PUBLISHER: The Business Research Company | PRODUCT CODE: 1425694
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425694
Oilfield Integrity Management Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on oilfield integrity management market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for oilfield integrity management? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The oilfield integrity management market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Oilfield integrity management involves the oversight of assets such as plants, oil rigs, and refineries, ensuring their continued effectiveness and efficiency. This practice investigates failures, ensures inspections occur within designated intervals, and conducts research for extending the asset's lifespan.
In the realm of oilfield integrity management, various categories encompass planning, predictive maintenance and inspection, data management, corrosion management, monitoring systems, and other components that involve both hardware and software solutions, alongside service provisions. Planning constitutes the structured process for assessing and mitigating risks associated with potential flaws that surpass permissible tolerances. This facet of oilfield integrity management serves to identify and rectify these flaws, whether in onshore or offshore applications.
The oilfield integrity management market research report is one of a series of new reports from The Business Research Company that provides oilfield integrity management market statistics, including oilfield integrity management industry global market size, regional shares, competitors with an oilfield integrity management market share, detailed oilfield integrity management market segments, market trends and opportunities, and any further data you may need to thrive in the oilfield integrity management industry. This oilfield integrity management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The oilfield integrity management market size has grown strongly in recent years. It will grow from $15.75 billion in 2023 to $16.89 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. During the historic period, growth can be attributed to leveraging data for informed decision-making, diminishing asset downtime, robust investment in research and development, amplified attention to safety and environmental considerations, concerted efforts in digitalization, and optimization of asset performance.
The oilfield integrity management market size is expected to see strong growth in the next few years. It will grow to $22.71 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. In the upcoming forecast period, growth is expected due to ongoing training and skill enhancement, a focus on sustainability and ESG initiatives, the adoption of predictive corrosion monitoring, integration of blockchain technology, and escalated cybersecurity measures. Key trends anticipated include asset digitization, predictive maintenance strategies, remote monitoring solutions, the implementation of risk-based inspection (RBI), and the utilization of data analytics and big data.
The surge in demand from the oil and gas sector is fueling the need for oilfield integrity management solutions. Oil and gas operators utilize these systems to methodically assess asset integrity and manage capabilities, aiming for sustained success in their long-term operations. As per the International Energy Agency (IEA) report from 2021, global oil consumption is projected to surge by 4.4 mb/d (millions of barrels per day) by 2026, reaching 104.1 mb/d from 2019 levels. Hence, this escalating demand within the oil and gas industry is set to propel the oilfield integrity management market.
The expansion of oil and gas exploration and production (E&P) activities is anticipated to drive the growth of the oilfield integrity management market in the foreseeable future. E&P operations entail the search for and extraction of crude oil and natural gas from subterranean reserves. Implementing oilfield integrity management enhances the overall efficiency, safety, and success of these operations, contributing to the responsible exploitation of energy resources. For instance, in May 2023, the Energy Information Administration reported a 5.6% rise in US crude oil production in 2022 compared to 2021, amounting to 0.6 million barrels per day (b/d). Simultaneously, dry natural gas output in the US soared, surpassing 100 billion cubic feet per day (Bcf/d) in November and October 2022, surpassing pre-pandemic production records. Hence, the expansion of E&P activities is a driving force behind the oilfield integrity management market.
Digitalization is an emerging trend gaining traction in the oilfield integrity management market. This process involves streamlining workflows through the integration of digital technologies and business process management. In the oilfield sector, digitalization aims to enhance productivity, reduce costs, and significantly mitigate risks associated with oil and gas operations. Key industry players are focusing on digitalization strategies in the oilfield to maintain their market position. For example, in May 2022, mCloud Technologies Corp, based in Canada, introduced AssetCare Mobile, a connected worker solution tailored for oilfield companies. This technology empowers field workers to collaborate remotely, access critical asset information in real time, and digitize procedures and processes, thereby bolstering productivity and ensuring worker safety.
Major companies in the oilfield integrity management market are adopting strategic partnerships to meet the surging demand in the oil and gas industry for comprehensive data management solutions. These partnerships involve leveraging mutual strengths and resources to achieve shared benefits and success. For instance, in September 2022, NOV Inc., a US-based supplier of drilling and production equipment for oil and gas, partnered with Bardasz Group LLC. This collaboration integrated the latest Octopus suite of WITSML apps on the Max Platform, combining NOV's sensor and cloud technologies with Bardasz's WITSML and Energistics Transfer Protocol (ETP). The alliance enables top-notch data aggregation and cloud data distribution, addressing the growing need for digital services in the oilfield. Bardasz Group LLC, a US-based oil and gas exploration company, complements NOV's offerings, delivering enhanced data integrity and performance through their technologies.
In August 2022, Baker Hughes, a US-based oil field services company, acquired Quest Integrity for an undisclosed amount. With this strategic move, Baker Hughes aims to expand its portfolio in asset integrity services, offering customers a broader spectrum of actionable intelligence across various industrial infrastructure sectors. Quest Integrity, a US-based company specializing in asset integrity management for the oil and gas industry, strengthens Baker Hughes' capabilities in this domain.
Major companies operating in the oilfield integrity management market report are 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.
North America was the largest region in the oilfield integrity management market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the oilfield integrity management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the oilfield integrity management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The oilfield integrity management market includes revenues earned by entities by outlining, subsistence, inspection, error management, data operations, and supervision systems. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.