Future Market Insights shares its overview of the digital oilfield solutions market

The global digital oilfield solutions market is projected to attain a valuation of US$39.63 billion in 2023 and is expected to reach US$65.4 billion by 2033, trailing a CAGR of 5.1% during the forecast period.

The rising need to maximise the production capacity from mature wells and the surging return on investment (RoI) in the oil and gas industry is anticipated to propel sales in this market. In addition, the urgent need to lower the capital and operating expenses subject to the utilisation of smart systems and digitalised solutions is likely to drive the market.

Ongoing advancements in data collection, mobility, and analysis platforms are set to improve the overall performance and management of oil and gas platforms. Further, the rapid shift of countries toward devising a robust economic well recovery process, coupled with the declining production of oil and gas from conventional wells, might also affect the market positively.

Future Market Insights predict a comparison and review study for the dynamics and trends of the digital oilfield solutions market, which is primarily impacted by ongoing developments in data collecting, mobility, and analytic platforms. These are further expected to improve the overall performance and management of oil and gas platforms.

The market might benefit from the change in growth rates that occurs in numerous nations affected by the development of a strong economic growth outlook paired with growth impacted by oil and gas output from conventional wells.

According to Future Market Insights analysis, the change in BPS values observed in the market for digital oilfield solutions for the current estimation for the first half of 2023 as compared to the projected one for the same period is expected to be at a 17-unit increase. In comparison to H1-2022, the market is predicted to rise by 40 basis points in H1-2023 as per the current estimates.

The oil and gas sector had a period of tremendous expansion, notably in the field of deep-sea exploration and production technologies, which is one of the main justifications for this change in growth rate. Furthermore, many oil companies are attempting to boost output and enhance recovery. Further use of cutting-edge technologies like AI, ML, IoT, and automation in the oil and gas sector is anticipated to accelerate growth rates.

There are still significant barriers preventing industry expansion, including lengthy execution times, inefficient workflows, and change management at all levels. Additionally, because of continuous geopolitical concerns, changes in the price of crude oil and a shift toward sustainability are the main market restraints.

Why are companies increasing their investments in digital oilfield solutions?

Digital oilfield solutions can enhance the operational performance and decision-making process, thereby improving the RoI. It can also reduce the Total Cost of Ownership (TCO) and downtime, as well as bolster the productivity of operations. Therefore, the oil and gas industry worldwide is expected to develop novel plans to increase their investments in digital technologies to double their cost savings.

Most of the companies in this industry are likely to look for solutions to reduce non-productive time, aid recovery rates, and cut down the cost-per-barrel for surging returns. In December 2021, for instance, Baker Hughes, CEO Lorenzo Simonelli, stated at the World Petroleum Congress that the oil and gas industry is yet to realise the full potential of digitisation for achieving better efficiency. He also declared that the next generation of productivity is anticipated to come from connected smart equipment featuring digitalisation for reducing non-productive time.

The development of such technologies in the forthcoming years is projected to accelerate growth and open doors to new opportunities for key players.

Country-wise insights

Why is the US digital oilfield solutions market exhibiting exponential growth?

The ongoing upgradation of the existing technological solutions to manage and optimise oil and gas operations is set to spur the market in the United States in the assessment period. As per FMI, North America’s digital oilfield solutions market is expected to account for around 25.6% of the share in 2023. The market in this region is expected to thrive at a CAGR of 5.3% during the forecast period.

The rising domestic production and the increasing number of oilfield discoveries are expected to transform the business landscape in the United States. On the other hand, many companies are refurbishing numerous oil and gas platforms in the offshore sector by integrating machine learning and AI solutions, which might also propel the demand for digital oilfield solutions in this country.

The high demand for energy owing to a paradigm shift toward technologically advanced solutions is estimated to drive the segment. In January 2020, Baker Hughes, one of the world’s largest oil field services companies, for instance, stated that the average rig count in the United States was 804 in December 2019. This number is likely to surge in the upcoming years, thereby bolstering the market.

How is the United Kingdom digital oilfield solutions market faring?

