Global Oilfield Integrity Management Market
The GMI Research forecasts that the Oilfield Integrity Management Market is witnessing an upsurge in demand over the forecast period. 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.
Introduction of the Oilfield Integrity Management Market
Oilfield integrity managements are the mechanised process for clean environment to reach to a better decision concerned with the balance between cost and risk associated with operations and helps to optimize performance using the using state-of-the-art analytics and engineering methods.
Key Players of the Global Oilfield Integrity Management Market:
- 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 Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
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.
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)
About GMI Research
GMI Research is a market research and consulting company that offers business sights and market research reports for every enterprise, including small & medium enterprises and large organizations. Our research team helps the clients to understand the impact of market dynamics such as market size, share, drivers, growth opportunities, and other aspects. We have a team of analysts and industry experts who conduct market intelligence studies to ensure relevant and fact-based research across a wide range of sectors such as FMCG, Technology, Energy, Healthcare, and other industries. We collect relevant information about the industry using both internal and external databases. Our main focus is to keep our clients abridged of the emerging opportunities and challenges in a wide range of industries. We provide step-by-step assistance to our client through strategic and consulting services to reach a managerial and actionable decision. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping businesses stay ahead of the curve.
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