Global Oilfield Integrity Management Market is valued approximately USD 11.8 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 8.1 % over the forecast period 2020-2027. Oilfield Integrity Management manage oilfield assets effectively and to make sure they are safe, operationally efficient as well as reliable. Oilfield Integrity Management offers implementing asset management such as the improvement that the implementation will provide to the reliability of the instruments and devices used for the operation of the industry. These will ensure that the systems are running in a manner that meets organization targets. The increasing focus on remote monitoring of oilfields for process optimization and automation and stringent government regulations regarding environmental safety are the few factors responsible for growth of the market over the forecast period. Furthermore, the introduction of solutions and other strategic alliance by market players will create a lucrative demand for this market. For instance: on 17th February 2020, Halliburton launched SPIDRlive Self-Powered Intelligent Data Retriever for well testing and fracture interaction monitoring technology with real-time data. Whereas, fluctuations in oil prices are hampering operational spending on various oilfield services and high initial cost and complex process of system installation is the major factor restraining the growth of global Oilfield Integrity Management market during the forecast period.
The regional analysis of global Oilfield Integrity Management market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world owing to the high energy supply and demand from the region offer lucrative opportunities to the entire oil & gas value chain. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027.
Major market player included in this report are:
Baker Hughes Company
John Wood Group plc
Aker Solutions ASA
Oceaneering International Inc.
Emerson Electric Co.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
by Management Type:
Predictive Maintenance & Inspection
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Oilfield Integrity Management Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers