New York, NY, April 04, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a new research report titled “Oilfield Integrity Management Market Share, Size, Trends, Industry Analysis Report, By Management Type (Planning, Predictive Maintenance & Inspection, Data Management, Corrosion Management, and Monitoring System); By Component; By Application; By Region; Segment Forecast, 2023- 2032” in its research database.
“According to the latest research analysis, the global oilfield integrity management market size/share is anticipated to be valued at approximately USD 13.11 Billion in 2022 and is projected to hit a revenue of around USD 26.57 Billion By 2032, at a CAGR of around 7.34% between 2023 and 2032.”
What is Oilfield Integrity Management? How Big Is Oilfield Integrity Management Market Size & Share?
- Overview
Oilfield integrity management is the process of managing oil and gas assets to maintain their ability to perform their function effectively and efficiently. It includes outlining, subsistence, inspection, error management, data operations, supervision systems, and various services to ensure safe and reliable operations throughout the life cycle of the asset. The process of oilfield integrity management is more substantial than the conventional method as it maintains health and safety and environmental legislation.
Markets that are only concerned with the supply and trade of energy are handled when managing oilfield integrity on a national and international level. Oilfield integrity management primarily serves the upstream oil and gas business sector. Rising spending for using digital technologies in upstream oil and gas is driving the market growth. Global demand for the oilfield integrity management market is expected to surge over the forecast period.
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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)
Our Sample Report Covers:
- 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
- 115+ Pages Research Report (Inclusion of Updated Research).
- Provide Chapter-wise guidance on Requests.
- 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
- Includes Updated List of tables & figures.
- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.
Some of the Top Market Players Are:
- Aker Solutions
- Bureau Veritas
- Baker Hughes Company
- Emerson Electric Company
- Halliburton Limited
- IBM Inc.
- John Wood Group PLC
- National Oilwell Varc
- Oceaneering International Group
- Oracle Corporation
- Schlumberger Limited
- Saipem Limited Company
- Siemens Limited
- SGS SA Corporation
- Weatherford Group
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Oilfield Integrity Management Market: Report Scope
| Report Attribute | Details |
| Revenue Forecast in 2032 | USD 26.57 Billion |
| Market size value in 2023 | USD 14.05 Billion |
| Expected CAGR Growth | 7.34% from 2023- 2032 |
| Base Year | 2022 |
| Forecast Year | 2023 – 2032 |
| Top Market Players | Aker Solutions, Bureau Veritas, Baker Hughes Company, Emerson Electric Company, Halliburton Limited, IBM Inc., John Wood Group PLC, National Oilwell Varc, Oceaneering International Group, Oracle Corporation, Schlumberger Limited, Saipem Limited Company, Siemens Limited, SGS SA Corporation, and Weatherford Group |
| Segments Covered | By Management Type, By Component, By Application, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Market Dynamics: Key Growth Driving Factors
- Rise in research and production efforts to push the market growth
The oil and gas industry is increasingly investing in modernizing its antiquated business models with shrewder operations to attract more players to the oilfield integrity management market, which is boosting the market growth. Increased research and production efforts are other factors supporting the oilfield integrity management industry expansion. Strong government regulations related to environmental safety also fuel the oilfield integrity management market size. Growing emphasis of key market players on remote monitoring of oilfields because of the rising digital transformation in the oil and gas industry.
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Recent Trends Influencing the Market
Increase in investment in oil and gas discoveries boosts the industry's expansion
- It is expected that oil field producers and independent exploration companies will invest in oil and gas discoveries and exploration operations, owing to the anticipated increase in oil prices in the coming years.
- For instance, In December 2022, India planned to spend $58 billion, or approximately Rs 4.76 lakh crore, on oil and natural gas exploration and extraction by 2025 as it tries to reduce the number of restricted no-go zones inside the EEZ by 99%. These factors are positively influencing the oilfield integrity management market growth.
Segmental Analysis
- The onshore segment is anticipated to dominate the market in 2022
Based on application, the onshore category accounted for the largest oilfield integrity management market share in 2022. Onshore wells are widely used all over the globe due to the greater potential for oil and gas production in regions like the Middle East, North America, Africa, and Asia Pacific. Onshore oilfield activities are less costly than offshore applications, thus fueling segment growth.
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Geographic Overview
- The demand in North America is predicted to show significant growth in 2022
Oilfield integrity management market in North America is anticipated to witness the highest revenue share due to the presence of leading players and their focus on spending on creating modern solutions for the oil & gas industry. North American refinery companies are acquiring oilfield integrity management services to increase output and decrease costs. Moreover, Asia Pacific is likely to secure the second largest market share owing to the growing investment in onshore and offshore exploration and production activities to raise crude oil production in order to fulfill upcoming energy demand.
The Middle East and Africa will experience the greatest global development during the anticipated time. This is a result of the presence of major oil and gas-producing countries, such as Kuwait, Iraq, Iran, Saudi Arabia, and the United Arab Emirates, which have some of the largest petroleum reserves in the globe.
Browse the Detail Report “Oilfield Integrity Management Market Share, Size, Trends, Industry Analysis Report, By Management Type (Planning, Predictive Maintenance & Inspection, Data Management, Corrosion Management, and Monitoring System); By Component; By Application; By Region; Segment Forecast, 2023- 2032” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/oilfield-integrity-management-market
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Recent Developments
- In February 2022, Halliburton introduced the SPIDRIve Self-Powered Intelligent Data Retriever, a novel well-testing and fracture interaction monitoring device that collects good real-time data devoid of human intervention to save costs and enhance fracture comprehension for greater recovery.
The Report Responds to The Following Key Questions
- What will be the market size and growth rate by the conclusion of the forecast period?
- What are the major trends in the market that are influencing its growth?
- Who are the key players in this market?
- Which are the key areas of applications and product types that may expect a huge demand during the forecast period?
- What are the main findings of Porter’s five forces analysis and the SWOT analysis of the major companies in the market?
- What are the key strategies adopted by companies in the impact market?
Polaris Market Research has segmented the Oilfield Integrity Management Market report based on management type, component, application, and region:
By Management Type Outlook
- Planning
- Predictive Maintenance & Inspection
- Data Management
- Corrosion Management
- Monitoring System
By Component Outlook
- Software
- Services
By Application Outlook
- Onshore
- Offshore
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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