November 30, 2020
As per the study titled ‘Global Oilfield Integrity Management Market Size study by Management Type (Planning, Predictive Maintenance & Inspection, Data Management, Corrosion Management and Monitoring System), by Component (Hardware, Software and Services), by Application (Onshore and Offshore) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global oilfield integrity management market was valued USD 11.8 billion in 2019 and is projected to record a y-o-y growth rate of 8.1% during 2020-2027.
According to the findings of the report, rising focus towards remote monitoring of oilfield to automate and optimize various processes, along with strict government directives pertaining to environmental safety are driving global oilfield integrity management market growth.
Further, introduction of new solutions and strategic alliances by market players is expected to boost the overall industry growth in the upcoming years. For instance, Hailburton, on 17th February 2020, launched an innovative well testing and fracture interaction monitoring technology, SPIDRlive Self-Powered Intelligent Data Retriever, which features real-time data processing.
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On the contrary, decline in demand of oilfield services due to volatile oil prices, high initial investment cost, and complexities associated with installation of the systems are likely to obstruct global oilfield integrity management market expansion during the forecast period.
For the uninitiated, oilfield integrity management solutions help effectively manage oilfield assets and ensures their safety, operational efficiency, and reliability. These set of software and hardware facilitate operations of systems in a manner that comply with the organization’s targets.
Geographically, global oilfield integrity management industry size spans across North America, Latin America, Europe, Asia Pacific, and Rest of the World. Currently, North America holds a coveted position in the industry owing to mounting supply and demand of energy across the region.
Leading players influencing global oilfield integrity management market dynamics are Saipem S.p.A., Emerson Electric Co., TechnipFMC plc, Oceaneering International, Inc., SGS S.A., Aker Solutions ASA, John Wood Group plc, Halliburton Company, Schlumberger Ltd., and Baker Hughes Company.