Oilfield Integrity Management Market:
Growth opportunities in the Oilfield Integrity Management Market look promising over the next six years. This is mainly due to the rising expedition of oil & gas by transforming its traditional business models into smarter operations and strict norms imposed for environmental safety.
Oilfield Integrity Management Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The augmenting oil and gas exploration activities by modifying its conventional models into smarter operations is one of the major drivers responsible for the stimulation of market growth. Also, the growing emphasis by leading industry players on remote supervision of oil fields to minimize the need of human intervention, thus reducing the possibility of manual errors and the comprehensive expenditure have strengthened the market size. In accordance with the International Energy Agency, the oil demand throughout the world is likely to expand 5.7 mb/d over the period of 2019-25 with an average annual rate of 950 kb/d. This surge in the production of the oil and gas production has generated immense market demand.
Additionally, the rising activities of oil and gas examination for distant monitoring of oilfields with process optimization and automation and strict norms & regulation associated with the environmental protection have propelled the market size. The Indian government, in October 2018, planned to introduce a natural gas trading hub for creating a benchmark owing to the increase in consumption of the cleaner-burning fuel. Oil regulator PNGRB helped starting a regulatory framework for operational gas trading/exchange hub. However, the variations in the prices of oil and decreasing crude oil operational activities will obstruct the market growth. The unstable prices are led by several reasons which include intense competition, increasing acquisition of electric vehicles, growing demand in the OPEC and non-OPEC supply along with the government support for renewable energy sources revolution. The oil and gas exploration companies are witnessing a fall in profits and operating margins which is decreasing revenue, thereby curbing the market size.
Management Type Segment Drivers
Based on the management type, predictive maintenance & inspection is projected to dominate the market over the forecast period. This is primarily attributed to the soaring demand for the integrated software and hardware and intensifying oil and gas production. Also, it imparts better availability of equipment, reduces operational failures to decrease the cost related to asset management and lifecycle.
Oilfield Integrity Management Market’s leading Manufacturers:
- Saipem
- John Wood Group PLC
- Xebec Schlumberger Limited
- Aker Solutions
- Baker Hughes Company
- Weatherford
- Emerson Electric Co
- Halliburton, Ltd.
- Oceaneering International, Inc.
- Technipfmc Plc
- National Oilwell Varco
- SGS Sa
Oilfield Integrity Management Market Segmentation:
Segmentation by Component
- Software
- Hardware
- Services
Segmentation by Management Type
- Predictive Maintenance & Inspection
- Monitoring System
- Data Management
- Planning
- Corrosion Management
- Pipeline management
- Others
Segmentation by Application
- Onshore
- Offshore
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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