The surging numbers of new field development and exploration activities are projected to create growth opportunities in the United Kingdom over the forecast period. Also, the demand for digital oilfield solutions in the United Kingdom is expected to rise with a CAGR of 4.8% during the forecast period. Western Europe’s digital oilfield solutions market is predicted to account for around 23.2% of the share in 2023, estimates FMI.

According to the United Kingdom government, in 2020, the country’s refineries took receipt of 8.6 million t of crude oil produced from the United Kingdom Continental Shelf (UKCS), which helped in meeting 18% of refinery demand. Hence, the rising production of crude oil in this country is anticipated to drive the demand for digital oilfield solutions in the future.

What is the demand outlook for China’s digital oilfield solutions market?

The ongoing development of smart oil fields to optimise the overall operation and management is likely to propel the market in China. The market in this region is expected to capture a CAGR of 5% during the forecast period. South East Asia (SEA) & Pacific digital oilfield solutions market is projected to generate about 12% of the share in 2023, predicts FMI.

In October 2021, for instance, China National Offshore Oil Corp, one of the largest national oil companies in the country, started operating Qinhuangdao 32-6 smart oilfield. It is going to help to make offshore gas and oil production intelligent and digital through AI, big data, IoT, and cloud computing. At the same time, it could also reduce maintenance costs by 5-10% and raise production efficiency by 30%. Such industry developments by leading players are estimated to push the demand for digital oilfield solutions in China.

Competitive landscape

The market for digital oilfield solutions is characterised by intense competition, as notable industry players are making significant investments to enhance their manufacturing capabilities. The key industry players working in the market are ABB, Emerson Electric Co., Rockwell Automation, Inc., General Electric, Siemens AG, Schneider Electric, Eaton, and Honeywell International, Inc.

Read the article online at: https://www.oilfieldtechnology.com/digital-oilfield/10012024/future-market-insights-shares-its-overview-of-the-digital-oilfield-solutions-market/



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The world hitting ‘peak baby’ and other stories you might have missed this year

From Russia’s invasion of Ukraine, to the death of Queen Elizabeth II, 2022 was full of big stories. 

After two years dominated by COVID-19, these headlines took attention away from a pandemic that stubbornly rages on.

We’ve compiled a list of your 15 most-read for the year.

Anthony Albanese led Labor back from the political wilderness in 2022. (AP: Rick Rycroft)

After almost a decade in the political wilderness, Australian voters returned Labor to office in 2022, led by Anthony Albanese.

While self-described “bulldozer” Scott Morrison had made a last-ditch pitch to voters to keep him in power, his unpopularity would play a key role in a raft of Coalition seat losses.

Former treasurer Josh Frydenberg was just one of those high-profile candidates sent packing, amidst a so-called “teal” (independent) wave.

A disgruntled-looking Novak Djokovic spreads his arms wide as he looks down at the court  after a point during a match.
The federal government spectacularly deported Novak Djokovic ahead of the Australian Open. (AP: Kamran Jebreili)

Confusion reigned in January when nine-time Australian Open champion Novak Djokovic was granted an exemption to travel to Australia without being vaccinated against COVID-19.

With Melburnians having spent more than 260 days in lockdown, there was also a fair share of public anger at the seeming double standard.

The federal government subsequently stepped in, announcing that it would deport the 34-year-old, with Djokovic spending the night in immigration detention as his lawyers appealed.

The fiasco made headlines around the world, with the world number one eventually deported on the eve of the tournament. 

A man in a suit stands in front of a red backdrop.
At least 6,702 civilians have died since Russia invaded Ukraine. (AP: Sergei Bobylev/Sputnik/Kremlin Pool Photo)

News first broke in February that Russian President Vladimir Putin had authorised a military operation in the Eastern European country.

As of December, war still rages in Ukraine, with scores of civilians dead and millions displaced.

A recent UN report, released on December 4, estimated that 6,702 civilians had died, with Russian forces killing at least 441 in the first weeks of the invasion.

All is not going to plan for Putin, however, with discussion recently turning to the possibility of Ukraine recapturing all of its southern territory — even liberating Crimea.

