The Business Research Company’s report on the Oilfield Integrity Management Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
Which emerging drivers are set to accelerate the growth of the oilfield integrity management market further?
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, in June 2023, the International Energy Agency, a France-based intergovernmental economic organization, reported that global oil demand will rise by 6% between 2022 and 2028 to reach 105.7 million barrels per day (mb/d), supported by robust demand from the petrochemical and aviation sectors. Therefore, the increase in demand from the oil and gas industry will propel the oilfield integrity management market.
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What are the key factors influencing the forecasted market size of the oilfield integrity management industry?
The oilfield integrity management market size has grown strongly in recent years. It will grow from $16.76 billion in 2024 to $17.92 billion in 2025 at a compound annual growth rate (CAGR) of 6.9%. 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 $24.62 billion in 2029 at a compound annual growth rate (CAGR) of 8.3%. 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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Who are the leading competitors in the oilfield integrity management market?
Major companies operating in the oilfield integrity management market 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.
Which emerging trends are set to transform the oilfield integrity management market landscape?
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.
How do different geographies compare in terms of market share and growth potential in the oilfield integrity management market?
North America was the largest region in the oilfield integrity management market in 2024. 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.
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Which major segments of the oilfield integrity management market are experiencing the fastest growth?
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
Subsegments:
1) By Hardware: Sensors And Monitoring Devices, Inspection Tools, Data Acquisition Systems
2) By Software: Integrity Management Software, Risk Assessment And Analysis Software, Data Management And Reporting Tools
3) By Services: Inspection And Testing Services, Maintenance And Repair Services, Consulting Services For Compliance And Risk Management
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What defines the structure and scope of the oilfield integrity management market?
Oilfield integrity management refers to managing an asset, including a plant, oil rig, refinery, and others, to keep it capable of carrying out its intended purpose effectively and efficiently. The oilfield integrity management is used to investigate failure to ensure inspection intervals are not exceeded and carry out life extension research.
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