Oilfield Integrity Management Market Projected to Reach $18.8 Billion by 2025

The global 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. Fluctuating oil prices, combined with the ever-increasing demand for oil and increasing costs of exploration and production activities, are expected to result in a shift toward the adoption of oilfield integrity management services.

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Automation and digital transformation are emerging trends in the oil & gas industry. The industry faces many challenges, such as low oil prices, frequent budget, schedule overrun, and climate change. Digital transformation and process automation help to overcome these challenges and provide value to the shareholders. They also help in controlling operations from a centralized place, reduce downtime and the total cost of ownership, and increase productivity. Moreover, the major oil & gas companies are focusing on high-degree automation. Based on these trends, the adoption of oilfield integrity management services, which help in reducing risks and equipment failure in an oilfield, is expected to increase at a significant rate.

Middle East & Africa is expected to be the fastest-growing oilfield integrity management market.

The Middle East & Africa consists of major oil & gas producing countries such as Saudi Arabia, the UAE, Kuwait, Iraq, and Iran, which have some of the largest petroleum reserves in the world. According to the BP Statistical Review of World Energy June 2019, Saudi Arabia, UAE, Kuwait, Iraq, Iran, and Qatar produced a combined 30% of global oil production in 2018. These countries export most of their production to neighboring Asian countries such as China and India, which have high energy demand. Furthermore, the growth of the market in the Middle East & Africa is due to the increasing number of drilling activities and the requirement for inspection and monitoring systems to optimize production from mature fields.

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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 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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