A huge grey cloud rises from a submarine volcano, as a forked bolt of lightnight hits the left side of the rising ash plume.
The Hunga Tonga-Hunga Ha’apai erupted off Tonga in January, causing widespead chaos.(Reuters: Tonga Geological Services)

The Hunga Tonga-Hunga Ha’apai volcanic eruption came to a powerful climax in the middle of January, causing tsunamis locally as well as in New Zealand, Japan, the US, Russia and Peru, to name a few.

Australia’s east coast and islands were also issued tsunami alerts, while at least six people were reported dead.

NASA later declared that the Tongan tsunami was hundreds of times more powerful than the atomic bomb the US dropped on Hiroshima during World War II.

Constables Rachel McCrow and Matthew Arnold smiles with the police badge behind them.
Constables Rachel McCrow and Matthew Arnold were killed in a deadly siege in rural Queensland in December.(ABC News: Lewi Hirvela/Supplied: Queensland Police Service)

Two police officers and a member of the public lost their lives in horrific circumstances in December, after police were called out to a property in Wieambilla, west of Brisbane, searching for a missing Dubbo man.

Queensland Police Union president Ian Leavers said Constable Rachel McCrow (29), Constable Matthew Arnold (26) and neighbour Alan Dare (58) were killed in a “ruthless, calculated and targeted execution”.

“Just such a tragedy, this should never happen,” Leavers said.

“They’re both under 30, they’ve hardly lived life and their lives have been cut short.”

Rapid antigen test kits for detecting COVID-19
Should you be asking for an antibody test to see if you’ve been infected with COVID-19?(ABC News: Tara Cassidy)

This article starts with a scene from the start of the year that could well describe the situation today.

Omicron cases are much higher than official numbers, and it’s increasingly difficult to access a PCR test to find out whether or not the scratch in your throat is COVID or hayfever.

So how do you know if you’ve actually been infected with COVID-19?

Antibody tests can answer that question (depending on the time frame in which the test is done, and whether you mounted a detectable response to infection), but experts like AMA vice-president Chris Moy say there should be a clear clinical reason for conducting them.

A good example of when an antibody test might be appropriate is if someone is experiencing symptoms consistent with long-COVID.

hundreds of little human models in a big crowd
The world is now inhabited by over 8 billion people, but there may never be more children alive than there are today. 

By the time you read this paragraph, the world’s population grew by around 20 people, writes Casey Briggs.

That’s about the best way to wrap your head around what it means for the world to be inhabited by eight billion people.

But while population growth has been rapid — increasing by seven billion in the last two centuries — we are now at “peak baby”, meaning there will never again be more children alive than there are today.

That’s in part because fertility rates are plummeting across the globe, although trends differ geographically: just eight countries are projected to be responsible for more than half the world’s population increase by 2050.

a young girl smiling and holding an umbrella
Charlise Mutten, 9, was on holiday in the Blue Mountains before she was allegedly murdered by her mother’s fiancé.(Supplied)

Five days after nine-year-old Charlise Mutten was last seen in the Blue Mountains, police charged 31-year-old Justin Stein with her murder.

Police alleged Stein, who was engaged to Charlise’s mother, acted alone, after Charlise’s remains were found in a barrel in the bush near the Colo River.

A number of inconsistencies in Stein’s story raised suspicions, including his purchase of 20 kilogram sandbags from a hardware store, and fuel for his boat.

Charlise lived with her grandmother in Coolangatta in Queensland, but had been holidaying in NSW with her mother and Mr Stein.

Stan Grant speaks about not being seen as a human being image
Stan Grant wasn’t afraid to talk about the big issues facing First Nations people in the wake of Queen Elizabeth II’s death. (Four Corners )

In the wake of Queen Elizabeth II’s death, Stan Grant’s analysis focused on the stuff “we aren’t supposed to talk about”: colonisation, empire, violence, Aboriginal sovereignty and the republic.

