Oilfield Integrity Management Market

Introduction of the Oilfield Integrity Management Market Size Report

Oilfield integrity managements are the automated process for clean environment to make better decision in making to balance between cost and risk associated with operations related to oil & gas exploration. Oilfield integrity management helps to optimize performance using the using state-of-the-art analytics and engineering methods.

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Market Dynamic

Key Drivers and Emerging Trends

The factors driving the global oilfield integrity management market includes increasing oil & gas exploration activities by transforming its traditional business models into smarter operations. Also, increasing focus of industry players on remote monitoring of oilfields in reducing the need for human intervention, which consequently decreases chances of manual errors and the overall cost have impelled the market growth. For instance, according to the International Energy Agency, the global oil demand is expected to increase 5.7 mb/d over the 2019-25 period with an average annual rate of 950 kb/d. This increase in the oil and gas production has created massive demand for the growth of the global oilfield integrity management market.

Further, increasing oil and gas exploration activities for remote monitoring of oilfields with process optimization, automation with stringent rules & regulations regarding environmental safety have propelled the oilfield integrity management market. For instance, in October, 2018, the government of India has planned to launch a natural gas trading hub for creating an Indian gas benchmark due to surge in consumption of the cleaner-burning fuel. Oil regulator PNGRB has help develop a regulatory framework for operational the gas trading/exchange hub.

Restraint in the Oilfield Integrity Management Market

However, fluctuation in the oil pricing and declining in the crude oil operational activities across the globe may hamper the market growth. Crude oil pricing is witnessing fluctuations due to several factors such as changes in demand in the OPEC and non-OPEC supply, intense competition, rising adoption of the electric vehicles with government support for renewable energy sources revolution. Also, the oil & gas exploring companies are experiencing a drop profits, and operating margins ultimately declining revenue which threatens the market growth.

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Component – Segment Analysis

Based on the component, software expected to grow at the fastest rate in the global oilfield integrity management market during the forecast period in 2020, this is primarily attributed increase in the launching of the integrated software for optimizing the operations in oil and gas fields.  For instance, in Jan 2021, Seven Lakes Technologies launched World’s First SaaS-Integrated Production System for optimize oil and gas companies. The software designed to optimize production for reducing the maintenance time of the JOYN Oil & Gas Production for easy to move antiquated production systems.

Management Component – Segment Analysis

Based on the management component, predictive maintenance & inspection segment is projected to have the largest market share over the forecast period in the global oilfield integrity management market in 2020, owing to rising demand for the integrated softwares and hardware with surge in the global oil and gas production. It also offers improved equipment availability, reduces operational failures to reduce the cost related to asset management and asset lifecycle.

Application – Segment Analysis

Based on the application, onshore segment is projected to have the largest market share over the forecast period in the global oilfield integrity management market in 2020, owing to rising onshore oil and gas production around the globe For instance, according to the International Energy Agency, the onshore oil production is expected to roughly double to around 22 Million barrels per day (Mbpd) by 2035 and will have nearly a 30% share of all global crude oil production.

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Regional – Segment Analysis:

Based on the region, the oilfield integrity management Market North America region is dominated the global oilfield integrity management market in 2020 owing to rising oil and gas production activities with presence of advanced technologies and rising government investments for exploration. The refining businesses and companies in the North America region are investing in asset integrity management services for increasing productivity and reducing the operational costs.

Top Market Players

Various notable players operating in the market, include Weatherford, National Oilwell Varco, Baker Hughes Company, Technipfmc Plc, Aker Solutions, SGS Sa, Oceaneering International, Inc., Xebec Schlumberger Limited, Halliburton, Ltd., John Wood Group PLC, Emerson Electric Co, Saipem and among others. 

Key Developments:

• • In 2020, Petrofac signed a three-year partnership with Intowar to enter and deploy oil and gas software collaboration. This partnership was made to develop and deploy workflow automation software with the needs of the oil and gas industry.

 Segments covered in the Report:

The global oilfield integrity management market has been segmented on the basis of component, management, application and key regions. Based on component, the market is segmented into software, hardware and services. In terms of management type, the global oilfield integrity management is divided into predictive maintenance & inspection, monitoring system, data management, planning, corrosion management, pipeline management and others. Based on the application, the global oilfield integrity management market is divided into onshore and offshore. 

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Key questions answered in this research report:

• • At what pace is global Oilfield Integrity Management market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Oilfield Integrity Management market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Oilfield Integrity Management market?
  • Which component generated maximum revenues in 2020 and identifies the most promising component during the forecast period?
  • What are the various application areas of global oilfield integrity management market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2020
Market Forecast Period	2021-2028
Market Revenues Currency	USD Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Component, By Management Type, By Application, and By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Weatherford, National Oilwell Varco, Baker Hughes Company, Technipfmc Plc, Aker Solutions, SGS Sa, Oceaneering International, Inc., Xebec Schlumberger Limited, Halliburton, Ltd., John Wood Group PLC, Emerson Electric Co, Saipem and among others; a total of 12 companies covered
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Oilfield Integrity Management Market by Component

• • Software
  • Hardware
  • Services

Global Oilfield Integrity Management Market by Management Type

• • Predictive Maintenance & Inspection
  • Monitoring System
  • Data Management
  • Planning
  • Corrosion Management
  • Pipeline management
  • Others

Global Oilfield Integrity Management Market by Application

• • Onshore
  • Offshore

Global Oilfield Integrity Management Market by Region

• • North America Oilfield Integrity Management Market (Option 1: As a part of the free 25% customization)
    • By Component
    • By Management Type
    • By Application
    • US Market All-Up
    • Canada Market All-Up
  • Europe Oilfield Integrity Management Market (Option 2: As a part of the free 25% customization)
    • By Component
    • By Management Type
    • By Application
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Oilfield Integrity Management Market (Option 3: As a part of the free 25% customization)
    • By Component
    • By Management Type
    • By Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Oilfield Integrity Management Market (Option 4: As a part of the free 25% customization)
    • By Component
    • By Management Type
    • By Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Oilfield Integrity Management (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Weatherford
  • National Oilwell Varco
  • Baker Hughes Company Solutions
  • Technipfmc Plc
  • Aker Solutions
  • SGS SA
  • Oceaneering International, Inc.
  • Xebec Schlumberger Limited
  • Halliburton, ltd.
  • John Wood Group PLC
  • Erre due s.p.a.
  • Saipem