Digital Twin Tech Set to Transform Oil and Gas Industry, $912M Market on Horizon Despite Data Hurdles
-
Digital twin technology offers benefits for the oil and gas industry like optimizing assets, enhancing sustainability, and enabling predictive maintenance. The market is projected to reach $912 million by 2032.
-
Informative digital twins are transforming the industry by combining real-time monitoring and analytics for proactive maintenance and operational improvements. They hold 27% market share.
-
Asset monitoring and maintenance is a top application, controlling 19% revenue share, as digital twins optimize performance and reduce costly downtime.
-
North America leads adoption, with the U.S. and Canada actively investing in digital twins for exploration, production, pipelines, and more. The regional market is seen reaching $735 million by 2031.
-
Data integration poses a major challenge, as only 5% of the 700 terabytes of daily operational data gets utilized. Legacy systems using disparate formats contribute to the hurdles.