Advanced Drill Data Management Solutions Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 3.00 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Advanced Drill Data Management Solutions Market Analysis
The advanced drill data management solutions market is expected to rise at a CAGR of more than 3% during the forecast period of 2020-2025. Factors such as Strong focus on asset optimization, Improvement in well control, increasing use of horizontal and multilateral well are likely to drive the advanced Drill data management solution market. However, cybersecurity concerns are expected to restrain the market.
- The conventional reservoir type is the largest segment from which oil and gas are extracted all over the globe. The reservoir type uses a significant portion of the advanced drill data management systems across the globe, and It is expected to dominate the market in the forecast period.
- Gas hydrates production may become an opportunity for the market players as its economically viable production may pose new problems, which may require better and more efficient drilling management.
- Due to the high output of shale oil and gas, North America is expected to be the largest market during the forecast period, with majority demand coming from the United States and Canada.
Advanced Drill Data Management Solutions Market Trends
This section covers the major market trends shaping the Advanced Drill Data Management Solutions Market according to our research experts:
Conventional Segment to Dominate the Market
- In advanced drill data management, the data is administered with a single set of tools for importing, exporting, viewing, editing, and performing database administration. By centralizing all data available for an exploration & production asset in a single integrated data store, project data-management systems significantly reduces the amount of time spent moving data between applications.
- Data-management systems serve as readily accessible repositories for the knowledge about an asset. This knowledge comes from a variety of studies and continues to grow over the life of the asset. Data from the wells nearby can also help in determining the production rate of the wells that are being drilled, which may help in the increase in profits for the company using the system.
- Although conventional resources are considered easier to recover from the reservoirs, the fields have matured around the globe. Also, companies have to drill further to find viable oil and gas sources, which has led to an increase in the requirement for the drilling data management systems.
- According to BP Statistical Review, the production of gas has increased in the world by 3.4%, to 385.98 Billion cubic feet per day, in 2019 from 373.22 Billion cubic feet per day in 2018. Natural Gas has been replacing coal in the power industry and is expected to increase in production further in the forecast period, which may aid the growth of the advanced drill data management market.
- Hence, conventional resources are expected to dominate the market for advanced drilling data management solutions in the forecast period due to a large share of oil and gas production and increasing complexity in the recovery.
North America to Dominate the Market
- North America increased its production of crude oil significantly by 7.1%, to 1116.5 million tonnes of oil, in 2019 from 1042.2 million tonnes of oil in 2018. Crude oil production is expected to increase further in the forecast period due to increasing investments in the increase of the wells. Growing numbers of wells are expected to aid the growth of advanced drill data management solutions.
- Unconventional resources have created a new paradigm in the industry that require a lot of multilateral and horizontal wells to be drilled, that require a lot of data handling. drilling data management market is expected to gain a lot from the increase in shale oil and gas production increase.
- Shale oil and gas wells have a characteristic of depleting much faster than a conventional well. So, to maintain the production levels, new wells need to be drilled, which require the assistance provided by the drill data management systems, thereby providing growth to the market.
- According to U.S. Energy Information Administration, Marcellus shale play is the largest producer of shale gas in the United States with producing 23.13 billion cubic feet of gas in April 2020. An increase in unconventional resources is expected to boost the drill data management market.
- Hence, North America is expected to dominate the advanced drill data management solutions Market due to the significant scale of investments and an increase in unconventional production in the region.
Advanced Drill Data Management Solutions Industry Overview
The advanced drill data management solutions market is moderately consolidated. Some of the key players in this market include Halliburton Company, Honeywell International Inc., National-Oilwell Varco, Inc., Pason Systems Inc., Schlumberger Ltd.
Advanced Drill Data Management Solutions Market Leaders
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Halliburton Company
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Honeywell International Inc.
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National-Oilwell Varco, Inc.
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Pason Systems Inc.
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Schlumberger Ltd
*Disclaimer: Major Players sorted in no particular order
Advanced Drill Data Management Solutions Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Scope of the Study
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1.2 Market Definition
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1.3 Study Assumptions
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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4. MARKET OVERVIEW
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4.1 Introduction
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4.2 Market Size and Demand Forecast in USD Billion, till 2025
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4.3 Recent Trends and Developments
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4.4 Government Policies and Regulations
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4.5 Market Dynamics
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4.5.1 Drivers
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4.5.2 Restraints
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4.6 Supply Chain Analysis
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4.7 Porter's Five Forces Analysis
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4.7.1 Bargaining Power of Suppliers
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4.7.2 Bargaining Power of Consumers
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4.7.3 Threat of New Entrants
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4.7.4 Threat of Substitutes Products and Services
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4.7.5 Intensity of Competitive Rivalry
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5. MARKET SEGMENTATION
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5.1 Application
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5.1.1 Onshore
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5.1.2 Offshore
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5.2 Reservoir Type
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5.2.1 Conventional
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5.2.2 Unconventional
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5.3 Geography
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5.3.1 North America
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5.3.2 South America
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5.3.3 Europe
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5.3.4 Asia-Pacific
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5.3.5 Middle-East and Africa
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6. COMPETITIVE LANDSCAPE
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6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
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6.2 Strategies Adopted by Leading Players
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6.3 Company Profiles
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6.3.1 Schlumberger Limited
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6.3.2 Halliburton Company
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6.3.3 National-Oilwell Varco, Inc.
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6.3.4 Weatherford International PLC
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6.3.5 Pason Systems Inc.
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6.3.6 Total SA
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6.3.7 Honeywell International Inc.
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- *List Not Exhaustive
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Advanced Drill Data Management Solutions Industry Segmentation
The advanced drill data management solutions market report include:
| Application | |
| Onshore | |
| Offshore |
| Reservoir Type | |
| Conventional | |
| Unconventional |
| Geography | |
| North America | |
| South America | |
| Europe | |
| Asia-Pacific | |
| Middle-East and Africa |
Advanced Drill Data Management Solutions Market Research FAQs
What is the current Advanced Drill Data Management Solutions Market size?
The Advanced Drill Data Management Solutions Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in Advanced Drill Data Management Solutions Market?
Halliburton Company, Honeywell International Inc., National-Oilwell Varco, Inc., Pason Systems Inc. and Schlumberger Ltd are the major companies operating in the Advanced Drill Data Management Solutions Market.
Which is the fastest growing region in Advanced Drill Data Management Solutions Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Advanced Drill Data Management Solutions Market?
In 2024, the North America accounts for the largest market share in Advanced Drill Data Management Solutions Market.
What years does this Advanced Drill Data Management Solutions Market cover?
The report covers the Advanced Drill Data Management Solutions Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Advanced Drill Data Management Solutions Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Advanced Drill Data Management Solutions Industry Report
Statistics for the 2024 Advanced Drill Data Management Solutions market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Advanced Drill Data Management Solutions analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Advanced Drill Data Management Solutions Report Snapshots
