Dublin, Feb. 08, 2024 (GLOBE NEWSWIRE) -- The "Oilfield Integrity Management Global Market Report 2024" has been added to ResearchAndMarkets.com's offering.
The global oilfield integrity management market is experiencing significant growth, as evidenced by recent market statistics that highlight the industry's rapid expansion and the rising demand for cutting-edge integrity management solutions. An in-depth market report offering comprehensive analysis of the global oilfield integrity management sector has recently been added to our extensive collection of industry research publications.
This meticulous research publication presents a thorough examination of planning methodologies, predictive maintenance and inspection protocols, sophisticated data management systems, cutting-edge corrosion management tactics, and state-of-the-art monitoring systems that form an integral part of the oilfield integrity management landscape. Covering both hardware and software solutions, as well as service offerings, the report offers insights that span across onshore and offshore applications, outlining critical strategies for identifying and addressing flaws in oilfield operations.
With an analytical approach, the report traces the strong historical growth trajectory of the oilfield integrity management market — highlighting the transition from $15.75 billion in 2023 to an anticipated $16.89 billion in 2024, marking a compound annual growth rate (CAGR) of 7.2%. Factors such as strategic use of data, a reduction in asset downtime, increased investment in research and development, heightened emphasis on safety and environmental compliance, and the ongoing digital transformation deeply influence this expansion.
Further market escalation is projected, with expected growth reaching $22.71 billion by 2028, advancing at a CAGR of 7.7%. The forthcoming surge can be attributed to continuous enhancements in workforce training and skills, a sustained focus on sustainability, and the embrace of evolving technologies such as predictive corrosion monitoring and blockchain.
Highlighted in this report are trends like asset digitization, the adoption of predictive maintenance strategies, remote monitoring solutions, the implementation of risk-based inspection (RBI), and the utilization of data analytics, which are poised to redefine the oilfield integrity management domain.
The role of digitalization within oilfield integrity management is under the spotlight, as industry leaders increasingly turn to technology to streamline operations and reduce risks. Notable market players are collaborating to leverage respective strengths, as seen in the strategic partnerships formed to enhance digital service offerings in the oilfield.
The report delves into the competitive landscape, profiling key players that are forging ahead in the oilfield integrity management space. By examining their strategies, the analysis sheds light on how companies are reinforcing their market positions through strategic acquisitions and partnerships that bring innovative solutions to the forefront.
Delving into regional insights, North America commands the largest oilfield integrity management market share as of 2023, with Europe poised for swift growth in the upcoming years. The coverage expands across other key regions, including Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa, providing a global outlook on the market's trajectory.
The comprehensive scope of the report encompasses detailed segments, insightful country analyses, and the inclusion of revenue streams generated by entities engaged in the development and application of oilfield integrity management strategies and systems.
Key Markets Covered:
- By Component: Hardware; Software; Services
- By Type: Planning; Predictive Maintenance and Inspection; Data Management; Corrosion Management; Monitoring System; Other Types
- By Application: Onshore; Offshore
Companies Profiled
- 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.
For more information about this report visit https://www.researchandmarkets.com/r/8v4gb6
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