Oilfield Drilling Optimization Systems

The Oilfield Drilling Optimization System market research report delivers current market analysis plus a five-year market and technology forecast.  This report provides a concise analysis of the conventional automation and digital technology oilfield drilling optimization systems market segments.  The scope of the research is primarily on the upstream oil & gas exploratory and development drilling optimization opportunity.  The study is available in multiple editions including worldwide, all regions, and most major countries.  

Oilfield Drilling System Optimization Improves Drilling Performance

Companies face continued challenges to drill more wells to offset growing decline rates, drill more wells with increasing complexity, improve time to first oil, increase rate of penetration, lower drilling related costs, lower oil extraction and refinement costs, reduce manufacturing operating expenses, and increase return on investment in order to compete in the global market.  Optimizing oilfield drilling system performance and key operational metrics can play a critical role in helping companies realize operational excellence and improve profitability. ARC analysis shows a migration towards new digital technologies at the expense of more conventional automation drilling systems.

The oilfield drilling optimization systems market, including software (bundled with hardware modules) and services, is somewhat dynamic with the digital technology segment experiencing strong product innovation and growth.  This market has tremendous opportunities with steady growth driven by drilling a growing number of unconventional wells which are exhibiting greater decline rates, and wells which require more complex drilling approaches to reach maximum estimated ultimate recovery (EUR).  These oilfield drilling optimization solutions provide new features and functionality necessary to increase ROP and time to first oil by leveraging smart sensors and AI and machine learning based on industrial IoT.

Oil and gas operators are increasingly getting involved in the digitalization process to enhance operational efficiency and minimize the cost of oilfield drilling and extraction.  The implementation and execution of oilfield drilling optimization solutions and services helps improve knowing not only where (wellbore placement) and what (formation evaluation) you are drilling but also how you are drilling, which is mainly driven by the integration between the operator and the drilling service company.

Actionable Information on Oilfield Drilling Optimization Market

TIn addition to providing a five-year market forecast, the Oilfield Drilling Optimization market research report provides detailed quantitative current market data and addresses key strategic issues for both suppliers and potential buyers of these systems.

Price Volatility and Challenging Market Dynamics Mandate Oilfield Drilling Optimization

In today’s environment of price pressures. increased well complexity, higher drilling costs, and tremendous growth in data, optimizing drilling in real time is an imperative.  The drilling optimization process begins with data collected in real time at the rig site, then drilling parameters are monitored, the thresholds are verified, and operators get alerts regarding unexpected trend changes from surface or downhole parameters.  This allows users to optimize drilling and prevent any potential problems. Investing in oilfield drilling optimization systems across all six conventional drilling optimization system types and seven digital system types covered has benefited most users, but the demand for each type is shifting.    

Impact of COVID-19 Pandemic Felt in 2020, Recovery Seen in 2021

While the COVID-19 pandemic did not impact the 2019 demand for oilfield drilling optimization systems, the market projections do take into account industry trends with our best estimates for how the COVID-19 pandemic will impact the oilfield drilling optimization systems market in different project locations and regions.