Advanced Drill Data Management Solutions Market
Market Insights on Advanced Drill Data Management Solutions covering sales outlook, demand forecast & up-to-date key trends
Advanced Drill Data Management Solutions Market: Global Industry Analysis and Opportunity Assessment 2022-2032
Advanced Drill Data Management Solutions Market Overview
The advanced drill data management solutions market is expected to record a CAGR of 3.1% through 2032, with a current value of US$ 35.16 Bn in 2022. The market is likely to reach a valuation of US$ 47.71 Bn by 2032.
The market for advanced drill data management solutions is expected to result in an increase in revenues in the coming years as a result of factors such as the increasing investments in Exploration & Production (E&P) activities worldwide, the growing global demand for hydrocarbon fuels energy, the growing exploration of natural gas across the globe, and the growing exploration activities in deep water and ultra-deepwater.
Furthermore, a strong focus on asset optimization, improvement in operational control, and increased use of horizontal and multilateral wells are also likely to drive the market for advanced drilling data management solutions over the next few years. However, cybersecurity concerns are expected to restrain the advanced drill data management solutions market.
- Conventional reservoirs are the largest segment from which oil and gas are extracted around the world. In the forecast period, this type of reservoir type is expected to dominate the market because it uses a significant portion of data management solutions across the globe due to a large share of gas and oil production and increasing complexity in the recovery.
- The production of gas hydrates may offer market participants an opportunity, as its economically viable production may present new problems that require better and more efficient drilling management strategies.
- It is expected that North America will be the largest market during the forecast period, as a result of the high production of shale oil and gas, with the majority of the demand coming from the United States and Canada.
- As a result of this development, North America's crude oil production has risen by 7.1% in 2019, jumping from 1042.2 million tonnes of crude oil in 2018 to 1116.5 million tonnes of crude oil in 2019. Due to increased investment in drilling wells, crude oil production is expected to increase further in the forecast period. Growing numbers of wells are expected to aid the growth of advanced drill data management solutions.
- Developing unconventional resources has led to a paradigm shift in the industry that requires a lot of multilateral and horizontal wells to be drilled, requiring a lot of data processing. The drilling data management market is expected to gain a lot from the increase in shale oil and gas production.
- Compared to conventional wells, shale oil and gas wells have the characteristic of rapidly depleting their reserves of oil and gas. For the production levels to remain high, new wells need to be drilled, and drilling data management systems can assist with the drilling process, providing a growth opportunity for the market as a whole.
Advanced Drill Data Management Solutions Market CAGR
Advanced Drill Data Management Solutions Market (2022)
US$ 35.16 Bn
Advanced Drill Data Management Solutions Market (2032)
US$ 47.71 Bn
The ever increasing demand for energy across the globe is resulting in increased production of Oil & Gas, despite recent plummeting of crude oil prices.
The market for Advanced Drill Data Management Solutions is expected to result in increased revenues in coming years due to a number of factors such as increasing investments in Exploration & Production (E&P) activities across the globe, rising global demand for hydrocarbon fuels energy, gripping natural gas exploration across the globe and increasing deep water & ultra-deep eater exploration activities.
Advanced Drill Data Management Solutions Market: Segmentation
The market for advanced drill data management solutions market has been segmented according to the geographies and product type. In terms of geographies, the advanced drill data management solutions market has been divided into seven key regions – North America, Latin America, Middle East & Africa, Japan, Asia Pacific, Western Europe and Eastern Europe.
The North America region can be attributed as the largest market for advanced drill data management solutions as compared to other regions. However, the regions such as Middle East & Africa region is anticipated to gain significant traction in the global advanced drill data management solutions market, due to increased E&P activities, especially in African countries such as Nigeria and Mozambique. The Asia Pacific region is also expected to witness an increase in revenue in coming years owing to increasing upstream activities.
In terms of product types, the advanced drill data management solutions market has been segmented into Data Organization Services, IT Infrastructure and Other Services. Amongst these market segmentations, the data management services can be attributed to account for a leading share in the global advanced drill data management solutions market across the globe.
Advanced Drill Data Management Solutions Market: Market Drivers
The industry’s inclination and attempts to optimize upstream assets is one of the key drivers for the global artificial lift systems market. Additionally, the recovery in crude oil price after recent plummeting is also likely to drive investments in advanced drill data management solutions market. Furthermore, the increasing E&P activities across the globe is likely to result into a positive impact on the global advanced drill data management solutions market in coming years.
Advanced Drill Data Management Solutions Market: Key Players
The key players in the advanced drill data management solutions market are Schlumberger, Weatherford, Baker Hughes, MCS, Halliburton, Infosys, among others.
This research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data and statistically-supported and industry-validated market data and projections with a suitable set of assumptions and methodology. It provides analysis and information by categories such as market segments, regions, and product type.
The report covers exhaustive analysis on
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Mexico. Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain, Nordic countries, Belgium, Netherlands, Luxembourg)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Middle East and Africa (GCC, S. Africa, N. Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.