Pune, India, March 16, 2021 (GLOBE NEWSWIRE) -- The global oilfield integrity management market size is expected to reach USD 22.87 billion by 2027 while exhibiting a CAGR of 7.8% between 2020 and 2027. This is attributable to the growing oil & gas exploration activities and the increasing adoption of modern technologies such as artificial intelligence (AI) that is likely to propel the demand for advanced oilfield integrity management solutions globally. This information is published by Fortune Business Insights, in its latest report, titled, “Oilfield Integrity Management Market Size, Share & COVID-19 Impact Analysis, By Management Type (Monitoring System, Data Management, Corrosion Management, Planning, and Predictive Maintenance & Inspection), By Component Type (Hardware, Software, and Services), By Application (Onshore and Offshore Aerospace) and Regional Forecast, 2020-2027.” The report further mentions that the market stood at USD 13.87 billion in 2019.
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Limited Financial Aid amid COVID-19 to Affect Market Growth
According to the International Energy Agency (IEA), the demand for oil decreased to 29 million barrels per day (bpd) in April 2020. The shutdown of manufacturing facilities has led to massive dip in the supply and demand of oil & gas applications. This is negatively affecting the market growth. Additionally, lack of financial aid and the shunted growth across transportation, commercial, and industrial sectors is likely to hinder the Oilfield Integrity Management Market growth in the near future. However, collective efforts are being implemented by government agencies and the companies to bring back the economy to normalcy that will contribute to the growth of the market during the forecast period.
Oilfield integrity management is primarily a type of service that enables automation of workflows that lead to improved productivity and reduced operating costs. Additionally, they aid in mitigating the risks associated with major oilfield operations.
What does the Report Include?
The Oilfield Integrity Management Market report includes a detailed assessment of various growth drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides a comprehensive research into the regional developments of the market, affecting its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnerships, mergers and acquisitions, and collaborations adopted by the companies to maintain market strongholds between 2020 and 2027.
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DRIVING FACTORS
Increasing Oil & Gas Exploration Activities to Promote Growth
The growing demand for oil is leading to increasing exploration activities across the globe. This presents a lucrative opportunity for the adoption of advanced oilfield integrity management solutions and services. Additionally, the rising prices of oil and gas are propelling the manufacturers to increase their investments in oil and gas exploration activities that will favor the growth of the global oilfield integrity management market during the forecast period.
SEGMENTATION
Monitoring System Held 41.6% Market Share in 2019
The monitoring system, based on management, held a market share of about 41.6% in 2019 and is projected to gain momentum backed by the increasing adoption of advanced monitoring systems to obtain real-time accurate data and improve efficiency.
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REGIONAL INSIGHTS
Presence of Established Players in North America to Augment Growth
Among all the regions, North America stood at USD 6.88 billion in 2019 and is expected to showcase significant growth during the forecast period. This is attributable to the presence of established oilfield integrity management players in the region.
The market in the Middle East and Africa is expected to experience exponential growth backed by the presence of major oil-producing countries such as Saudi Arabia, the UAE, Kuwait, and others that propel the demand for advanced management solutions in the region between 2020 and 2027.
COMPETITIVE LANDSCAPE
Major Companies Focus on Contract Signing to Strengthen Their Market Positions
The global Oilfield Integrity Management Market is fragmented by the presence of major companies that are focusing on signing lucrative contracts to expand their oilfield integrity management software and services. Furthermore, other key players are adopting strategies such as the introduction of new products, collaboration, and partnership that will contribute to the market growth in the forthcoming years.
Industry Development:
- May 2020: Oceaneering International, Inc received an asset integrity contract from a major operator in Dubai, UAE. As per the contract, the company will provide fabric maintenance inspection services and advanced non-destructive testing (NDT) solutions in the Middle East.
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List of the Companies Profiled in the Global Oilfield Integrity Management Market:
- Baker Hughes Company (Texas, US)
- Schlumberger Limited (Texas, US)
- Halliburton (Texas, US)
- John Wood Group PLC (Aberdeen, United Kingdom)
- Aker Solutions (Fornebu, Norway)
- SGS SA (Geneva, Switzerland)
- Oceaneering International, Inc. (Texas, US)
- TechnipFMC plc (London, United Kingdom)
- Emerson Electric Co. (Missouri, US)
- Saipem (Milan, Italy)
- Weatherford (Texas, US)
- National Oilwell Varco (Texas, US)
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Table Of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Oilfield Integrity Management Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Oilfield Integrity Management Market Analysis (USD Billion), Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Application
- Onshore
- Offshore
- Market Analysis, Insights and Forecast – By Component
- Hardware
- Software
- Services
- Oilfield Integrity Management Market Analysis, Insights and Forecast – By Management Type
- Data Management
- Monitoring System
- Corrosion Management
- Predictive Maintenance & Inspection
- Planning
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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