Europe Connected Oil Field Market: Industry Analysis and Forecast (2024-2030)

Europe Connected Oil Field Market Definition:

The term "Connected Oil Field" refers to technology-based methods for improving oil recovery from the seabed, such as improved data analysis and software systems. The program uses workflows and predictive analysis based on data from wellbores, reservoirs, and surface facilities to simulate the functioning of an oil and gas field. Cloud computing, network sensors, artificial intelligence, and big data analytics are among the technologically advanced components. It has a wide range of applications in the oil and gas industry.

 

Further, the Europe Connected Oil Field market is segmented by Application, Solution, and geography. On the basis of Application, the Europe Connected Oil Field market is segmented under Onshore & Offshore. Based on the Solution, the market is segmented under Hardware, Software and Service, & Data Storage Solutions. By geography, the market covers the major countries in Europe i.e., Italy, Germany, United Kingdom, Russia, France, and the Rest of Europe For each segment, the market sizing and forecasts have been done on the basis of value in USD Billion.

 

 

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Europe Connected Oil Field Market Dynamics:

Increase in Digital Technologies:

Oil and gas companies throughout the world are planning to increase their investments, especially in digital technologies, to double their cost reductions. Similarly, businesses are scrutinizing their investments more closely and searching for ways to lower cost-per-barrel, improve recovery rates, and reduce non-productive time to boost profits.

 

Due to the market's limited fuel supply, the demand for operational oilfield solutions is growing, forcing the oil sector to adopt new and enhanced technology. One of the most significant challenges in the digital oilfield sector is the collecting of real-time data and its productive analysis. Predictive analytics condenses vast data, making it more valuable in the digital oilfield market. However, knowing how to make the data cross-functional is crucial for providing meaningful insights into assets.

 

Market Trends:

• Weatherford International will launch ForeSite Sense in October 2020, a comprehensive reservoir monitoring solution that displays real-time data and essential downhole data to determine profit based on pressure, temperature, and flow.

 

• Petrofac, an oilfield services business, said in January 2022 that it has signed a five-year contract extension with NEO Energy for well management and well operator services. The contract calls for the company to offer a five-year framework for well management and well operator support for 27 wells in the Central North Sea's Affleck, Balloch, Dumbarton, Lochranza, and Finlaggan fields.

 

• Weatherford International PLC was awarded a three-year digital oilfield contract by Kuwait Oil Company (KOC) in December 2021, to support KOC's digital transformation strategy in the North Kuwait Heavy Oilfield by deploying its Integrated Enterprise Excellence Platform across the company.

 

• Halliburton and the Norwegian Petroleum Directorate signed an eight-year contract in April 2021 to implement and operate Diskos, the Norwegian national repository for seismic, well, and production data for the oil and gas industry.

 

• The UK Patent Office granted Safe Influx Ltd, a supplier of Automated Well Control solutions, a patent covering their Automated Well Control technology in January 2021. This patent secured the Automated Well Control's ability to identify the presence of a fluid influx condition in a wellbore, make a decision based on shut-in criteria, and then automatically execute an initial well control process that safely shuts down the well. The system allows for quick detection, decision-making, and response to well-controlled events.

 

Europe Connected Oil Field Market Segment Analysis:

By Application, the Europe Connected Oil Field Market is segmented based on Application, the Europe Connected Oil Field market is segmented under Onshore & Offshore. Offshore is dominated the market in 2023 with over 51% share and is expected to continue dominating the market in the forecasted year. The Offshore segment dominated the market because of increased investments in subsea hydrocarbon development, which has resulted in the quick discovery of offshore reserves In addition, due to rising energy demand and rising oil consumption, the onshore category is expected to develop at a CAGR of roughly 6%.

Europe Connected Oil Field Market Regional Insights:

Geographically, Norway dominates the Europe Connected Oil Field market with a market share of more than xx%. The country is expected to be the largest market for Connected Oil Field in Europe, owing in recent years, Norway has made numerous large oil and gas discoveries, including the huge Johan Sverdrup field. ConocoPhillips Skandinavia was given a drilling license for a wildcat well offshore Norway by the Norwegian Petroleum Directorate in March 2022. This is likely to help the offshore oilfield services market grow.

 

In the Awards in Predefined Areas (APA) 2021, the Norwegian Ministry of Petroleum and Energy offered 28 businesses ownership stakes in 53 offshore oil and gas production licenses on the Norwegian Shelf. When reservoir development begins, this will bring in fresh growth in the oilfield services industries.

 

Europe Connected Oil Field Market Key Players Insights:

The market is characterized by the existence of several well-known firms. These companies control a large portion of the market, have a wide product portfolio, and have a presence. In addition, the market comprises small to mid-sized competitors that sell a limited variety of items, some of which are self-publishing organizations.

 

The market's major companies have a significant impact because most of them have extensive networks through which they can reach their massive client bases. To drive revenue growth and strengthen their positions in the market, key players in the market, particularly in North America and Europe, are focusing on strategic initiatives such as acquisitions, new collection launches, and partnerships.

 

The objective of the report is to present a comprehensive analysis of the Europe Connected Oil Field market to the stakeholders in the industry. The report provides trends that are most dominant in the Europe Connected Oil Field market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the Europe Connected Oil Field Market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.

 

The qualitative and quantitative data provided in the Europe Connected Oil Field market report is to help understand which market segments, and regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the Europe Connected Oil Field market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the Europe Connected Oil Field market.

 

The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals exist, who they are, and how their product quality is in the Europe Connected Oil Field market. The report also analyses if the Europe Connected Oil Field market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly, and if the market is dominated by a few players, etc.

 

The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the Europe Connected Oil Field market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Europe Connected Oil Field market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the Europe Connected Oil Field market is aided by legal factors.

 

Europe Connected Oil Field Market Scope:

Europe Connected Oil Field Market
Market Size in 2023	USD 4.92 Bn.
Market Size in 2030	USD 7.22 Bn.
CAGR (2024-2030)	5.64%
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	by Application Onshore Offshore
	by Solution Hardware Software & Service Data Storage Solution
Country Scope	UK  France Germany Italy  Spain  Sweden Austria and Rest of Europe

 

 Europe Connected Oil Field Market Key Players:

• Transocean Ltd (Switzerland, Europe)
• Expro Group (Reading, U.K.)
• Saipem S.p.A. (San Donato Milanese, Italy, Europe)
• Siemens AG (Germany)
• Kongsberg Oil & Gas Technologies Inc. (UK)
• Technipfmc.PLC (U.K)
• Weatherford International PLC (Switzerland)
• Baker Hughes Incorporated (US)
• Halliburton Company (US)
• Schlumberger Limited (US)
• National Oilwell Varco, Inc. (US)