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Oilfield Integrity Management Market Anticipated to Hit $18.8 billion by 2025 | SLB, Halliburton, Baker Hughes, Siemens, Emerson, IBM, Oracle

07-10-2024 04:04 PM CET | Energy & Environment

Press release from: MarketsandMarkets

Oilfield Integrity Management Market Anticipated to Hit $18.8

The global oilfield integrity management market 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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The oil & gas industry is transforming its traditional business models into smarter operations, which has increased the focus of industry players on remote monitoring of oilfields. Remote monitoring helps in reducing the need for human intervention, which consequently decreases the overall cost and chances of manual errors. It is a 24*7 monitoring system and assists operators to monitor real-time data, thereby improving the overall productivity and reliability of an oilfield.

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.

Fluctuating oil prices, combined with the ever-increasing demand for oil and increasing costs of exploration and production activities, is expected to result in a shift toward the adoption of oilfield integrity management services. Oilfield integrity management services help to automate workflows for maximizing productivity, reducing costs, and minimizing the overall risks associated with oilfield operations. It is possible by analyzing the real-time data received from connected devices and sensors, which help in maintenance, planning, and operation optimization.

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North America accounted for the largest share of the oilfield integrity management market. 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.

Schlumberger (US), Halliburton (US), Baker Hughes Company (US), Siemens (Germany), Emerson (US), IBM (US), and Oracle (US).are the leading players in the oilfield integrity management market.

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