An increasing focus on the Internet of Things (IoT), remote instrumentation, and process automation in the financial services, manufacturing, and retail industries has transformed the oil & gas industry (O&G). As digital oilfields become commonplace, companies seek a data-driven approach through real-time actionable insights that aid performance optimisation and failure prediction rates. Several O&G supermajors are scrutinizing oilfield analytics to minimize downtime, spurring demand in the oilfield analytics market. Although widespread adoption is still some time away, greater integration of large-scale data coupled with improving technology enable even smaller players to consider oilfield analytics.
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Streamlining Operational Efficiency Can Mitigate Profit Plunge in Oil & Gas Market
Crude oil prices have dipped since mid-2014 and even went below zero dollars per barrel immediately after COVID-19 struck. Companies involved in upstream, midstream, and downstream activities have recorded falling profit margins. Therefore, there is an imperative to streamline operational efficiency. The extraction of O&G from unconventional sources has grown by leaps and bounds with shale oil, subsea oil, and oil sands being examples. Oilfield analytics help in the production and drilling of O&G from unconventional sources by reducing risks and operating expenses.
Focus on the US Market For Maximum Profitability in the Oilfield Analytics Market
The US plays a critical role in the global oilfield analytics market as a large consumer and leading provider. Adoption from neighbouring Canada and Mexico is also anticipated to rise during the forecast period. Across the Atlantic, O&G production is fairly limited with the exception of the UK, Norway, and Russia. Most European countries import their oil from Russia or the Commonwealth of Independent States (CIS). Stringent European regulations have been pushing organizations towards renewable energy, restricting growth in the Europe oilfield analytics market.
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Oligopolistic Nature of Oilfield Analytics Market Makes it Difficult for Entrants
The oilfield analytics market is highly fragmented with a few players dictating its direction. In April 2021, Microsoft Corp. entered into a co-sell qualified partnership with Ambyint to provide O&G E&P companies with solutions that enhance plunger lift and rod lift wells. Ambyint use Microsoft Azure to raise production, lower operating cost, and reduce emissions. This partnership should streamline deployment of Ambyint’s lift optimisation into E&P companies’ Azure software. Other companies profiled in the oilfield analytics market include Oracle Corporation, IBM Analytics, SAP SE, Accenture, SAS Institute Inc., Deloitte Development LLC., KPMG International Cooperative, Teradata Corporation, Capgemini S.A, Hitachi Data Systems Corporation, Cognizant Technology Solution Corporation, and TIBCO Software Inc.
Requirement of Oilfield Analytics Greater in Upstream Oil & Gas Activities
Both hardware and software are core components of oilfield analytics. With respect to offshore O&G E&P, companies deploy submersibles to raise output and maximize production. For downstream and midstream activities, organizations rely on operational analytics to assist recovery efforts. Upstream application of oilfield analytics comprises supply chain management, storage optimisation, and pipeline risk assessment. Conversely, downstream applications include liquefication and regasification assessment, refining and separation optimisation, trade optimisation, personnel safety assessment, and demand-supply optimisation.
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