Digital Twin in Oil & Gas: Introduction
- Digital twin in the oil & gas market is a virtual model in which pairing of virtual and physical worlds is done. The virtual model or digital twin helps oil and gas companies to perform system monitoring and analyses of data in a way that improves operations, reduces maintenance costs, accelerates production, reduces operating expenses, prevents downtime, increases the lifecycle of the assets, and enables better and faster decisions.
- Oil and gas companies are now able to optimize assets and ensure process improvements in the virtual world before applying them in the real world through digital twin or replicating physical processes or equipment in a virtual environment.
- Digital twin in oil & gas industry enhances information management and collaboration throughout the lifecycle of the asset.
- The global digital twin in oil & gas market is projected to expand at a rapid pace during the forecast period, due to increasing adoption of digital twin in the oil & gas industry across the globe.
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Global Digital Twin in Oil & Gas Market: Dynamics
Global Digital Twin in Oil & Gas Market: Key Drivers and Restraints
- Automation of business processes and operations in the oil & gas sector is expected to boost the digital twin in oil & gas market during the forecast period globally.
- Growing technological advancements and changing consumer behavior have encouraged oil & gas companies to adopt innovative technology and solutions to transform business processes and operations. Thus, demand for digital twin in oil & gas is likely to increase during the forecast period to cater to fast changing market conditions.
- Rise in adoption of Big Data analytics, IoT, cloud computing, artificial intelligence, mobility solutions, cybersecurity, and robotic process automation by end-users is expected to boost the demand for digital twin in oil & gas across the globe.
- In the oil & gas industry, there can be no room for mistakes because the industry uses complex assets during plant operations. Hence, oil & gas industries are increasingly using digital twin to maintain the health of assets, reduce downtime of assets, and reduce CAPEX and OPEX. This, in turn, has pushed the demand for digital twin in oil & gas market.
- Emergence of Industry 4.0 across the globe has forced oil & gas companies to adopt digital technologies to enhance productivity, efficiency, and safety of their operations, which is estimated to propel the global digital twin in oil & gas market during the forecast period.
- However, one of the most significant challenges of the market is integration of software with existing systems. Hence, integration challenges are expected to hamper the digital twin in oil & gas market during the forecast period.
- Lack of awareness regarding cost benefits of the adoption of digital twin in oil & gas industry is also one of the major restraining factors anticipated to hinder the digital twin in oil & gas market during the forecast period.
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Impact of COVID-19 on the Global Digital Twin in Oil & Gas Market
- During the pandemic, demand for digital twin is decreasing in the oil & gas industry due to complete lockdown across the world, which has impacted production in both upstream and downstream operations. During COVID-19, demand for extracting oil is on a declining trend. This has resulted in a massive gap between supply and demand. Demand for digital twin in oil & gas industry will increase drastically to cope the COVID-19 pandemic, which in turn is projected to have a positive impact on the global digital twin in oil & gas market.
North America to Hold Major Share of the Global Digital Twin in Oil & Gas Market
- In terms of region, the global digital twin in oil & gas market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America dominated the global digital twin in oil & gas market in 2019, due to the significant adoption of digital twin in oil & gas market in the region. The U.S. is the key market with around 65% of companies in the country already having invested in digital twin in oil & gas market.
- The digital twin in oil & gas market in Asia Pacific is projected to expand at a rapid pace during the forecast period. This can be attributed to growing investments by organizations on digitalization and technology deployment, which in turn increases the adoption of digital twin in oil & gas in the region.
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