Thematic Intelligence - Digital Twins in Oil & Gas (2024)
Summary
Digital twins are digital representations of physical assets, systems, people, or processes. They help detect, prevent, predict, and optimize the physical environment using artificial intelligence (AI), real-time analytics, visualization, and simulation tools. Its adoption is increasing across industries, although challenges around security and interoperability still need to be addressed.
Digital twins are rapidly becoming a mainstay in oil and gas operations as companies strive to optimize asset performance and minimize unplanned outages. This aims to make oil and gas operations relatively safer while lowering the carbon footprint and improving profitability. Although the major emphasis is on creating digital twins for upstream projects, companies are also deploying these tools within their midstream and downstream assets for remote monitoring and predictive maintenance, among other benefits.
Scope
This report evaluates the use of digital twins technology in the oil and gas industry.
It provides an overview of the competitive positions held by oil and gas companies, and technology vendors in the digital twins theme.
The report establishes a digital twins value chain and identifies key technology players across this value chain.
It analyzes market size of digital twins technology and present growth forecasts till 2030.
It also evaluates the market signals in terms of deals, patents and company filings related to digital twins technology.
Reasons to Buy
Identify recent technology, macroeconomic, regulatory, and industry trends in the digital twins theme.
Identify potential opportunities for oil and gas industry players in digital twins theme.
Provides use case scenarios for digital twins technology in oil and gas industry.
Identify and benchmark key oil and gas companies and their role in the digital twins theme.
Identify and benchmark key technology companies in the digital twins value chain.
- Executive Summary
- Players
- Technology Briefing
- The forerunner to today’s digital twins
- What are digital twins?
- A single version of the truth
- Data management
- The evolution of digital twins
- Challenges facing digital twins
- Creating a common language
- Standards and interoperability
- Security
- Data validation
- Complexity and cost
- The different types of digital twins
- The maturity of digital twins
- Trends
- Technology trends
- Macroeconomic trends
- Regulatory trends
- Industry trends
- Industry Analysis
- Market size and growth forecasts
- Use cases
- Manufacturing
- Power
- Oil and gas
- Healthcare
- Construction
- Automotive
- Aerospace and defense
- Government
- Sports
- Timeline
- Impact on the Oil and Gas Industry
- Digital twins are driving cost reduction during hydrocarbon production
- Midstream operators are optimizing performance with digital twins
- Refiners are deploying digital twins to toggle with their end products
- Digital twin has considerable potential beyond conventional oil and gas facilities
- Signals
- M&A trends
- Venture financing trends
- Patent trends
- Company filing trends
- Value Chain
- Physical layer
- Connected things
- Cameras and lenses
- Sensors and microcontrollers
- Microprocessors
- Connectivity layer
- Edge infrastructure
- Cloud infrastructure
- Networking equipment
- Telecom networks
- Data layer
- Data integration
- Data aggregation
- Data processing
- Data storage
- Data validation
- Data governance and security
- Platform layer
- Delivery layer
- Licensed software
- Digital twin as a service
- Services layer
- Companies
- Technology playcers
- Oil and gas players
- Sector Scorecards
- Integrated oil and gas companies scorecard
- Who’s who
- Thematic screen
- Valuation screen
- Risk screen
- Glossary
- Further Reading
- GlobalData reports
- Our Thematic Research Methodology
- About GlobalData
- Contact Us
- List of Tables
- Table 1: The maturity of digital twins
- Table 2: Technology trends
- Table 3: Macroeconomic trends
- Table 4: Regulatory trends
- Table 5: Industry trends
- Table 6: Digital twins in the manufacturing sector
- Table 7: Digital twins in the power sector
- Table 8: Digital twins in the oil and gas sector
- Table 9: Digital twins in the healthcare sector
- Table 10: Digital twins in the construction sector
- Table 11: Digital twins in the automotive sector
- Table 12: Digital twins in the aerospace and defense sector
- Table 13: Digital twins in the government sector
- Table 14: Digital twins in the sports sector
- Table 15: Oil and gas companies and their digital twin vendors
- Table 16: M&A trends
- Table 17: Key venture financing deals associated with the digital twins theme since January 2022
- Table 18: Oil and gas players
- Table 19 Oil and gas players:
- Table 20: Glossary
- Table 21: GlobalData reports
- List of Figures
- Figure 1: Who are the leading players in the digital twins theme, and where do they sit in the value chain?
- Figure 2: “Houston, we’ve had a problem.”
- Figure 3: Digital twins create live virtual models of the real world
- Figure 4: Digital twins have a hunger for data
- Figure 5: The global digital twins market will be worth $154 billion by 2030
- Figure 6: Digital twin use cases range in sophistication and visibility
- Figure 7: Manufacturing operations are a key area for digital twins
- Figure 8: Developing the world’s first digital twins for floating offshore wind turbines
- Figure 9: BP and Chevron use digital twins to optimize assets
- Figure 10: BP built a digital twin of the Azeri Central East field
- Figure 11: NTT and Harvard are creating a digital twin of the heart
- Figure 12: Digital twins offer a single source of the truth
- Figure 13: Automotive companies are starting to exploit digital twins
- Figure 14: Digital twins are transforming the aerospace industry
- Figure 15: Singapore puts its Virtual Singapore digital twin to good use
- Figure 16: Digital twins are being used to plan the 2024 Olympic Games
- Figure 17: The digital twins story
- Figure 18: Digital twin financing deal volume increased between 2019 and 2023
- Figure 19: Digital twin patent publications have accelerated since 2016
- Figure 20: Siemens, General Electric, and IBM lead the way in digital twins-related patents
- Figure 21: Digital twin mentions in company filings across sectors grew significantly between 2016 and 2022
- Figure 22: The digital twin value chain
- Figure 23: The digital twins value chain - Physical layer: leaders and challengers
- Figure 24: The digital twin value chain - Connectivity layer: leaders and challengers
- Figure 25: The digital twin value chain - Data layer: leaders and challengers
- Figure 26: The digital twins value chain - Platform layer: leaders and challengers
- Figure 27: The digital twin value chain - Delivery layer: leaders and challengers
- Figure 28: The digital twin value chain - Services layer: leaders and challengers
- Figure 29: Who does what in the integrated oil and gas space?
- Figure 30: Thematic screen
- Figure 31: Valuation screen
- Figure 32: Risk screen
- Figure 33: Our five-step approach for generating a sector scorecard
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