regions which include North America, Latin America, Europe, CIS & Russia, Japan, APEJ (Asia Pacific except Japan) and the Middle East and Africa. Growth prospects of smart oilfield market are almost stagnant in North America. On the other hand, the future of smart oilfield market in the emerging geographies like China, India, Mexico and ASEAN are prominent because of the weak digital infrastructure, which, in turn, will increase the demand in the future. Europe is anticipated to be the largest smart oilfield market over the forecast period.
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Smart Oilfield Market – Key Segments
Smart oilfield market can be segmented on the basis of processes, which includes production, reservoir and drilling optimization. On the basis of application, the smart oilfield market can be segmented into onshore and offshore applications. In which onshore application is anticipated to occupy larger share as compared to offshore smart oilfields over the forecast period. In terms of solution types, the global smart oilfield market is further segmented into hardware, software & service, and data storage solutions.
Smart Oilfield Market – Key Manufacturers
Halliburton, China National Petroleum Corporation (CNPC), Baker Hughes, Honeywell International and Schlumberger are some of the key players of the smart oilfield market. Some other prominent players of the smart oilfield market are Kongsberg Gruppen, Microseismic, National Oilwell Varco, Paradigm, Petrolink, Redline Communications Group, Rockwell Automation, Shell, Siemens, Weatherford and many more.
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