According to Stratistics MRC, the Global Oilfield Integrity Management Market is accounted for $11.85 billion in 2019 and is expected to reach $35.76 billion by 2027 growing at a CAGR of 14.8% during the forecast period.
Increasing focus on remote monitoring of oilfields for process optimization and automation and stringent government regulations regarding environmental safety are driving the market growth. However, fluctuations in oil prices and high initial cost are hampering the growth of the market.
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Oilfield integrity management services assist to track the performance of assets, carry out inspections, and improve the reliability of equipment, plant safety, and profitability. Oilfield integrity management offers implementing asset management such as the improvement that the implementation will provide to the reliability of the instruments and devices used for the operation of the industry. It incorporates services such as predictive maintenance and fleet management by enabling technologies such as big data analytics, low-cost sensors, and cloud computing.
Based on the component, the hardware segment is going to have high growth during the forecast period due to the adoption of digital technologies for collecting significant volumes of data as it is responsible for surveillance and communication data transfer in both onshore and offshore fields.
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By geography, Asia Pacific is going to have high growth during the forecast period owing to the growing investment in onshore and offshore exploration and production activities to increase crude oil production to secure future energy demand.
Some of the key players profiled in the Oilfield Integrity Management Market include Weatherford International, Siemens, Accenture, Intel, SAP, Oracle, Microsoft, Intertek Group, AKER Solutions, Halliburton, Emerson, Baker Hughes Company, Applus+, IBM, Schlumberger Limited, ABB and SGS SA.
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Management Types Covered:
• Predictive Maintenance & Inspection
• Monitoring System
• Data Management
• Corrosion Management
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
– Market share assessments for the regional and country level segments
– Market share analysis of the top industry players
– Strategic recommendations for the new entrants
– Market forecasts for a minimum of 9 years of all the mentioned segments, sub-segments, and the regional markets
– Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
– Strategic recommendations in key business segments based on the market estimations
– Competitive landscaping mapping the key common trends
– Company profiling with detailed strategies, financials, and recent developments
– Supply chain trends mapping the latest technological advancements
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