Market Size –
The oilfield integrity management market size has grown strongly in recent years. It will grow from <b>$15.75 billion in 2023 to $16.89 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. </b> The growth in the historic period can be attributed to data utilization for decision making, asset downtime reduction, investment in research and development, safety and environmental concerns, digitalization initiatives, asset performance optimization.
The oilfield integrity management market size is expected to see strong growth in the next few years. It will grow to <b>$22.71 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. </b> The growth in the forecast period can be attributed to continuous training and skill development, sustainability and esg initiatives, predictive corrosion monitoring, integration of blockchain, cybersecurity measures. Major trends in the forecast period include asset digitization, predictive maintenance, remote monitoring solutions, risk-based inspection (rbi), data analytics and big data.
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Scope Of Oilfield Integrity Management Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Oilfield Integrity Management Market Overview
Market Drivers –
The increase in demand from the oil and gas industry is driving the demand for the oilfield integrity management market. The oil and gas operator uses oilfield integrity management to perform a structured examination of the asset’s integrity and capabilities management to increase the chances of success over the long run. For instance, according to the report published by International Energy Agency (IEA), a France-based inter-governmental organization, in 2021, global oil consumption is anticipated to increase by 4.4 mb/d (millions of barrels per day) from 2019 levels to 104.1 mb/d by 2026. Therefore, the increase in demand from the oil and gas industry will propel the oilfield integrity management market.
Market Trends –
Digitalization is a key trend gaining popularity in the oilfield integrity management market. Digitalization is the automation of the workflow by integrating digital technologies and business process management. It is used in the oilfield sector to increase productivity, lower expenses, and substantially lower hazards related to oil and gas operations. Major companies in the oilfield integrity management sector focused on digitalization in the oilfield to sustain their marketplace. For instance, in May 2022, mCloud Technologies Corp, a Canada-based company engaged in AI-powered asset management and environmental solution businesses, launched AssetCare Mobile. AssetCare Mobile is a connected worker solution for oilfield companies to accelerate productivity and ensure the safety of oilfield workers. With AssetCare Mobile, connected workers in the field may remotely interact and coordinate with experts and other coworkers, quickly access crucial asset information in real time, quickly share images and videos of damaged equipment; digitize procedures and processes.
The oilfield integrity management market covered in this report is segmented –
1) By Component: Hardware, Software, Services
2) By Type: Planning, Predictive Maintenance And Inspection, Data Management, Corrosion Management, Monitoring System, Other Types
3) By Application: Onshore, Offshore
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Regional Insights –
North America was the largest region in the oilfield integrity management market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the oilfield integrity management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the oilfield integrity management market report are Schlumberger Limited, Halliburton Company, Baker Hughes Company, Siemens AG, Emerson Electric Co., International Business Machines Corporation, Oracle Corporation, Aker Solutions ASA, John Wood Group PLC., SGS SA, Oceaneering International Inc., Weatherford International PLC., Accenture PLC., Intertek Group PLC., Applus+, Honeywell International Inc., TechnipFMC, Bureau Veritas, DNV GL, Lloyd’s Register Group Services Limited, Det Norske Veritas, GE Oil & Gas, National Oilwell Varco, Cameron International Corporation, FMC Technologies, Parker Hannifin Corporation, Eaton Corporation, Pentair plc, Flowserve Corporation, WorleyParsons Ltd.
Table of Contents
1. Executive Summary
2. Oilfield Integrity Management Market Report Structure
3. Oilfield Integrity Management Market Trends And Strategies
4. Oilfield Integrity Management Market – Macro Economic Scenario
5. Oilfield Integrity Management Market Size And Growth
…..
27. Oilfield Integrity Management Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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