The "Oilfield Integrity Management Market by Management Type (Planning, Predictive Maintenance & Inspection, Corrosion Management, Data Management, and Monitoring System), Component (Hardware, Software, Services), Application, & Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global oilfield integrity management market size is projected to grow from an estimated USD 12.8 billion in 2020 to USD 18.8 billion by 2025, at a CAGR of 8.1% from 2020 to 2025.
The growth of this market is driven by the increasing focus of oilfield operators to enhance their productivity by reducing downtime required in maintenance activities. Also, the oil and gas discoveries across the globe are likely to fuel market growth. North America accounted for the largest market share in 2019. The growth of the North American oilfield integrity management market is driven by rise in shale gas & tight oil production, favorable regulations related to the licensing of exploration & production activities, and an increase in oilfield discoveries in Gulf of Mexico.
The onshore segment is expected to hold the largest share of the oilfield integrity management market, by application, during the forecast period.
Onshore wells are widely drilled across the world, with more oil & gas production potential from regions such as the Middle East, North America, Africa, and Asia Pacific. The demand for oilfield integrity management is high in the onshore application segment as new well drilling activities are rising in onshore locations at a faster pace than in the offshore fields. In addition, the cost incurred in onshore oilfield activities is less compared to the offshore application.
Middle East & Africa: The fastest market for oilfield integrity management.
The Middle East & Africa is the fastest-growing market for oilfield integrity management, followed by North America and Europe. According to Baker Hughes' rig count report, the total onshore rig count experienced a 1% Y-o-Y decline from 2017 to 2018. Additionally, the rig to well ratio is very low in the region. This shows that there are very few new drilled wells in the region, and the production activities are highly concentrated in the mature fields. Hence, enhancement of production and any developments on these mature fields/wells are expected to drive the oilfield integrity management market during the forecast period.
Market Dynamics
Drivers
- Increasing Focus On Remote Monitoring Of Oilfields For Process Optimization And Automation
- Stringent Government Regulations Regarding Environmental Safety
Restraints
- Fluctuations In Oil Prices Are Hampering Operational Spending On Various Oilfield Services
- High Initial Cost And Complex Process Of System Installation
Opportunities
- Digitalization In Oilfields
- Increasing Exploration And Production Activities In Emerging Countries
Challenges
- Interoperability Of Multiple System Components From Different Solution Providers
- Impact Of Covid-19 On Upstream Activities
Companies Mentioned
- Stars
- Pervasive
- Baker Hughes Company
- Schlumberger
- Halliburton
- Wood Group
- AKER Solutions
- SGS
- Oceaneering International
- Technipfmc
- Emerson
- Saipem
- Subsea 7
- Weatherford International
- Siemens
- Intertek Group
- Applus+
- National Oilwell Varco
- Bureau Veritas
- Oracle
- IBM
- Fluor
- Nalco Champion
- China Oilfield Services
- Archer
- Expro Group
- ABB
- DNV GL
- Microsoft
- Accenture
- SAP
- Intel
For more information about this report visit https://www.researchandmarkets.com/r/p1sbkk
View source version on businesswire.com: https://www.businesswire.com/news/home/20201023005381/en/
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