Oilfield Integrity Management Market to Grow $18.8 Billion by 2025 | Schlumberger, Halliburton, Baker Hughes, Siemens, Emerson, IBM, and Oracle.

The Oilfield Integrity Management Market size is expected to grow from an estimated USD 12.8 billion in 2020 to USD 18.8 billion by 2025, at a CAGR of 8.1%, during the forecast period. Increasing focus on remote monitoring of oilfields for process optimization and automation and stringent government regulations regarding environmental safety are the key factors driving the oilfield integrity management industry.

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The monitoring system segment is the largest contributor in the Oilfield Integrity Management Market.

The monitoring system includes machinery and equipment such as wireless sensors, analyzers, flow meters, smart well systems, SCADA systems, and DCS systems. The growth of the market is driven by its multiple advantages, such as a reduction in manual intervention, monitoring of remote locations oilfields, and collection of real-time data from sensors to detect equipment health.

The hardware segment is expected to grow at the fastest rate during the forecast period.

The hardware segment accounted for the highest share of the Oilfield Integrity Management Market, by component during the forecast period. The adoption of digital technologies for collecting significant volumes of data is increasing the demand for hardware equipment in oilfields. It is responsible for surveillance and communication data transfer in both onshore and offshore fields.

The onshore segment is expected to hold the largest market share of Oilfield Integrity Management.

The onshore application segment held the largest share of the Oilfield Integrity Management Market in 2019. North America is estimated to be the largest market for onshore oilfield integrity management during the forecast period, owing to an increase in well count globally. Furthermore, the discoveries of shale reserves are also supporting the growth of the segment in North America.

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North America held the largest share of the oilfield integrity management market.

North America accounted for the largest share of the oilfield integrity management market in 2019. This region has been segmented by country into the US and Canada. The oil & gas industry is a major contributor to the North American economy. According to the Commerce Department’s Bureau of Economic Analysis (BEA), in 2018, the oil & gas sector contributed USD 1.3 trillion to the GDP of the US. Similarly, Natural Resource Canada declared that in 2018, the oil & gas industry contributed 2.8% to the nominal GDP of Canada. The high energy supply and demand from the region offer lucrative opportunities to the entire oil & gas value chain. The country houses some of the top service providers such as Schlumberger, Ltd. (US), Halliburton (US), and Baker Hughes Company (US), who continuously invest in developing innovative solutions for various segments of the oil & gas industry.

The Oilfield Integrity Management Market is dominated by a few global players, mainly from the North American region. The key players in the Oilfield Integrity Management Market include companies such as Schlumberger (US), Halliburton (US), Baker Hughes Company (US), Siemens (Germany), Emerson (US), IBM (US), and Oracle (US).

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