Global Oilfield Integrity Management Market: Overview
Oilfield Integrity Management is a sub-segment of a broader term, Asset Integrity Management System. Maintaining the integrity of an oil field means not only keeping the infrastructure intact, but also meeting the safety needs of the people working in that facility. Oil drilling is done frequently on the high seas and the maintenance of the machinery takes precedence over everything else. Salinity, ocean acidity, and oxidized coastal air take a heavy toll on steel structures, frequently dragging them off-road and disrupting work. Additionally, general workforce maintenance becomes important in isolated locations such as those with unique health issues in a critical environment. Integrity management keeps human and machine maintenance at the forefront of operations, preventing undue work stoppage.
It is pertinent to note here that while sustainable development has compelled industrial thinking to turn to alternative energy sources, the coming years seem to signal little decline in the use of fossil fuels. Hence, the oilfield integrity management market is expected to continue to find stable demand during the forecast period from 2019 to 2029. According to TMRR, exploration and extraction in the new foci of the Mediterranean, Africa and Latin America should create new avenues leading to growth.
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Global Oilfield Integrity Management Market: Competitive Landscape
A number of service providers operate offshore and onshore oil drilling rigs. Being numerous, they fragment the landscape of market vendors. Some of these providers are:
- Baker Hughes Company
- Aker Solutions
- Wood Group
- Oceaneering International
They need to increase their reach and visibility in the market to expand their reach and tap into a new consumer base. These market players plan to achieve the same goal, through alliances.
Global Oilfield Integrity Management Market: Key Trends and Drivers
- Global industries are constantly growing in the future. Annual industrial growth was 3% in 2019. At the same time, global energy demand increased by 2.3% in 2018, and the use of fossil fuels is expected to continue to grow at the rate of 1.3% through 2040. As oilfields come into play to meet these demands, they will require maintenance and upgrading of existing facilities. The oilfield integrity management market is therefore expected to grow steadily in the future.
- Another driver of this market is the general call for automation in industries. The industrial automation market is expected to reach a valuation of USD 286 billion by 2026. Automation of industrial sectors increases efficiency and reduces human intervention. The role of integrity management is important here as a move towards centralization of maintenance increases the focus on a particular aspect of oilfield operations, which can then increase innovation in maintenance. integrity management to operate all machinery efficiently.
- The rise of Artificial Intelligence and the Internet of Things are some of the technologies, which are increasingly being adopted, and will facilitate the practice of integrity management in the years to come.
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Global Oilfield Integrity Management Market: Regional Analysis
The oil and gas industry is a major contributor to North America’s economy, making them market leaders. According to the United States Bureau of Economic Analysis, in 2018 this industry contributed $1.3 trillion to the national GDP. With the demand for traditional energy increasing, the oilfield integrity management market is set to grow steadily in the future in this region.
Market segmentation :
According to the type of management:
- Predictive maintenance and inspection
- Data management
- Corrosion management
- Surveillance system
Based on component:
Based on the app:
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