He wrote of his anger at the ongoing suffering and injustice of First Nations people — in particular those “languishing in cells. Those who take their own lives. Those who are caught in endless cycles of despair”.

He also reflected on the inevitable online abuse he and his family would receive in the wake of his column, before resolving not to be scared into silence.

“Why? Because a voice is all we have. Because too often that voice is silenced.”

A framed photograph of Shane Warne on the cricket pitch says 'THANK YOU SHANE'.
The news that 52-year-old Shane Warne had died of a heart attack prompted a global outpouring of grief. (AAP: Joel Carrett)

For many, “Warnie” was larger than life, a once-in-a-generation cricketer famous for reinvigorating the art of leg spin, as well as his embodiment of the “Aussie larrikin” trope.

So it was with great shock that many responded to the news that he had died of a heart attack in Thailand, aged just 52, leaving behind the three children he had with his former wife Simone Callahan.

It led to an outpouring of grief around the world, with Premier Daniel Andrews offering a state funeral and the MCG rebranding the Great Southern Stand the “Shane Warne Stand” in the Victorian’s honour.

The Foo Fighters lead singer and guitarist, Dave Grohl, with drummer, Taylor Hawkins.
Taylor Hawkins (left) had been the Foo Fighters’ drummer for the last 25 years.(AP: Kevin Winter)

The announcement that Taylor Hawkins had died at age 50 came just hours before the Foo Fighters were due to take the stage at a Colombian music festival in Bogota.

Hawkins had been the band’s drummer for the last 25 years, taking over from original drummer William Goldsmith in 1997.

Apart from founder Dave Grohl (formerly of Nirvana), he was arguably the most recognisable face of the band, and is survived by his wife Alison and their three children.

Water rises over a riverfront restaurant precinct, making the restaurants look like part of the river
South-east Queenslanders were hit with “unrelenting walls of water” in February. (Supplied: Shae Laura)

In February, south-east Queensland was battered by what Premier Anastacia Palaszcuk described as “unrelenting walls of water”.

Multiple lives were lost as thousands of homes flooded, tens of thousands were evacuated, schools were closed and businesses were left without power.

It was just the start of a series of floods that would occur in Queensland and New South Wales over the coming months, devastating communities in both states.

A woman with long brown hair and a green blouse smiles while looking at the camera.
Julia Hunt wants to destigmatise public housing in Australia.(Supplied: Julia Hunt)

Victorian Liberal MP Wendy Lovell offended many in March when she told parliament that social housing should not be placed in affluent suburbs.

This article explores the stigma of growing up in social housing, and its increasing association — from the 1970s onwards — with “crime and criminality, disorder, anti-social behaviour [and] welfare dependency”.

Author Bridget Judd explores the efforts of youth worker Julia Rudd and others to combat “postcode discrimination”, writing: “For those living in public housing, it’s not an abstract policy discussion, it’s home.”

Rain on the lense
BOM didn’t have good news for us about the long-term weather outlook. (Matt Grbin)

Natural disasters (and the ongoing effects of climate change) were in the headlines again in October, with the Bureau of Meteorology (BOM) releasing a long-range forecast — until April 2023 — for Australia’s “upcoming severe weather season”.

The state-by-state forecast warned of an increased risk of widespread flooding for eastern and northern Australia, as well as an increased risk of an above-average number of tropical cyclones and tropical lows.

None of it read like great news, as many of us are experiencing currently.

The Queen shaking hands with Liz Truss in a living room
Liz Truss was sworn in by Queen Elizabeth II just two days before the monarch died. (Reuters: Jane Barlow)

Liz Truss’ prime ministership might have lasted just 44 days, but it will be remembered for the most dramatic series of events.

Truss was famously sworn in by Queen Elizabeth II on September 6, just two days before the monarch died.

She then implemented a raft of economic measures that saw the world’s sixth-biggest economy abruptly crash, saved only by extraordinary interventions from the Bank of England.

After a series of humiliations and U-turns, the British tabloid the Daily Star then set up a live feed of an unrefrigerated iceberg lettuce, asking who would last longer, the lettuce or Truss.

The lettuce won. 

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