Microsoft announced a collaboration with Ambyint to offer software for oil and gas exploration and production
In April 2021, to optimise rod lift and plunger lift wells, Microsoft and Ambyint announced their partnership to provide oil and gas exploration and production solutions. By this relationship, the business will be better able to modernise oil fields, draw clients towards digitalization, and increase income.
Increased Exploration Activities In Previously Unexplored Offshore/Ultra-Deepwaters Will Propel The Industry
Throughout the past two decades, there has been a great deal of uncertainty over the rise in the consumption of oil and petroleum products around the world. The global demand and supply for petroleum and petroleum-based products, which drive oil and gas production or the drilling of new oil wells, are depicted by the uncertainty. Also, oil corporations are researching oilfields to learn how digital technologies are being adopted to boost productivity. Several businesses, including ABB and CGG, are engaged in the search for new offshore and onshore oilfields. Nowadays, onshore sites account for 70% of the world's oil and gas extraction, with offshore oilfields accounting for the remaining 30%. As a result, on-shore oilfield exploration is more and has always been quite prevalent, and the majority of corporations have done so.
Interoperability Of Various System Parts From Various Solution Vendors Could Restrain Market Expansion
Due to its efficient monitoring, supervisory capabilities, and remote control, digital oilfield systems are becoming more and more important in the oil and gas sector. Pipelines, wells, equipment, and many other oil and gas assets are integrated by this digital system or technology. Digital oilfield solutions are provided by numerous suppliers and include SCADA software, computers, wireless sensors, robotics, cloud computing, configuration software, and many others. Regardless of vendors and suppliers, businesses in the oil and gas sector typically look at the best and most affordable digital solutions. Though it may appear difficult, such judgements are actually done specifically in accordance with the requirement, which controls the standardisation of products based on the requirement.
Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the digital oilfield market plan acquisitions to improve their brand recognition globally. For instance, in September 2022, IBM Corporation collaborated with Saudi Data, the AI Authority (SDAIA), and the Ministry of Energy to use artificial intelligence to speed up sustainability projects in Saudi Arabia. By this relationship, the business will promote digitization in the oil and gas sector and quicken revenue growth.
- In September 2019, ExxonMobil had contracted with Kongsberg Digital to deliver digital solutions for its offshore facility in Guyana. Umbilicals, flowlines, risers, gas and water injection wells, and production wells are all included in the contract.
- Rockwell Automation
- National oil Varco
- Baker Hugh
- Weatherford international
- The market in North America is expected to gain a huge portion of the global Digital oilfield market share in the coming years due to the growing use of industrial IoT, particularly in the oil and gas industry.
- As the home of several global tech companies, the U.S. is expected to rule the North American continent.
- In the Asia Pacific, the growth in this region is primarily driven by significant investment in the oil and gas sector's marine digitization.
|Market Size in 2022
|USD 24.2 Billion
|Market Forecast in 2030
|USD 33.2 Billion
|Compound Annual Growth Rate
|Revenue (USD Million) and Volume (Kilo Tons)
|By Solution, By Process, By Application and By Geography