Asia Pacific digital oilfield market share will be prominently driven by Increasing focus toward enhanced operational management along with decline in capital and operational costs on account of the adoption of latest digital solutions. Ongoing research and development activities toward data analysis & gathering, collection platforms and wireless technologies will boost the industry growth. Furthermore, declining production from conventional wells along with shifting trends toward economic well recovery will complement the business outlook.
Growing E&P activities across onshore and offshore locations complemented by ongoing crude oil price recovery is set to stimulate the industry landscape. Increasing requirement of advanced digital technologies including IoT, Scada systems and artificial intelligence to optimize and manage oil and gas operations will drive the market size.
The prevailing Covid-19 has led to delay in projects and in decline in the overall investments across the sector. However, the industry is set to regain its lost strength as the lockdown conditions are getting released and the companies are now shifting their investments toward digitalized solutions.
Production optimization from digital technology is projected to grow on account of facilitating reliable and accurate analysis of the operational parameters coupled with integration of field data with available production management systems. Moreover, ongoing technological developments have significantly improved the recovery rates of large number of non-profitable and economically unfeasible wells which in-turn will boost the industry growth.
Accelerated investment across the upstream sector along with crude oil price recovery will foster the digitization of onshore fields. Robust growth in petrochemical products demand along with increasing industrial and commercial activities across the developing economies will escalate the Asia Pacific market. Additionally, rise in digitization of brownfield sites along with growing investments toward green field projects will augment the business landscape.
Increasing applications of distributed control & security system, sensors enabled emergency system, and SCADA in improving production efficiency and analyzing real time well data will boost the requirement for instrumentation and automation services. In addition, growing demand of wireless networks, along with cyber security to enable enhanced operational feasibility and personnel safety will boost the product demand.
Diverse applicability of IoT based systems in collecting data from existing operations across drilling & reservoir monitoring sites and sensors enabled smart wells will foster the business spectrum. Upcoming trends of digitization coupled with shifting focus toward integration of oil and gas fields with cloud-based technology will drive the business outlook.
China digital oilfield market is anticipated to grow on account of increasing investments toward cloud based technology, AI and IoT. For instance, in 2019, China received over USD 5.6 billion for the AI venture funding that makes it the second most established country in terms of AI development. These investments will boost the development of artificial intelligence technology across the nation.
Key players operating across the Asia Pacific digital oilfield market includes Schlumberger, Accenture, Schneider Electric, Infosys Limited, Halliburton, Honeywell International, Siemen, Rockwell, Weatherford, Katalyst, Redline, Emerson, Intel, Occidental Petroleum, ABB Limited, CISCO, Wipro and General Electric.