Smart Oilfield Market

“Global Smart Oilfield Market: Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast, 2022-2027” provides a deep and thorough evaluation of the global smart oilfield market. Smart oilfield helps amplify oilfield recovery by diminishing downtime. It utilizes advanced hardware, software, and data analysis strategies to expand oil and gas exploration and production (E&P). Smart oilfield collects real-time data from pump flow pressure, sensors, and temperature meters and shares the information with the control room or central server. It replicates the functioning of an oil and gas field and generates predictive analysis by using the information related to reservoirs, wellbores, and surface facilities. It also helps improve the overall safety, optimize hydrocarbon production rate, provide environmental protection, and eliminate resource wastages.

The rising number of exploration activities and the discovery of new oilfields are some of the factors primarily driving the smart oilfield market growth. In addition, the increasing penetration of technology has paved the way for smart oilfields, which assist in eradicating downtime, maximizing oilfield recovery, and driving profitability. Moreover, the increasing demand for oil and its derivates across various industrial verticals, along with the potentially precarious, uncertain, and hazardous working environment of the oil and gas sector, is propelling the need for smart oilfields across the globe. Besides this, leading market players are heavily investing in research and development (R&D) activities to introduce reliable and efficient smart oilfields, which is acting as another crucial factor accelerating the market growth. Apart from this, the rising number of mature oilfields and the growing energy requirements have surged the demand for smart oilfields, thus supporting the market growth. Other factors, such as technological progressions, rapid digitization of the industry, and burgeoning funding in offshore oil exploration activities, are creating a positive outlook for the market.

Beginning with a global overview, the report explores the dynamics that have a strong influence on the smart oilfield market and can also impact its future growth. Taking 2021 as the base year, the report covers the historical market scenarios from 2016-2021 and provides forecasts till 2021. This includes the study of value and volume trends and pricing history. Growth inducing factors, market restraints and recent developments have also been analysed in the report in order to provide deeper knowledge about the industry. On a regional basis, the report examines the smart oilfield market in North America, Europe, Asia-Pacific, Latin America and Middle East & Africa. For each of these regions, the report studies the smart oilfield market in detail for the latest trends, outlook and opportunities. 

The report analyses the competitive structure of the smart oilfield market industry and provides the profiles of major players operating in the market. The price margins for the products along with the various success and risk factors for manufacturers have also been covered in the report. Moreover, in order to determine market attractiveness, the report analyses the smart oilfield market industry along the parameters of the Porter’s Five Forces model. This model examines the degree of competition in the smart oilfield market industry by analysing the threat posed by new entrants and substitutes, and the bargaining power of suppliers and buyers. SWOT analysis of the market has also been presented in the report which highlights the strengths, weaknesses, opportunities and threats pertaining to the smart oilfield market industry. Furthermore, the value chain analysis of the smart oilfield market industry has also been covered in the report. This comprises of all the activities in the value chain, such as the procurement of various raw materials, manufacturing, sales and distribution. 

Segmentation by Technology and Services:

• Hardware
• Software
• Services

Segmentation by Region:

• Asia-Pacific
• Europe
• Latin America
• North America
• Middle East & Africa

Competitive Landscape:

• Kongsberg Gruppen
• Microseismic
• National Oilwell Varco
• Paradigm
• Pason Systems

The price margins for the products along with the various success and risk factors for manufacturers have also been covered in the report. Moreover, in order to determine market attractiveness, the report analyses the smart oilfield industry along with the parameters of porter’s five forces model. This model examines the degree of competition in the smart oilfield industry by analysing the threat posed by new entrants and substitutes, and the bargaining power of suppliers and buyers. Swot analysis of the market has also been presented in the report which highlights the strengths, weaknesses, opportunities, and threats pertaining to the smart oilfield industry. Furthermore, the value chain analysis of the smart oilfield industry has also been covered in the report. This comprises all the activities in the value chain, such as the procurement of various raw materials, manufacturing and sales of the products, and their distribution.

Highlights of The Smart Oilfield Market

• Historical and current scenario
• Trends and developments
• Impact of COVID-19
• Market forecast
• Price analysis and forecast
• Porter’s five forces analysis
• SWOT analysis
• Value chain analysis

The report is a result of exhaustive primary and secondary research undertaken by analysts having years of experience in the smart oilfield industry. All the qualitative and quantitative aspects of the industry have been covered and the collected data has been analyzed and presented in the form of easily comprehensible charts, graphs, and tables.