Oilfield Integrity Management Market: Global Industry Analysis, Size, Trends, Growth, Forecast 2019 - 2029

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Oilfield Integrity Management Market: Global Industry Analysis, Size, Trends, Growth, Forecast 2019 - 2029

Status : March, 2021 | Energy & Mining

Report Digest

Global OilField Integrity Management Market: Overview

Oil fields Integrity management is a sub segment of a wider term, Asset Integrity Management System. Maintaining the integrity of an oil field means not only keeping the infrastructure intact, but also catering to the safety needs of people that work in that facility. Oil drilling is frequently done in the deep sea and machine maintenance takes precedence over all else. Salinity, acidity from the ocean and oxidation from coastal air takes a toll on steel structures, frequently driving them off road and disrupting work. Moreover, general upkeep of the workforce becomes important at isolated locations as these which present unique health problems in a critical environment. Integrity Management keeps maintenance of man and machine at the forefront of operations, preventing undue cessation of work. 

It is pertinent to note here that though sustainable development has forced industrial thought to go for alternative energy sources, the coming years seem to signal little diminution in the use of fossil fuels. Hence, the oil fields integrity management market is set to continue to find a steady demand over the forecast period of 219 to 2029. As per TMRR, exploration and extraction in the newly found hotbeds of Mediterranean, Africa, and Latin America are set to create novel avenues leading to growth.

Global OilField Integrity Management Market: Competitive Landscape

A number of service providers keep offshore and onshore oil drilling facilities going. Being numerous, they fragment the market’s vendor landscape. Some of these providers are:

  • Schlumberger 
  • Halliburton 
  • Baker Hughes Company
  • Siemens
  • Emerson 
  • IBM
  • Oracle
  • Aker Solutions 
  • Wood Group
  • SGS 
  • Oceaneering International
  • TechnipFMC

They need to increase market outreach and visibility to expand reach and tap into new consumer base. These market players plan to achieve the same, by hey alliances. 

Global OilField Integrity Management Market: Key Trends and Drivers

  • The world's industries are growing steadily into the future. Annual industrial growth stood at 3% in 2019. Global energy demand concomitantly grew by 2.3% in 2018, and it is expected that fossil fuel usage will continue to grow at the rate of 1.3% till 2040. As oil fields are put to work to meet these demands, they will require maintenance and up-gradation of existing facilities. The oil fields integrity management market is thus expected to grow steadily in the future. 
  • Another driver for this market is the general call for automation of industries. The industrial automation market is due to hit a valuation of 286 billion USD by 2026. Automating industrial sectors increases efficiency and reduces human intervention. The role of integrity management is big here given that a move towards centralizing maintenance increases focus on a particular aspect of oil field operations, which can then increase innovation in integrity management to run the whole machinery efficiently.
  •  The rise of Artificial Intelligence and the Internet of Things are certain technologies, which are increasingly being adopted, and will make the practice of integrity management easier in the coming years. 

Global OilField Integrity Management Market: Regional Analysis

The oil and gas industry is a major contributor to the economy of North America, which makes them market leaders. According to the United States Bureau of Economic Analysis, in 2018 this industry contributed 1.3 trillion USD to the national GDP. Since the demand for traditional energy is rising, the oil field integrity management market is set to grow steadily in the future in this region. 

Market Segmentation:

Based on the management type:

  • Planning
  • Predictive Maintenance & Inspection
  • Data Management
  • Corrosion Management
  • Monitoring System

Based on the component:

  • Hardware
  • Software
  • Services

Based on the application:

  • Onshore
  • Offshore

This study provides a particularized anatomy according to the L.E.A.P mechanism

  • Latest trends and cardinal growth prospects
  • Existing and future insights in growth
  • Ascensions in technology
  • Pain points

The regional analysis offers market assays across:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.

Latest Trends and Cardinal Growth Prospects

The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.

Existing and Future Insights in Growth

The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.

Ascensions in Technology

Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.

Pain Points

The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.

The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.

An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.

The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!

This report is the key to questions such as:

What are the prominent factors that will help in reshaping the market growth?

Which trends have the potential to bring expansive growth for the market?

What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?

Which regions will emerge as champion growth contributors for the market?

Which aspects will serve as game-changers for the market?

What are the latest innovations in the market?

Which factors will hinder the growth of the market?