DUBLIN, Oct. 30, 2020 /PRNewswire/ — The “Oilfield Integrity Management Market by Management Type (Planning, Predictive Maintenance & Inspection, Corrosion Management, Data Management, and Monitoring System), Component (Hardware, Software, Services), Application, & Region – Global Forecast to 2025” report has been added to ResearchAndMarkets.com’s offering.
The global oilfield integrity management market size is projected to grow from an estimated USD 12.8 billion in 2020 to USD 18.8 billion by 2025, at a CAGR of 8.1% from 2020 to 2025.
The growth of this market is driven by the increasing focus of oilfield operators to enhance their productivity by reducing downtime required in maintenance activities. Also, the oil and gas discoveries across the globe are likely to fuel market growth. North America accounted for the largest market share in 2019. The growth of the North American oilfield integrity management market is driven by rise in shale gas & tight oil production, favorable regulations related to the licensing of exploration & production activities, and an increase in oilfield discoveries in Gulf of Mexico.
The onshore segment is expected to hold the largest share of the oilfield integrity management market, by application, during the forecast period.
Onshore wells are widely drilled across the world, with more oil & gas production potential from regions such as the Middle East, North America, Africa, and Asia Pacific. The demand for oilfield integrity management is high in the onshore application segment as new well drilling activities are rising in onshore locations at a faster pace than in the offshore fields. In addition, the cost incurred in onshore oilfield activities is less compared to the offshore application.
Middle East & Africa: The fastest market for oilfield integrity management.
The Middle East & Africa is the fastest-growing market for oilfield integrity management, followed by North America and Europe. According to Baker Hughes’ rig count report, the total onshore rig count experienced a 1% Y-o-Y decline from 2017 to 2018. Additionally, the rig to well ratio is very low in the region. This shows that there are very few new drilled wells in the region, and the production activities are highly concentrated in the mature fields. Hence, enhancement of production and any developments on these mature fields/wells are expected to drive the oilfield integrity management market during the forecast period.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
3.1 Optimistic Scenario
3.2 Realistic Scenario
3.3 Pessimistic Scenario
4 Premium Insights
4.1 Attractive Opportunities In Oilfield Integrity Management Market
4.2 Oilfield Integrity Management Market, By Component
4.3 Oilfield Integrity Management Market, By Management
4.4 Oilfield Integrity Management Market, By Application
4.5 Oilfield Integrity Management Market, By Region
4.6 North America Oilfield Integrity Management Market, By Application & Country
5 Market Overview
5.1 Introduction
5.2 Covid-19 Health Assessment
5.3 Road To Recovery
5.4 Covid-19 Economic Assessment
5.5 Market Dynamics
5.5.1 Drivers
5.5.1.1 Increasing Focus On Remote Monitoring Of Oilfields For Process Optimization And Automation
5.5.1.2 Stringent Government Regulations Regarding Environmental Safety
5.5.2 Restraints
5.5.2.1 Fluctuations In Oil Prices Are Hampering Operational Spending On Various Oilfield Services
5.5.2.2 High Initial Cost And Complex Process Of System Installation
5.5.3 Opportunities
5.5.3.1 Digitalization In Oilfields
5.5.3.2 Increasing Exploration And Production Activities In Emerging Countries
5.5.4 Challenges
5.5.4.1 Interoperability Of Multiple System Components From Different Solution Providers
5.5.4.2 Impact Of Covid-19 On Upstream Activities
5.6 Regulatory Landscape
5.7 Market Map
5.8 Supply Chain Analysis
5.8.1 Equipment Manufacturers
5.8.2 Oilfield Service Providers
5.8.3 Software Operators
5.8.4 Oilfield Operators
5.9 Case Study Analysis
5.9.1 Increase In Production From Integrated Solutions
6 Covid-19 Impact On Oilfield Integrity Management Market, Scenario Analysis, By Region
6.1 Introduction
6.1.1 Impact Of Covid-19 On GDP
6.1.2 Scenario Analysis Of Oil & Gas Industry
6.1.3 Optimistic Scenario
6.1.4 Realistic Scenario
6.1.5 Pessimistic Scenario
7 Oilfield Integrity Management Market, By Management Type
7.1 Introduction
7.2 Planning
7.2.1 Need For Determining The Location Of Crude Oil Resources Is Likely To Drive The Market Growth
7.3 Predictive Maintenance & Inspection
7.3.1 Need For Increasing The Reliability Of Oilfields To Avoid High Financial Loss Is Likely To Drive Market Growth
7.4 Corrosion Management
7.4.1 Prevention Of Failures To Reduce Unplanned Downtime To Drive Market Growth
7.5 Data Management
7.5.1 Increasing Need To Organize And Analyse Data Collected From Oilfield Operations To Drive Market Growth
7.6 Monitoring System
7.6.1 Growing Adoption Of Digital Technologies To Collect Large Volumes Of Data Is Likely To Boost Demand For Monitoring System
8 Oilfield Integrity Management Market, By Component
8.1 Introduction
8.2 Hardware
8.2.1 Growing Use Of Data Acquisition Equipment And Wireless Sensors To Increase Efficiency And Accuracy
8.3 Software
8.3.1 Increasing Modification Rate Of Conventional Oilfields To Boost Demand For Software
8.4 Services
8.4.1 Increasing Focus On Financial And Well Planning During Initial Phases Of Oilfield Development
9 Oilfield Integrity Management, By Application
9.1 Introduction
9.2 Onshore
9.2.1 Increasing Number Of Onshore Oilfields Is Likely To Drive Market Growth
9.3 Offshore
9.3.1 Increasing Deepwater Drilling And Production Activities Is Likely To Drive Market Growth
10 Oilfield Integrity Management Market, By Region
10.1 Introduction
10.2 North America
10.3 Asia Pacific
10.4 Europe
10.5 Middle East & Africa
10.6 South & Central America
11 Competitive Landscape
11.1 Overview
11.2 Market Evaluation Framework
11.3 Revenue Analysis Of The Top 5 Market Players
11.4 Key Market Developments
11.4.1 Product Launch
11.4.2 Expansion
11.4.3 Merger/Acquisition/Joint Venture
11.4.4 Contract/Agreement
11.4.5 Partnership
12 Company Evaluation Matrix And Company Profiles
12.1 Overview
12.2 Company Evaluation Matrix Definitions And Methodology
12.2.1 Stars
12.2.2 Emerging Leaders
12.2.3 Pervasive
12.2.4 Emerging Companies
12.3 Company Profiles
12.3.1 Baker Hughes Company
12.3.2 Schlumberger
12.3.3 Halliburton
12.3.4 Wood Group
12.3.5 AKER Solutions
12.3.6 SGS
12.3.7 Oceaneering International
12.3.8 Technipfmc
12.3.9 Emerson
12.3.10 Saipem
12.3.11 Subsea 7
12.3.12 Weatherford International
12.3.13 Siemens
12.3.14 Intertek Group
12.3.15 Applus+
12.3.16 National Oilwell Varco
12.3.17 Bureau Veritas
12.3.18 Oracle
12.3.19 IBM
12.3.20 Fluor
12.3.21 List Of Other Major Players In The Market
12.3.21.1 Nalco Champion
12.3.21.2 China Oilfield Services
12.3.21.3 Archer
12.3.21.4 Expro Group
12.3.21.5 ABB
12.3.21.6 DNV GL
12.3.21.7 Microsoft
12.3.21.8 Accenture
12.3.21.9 SAP
12.3.21.10 Intel
13 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/qn4pgr
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