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Energy Security: Oilfield Integrity Management Trends
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According to The Business Research Company's, The oilfield integrity management market size has grown strongly in recent years. It will grow from $15.75 billion in 2023 to $16.89 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to data utilization for decision making, asset downtime reduction, investment in research and development, safety and environmental concerns, digitalization initiatives, asset performance optimization.
The oilfield integrity management market size is expected to see strong growth in the next few years. It will grow to $22.71 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to continuous training and skill development, sustainability and esg initiatives, predictive corrosion monitoring, integration of blockchain, cybersecurity measures. Major trends in the forecast period include asset digitization, predictive maintenance, remote monitoring solutions, risk-based inspection (rbi), data analytics and big data.
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Market Drivers and Trends:
The expansion of oil and gas exploration and production activities is expected to propel the growth of the oilfield integrity management market in the coming years. Oil and gas exploration and production (E&P) operations are the processes of looking for and producing crude oil and natural gas from subterranean reserves. Oilfield integrity management improves the overall effectiveness, security, and achievement of oil and gas exploration activities, hence contributing to the responsible exploitation of energy resources. For instance, in May 2023, according to the Energy Information Administration, a US-based principal government statistical system body in charge of obtaining, analyzing, and disseminating energy data, the output of crude oil in the United States increased by 5.6% in 2022 compared to 2021, or 0.6 million barrels per day (b/d). Similarly, in December 2022, dry natural gas output in the United States surged, reaching over 100 billion cubic feet per day (Bcf/d) in November and October and topping pre-pandemic monthly production records set 3 years ago. Therefore, the expansion of oil and gas exploration and production activities is driving the oilfield integrity management market.
Digitalization is a key trend gaining popularity in the oilfield integrity management market. Digitalization is the automation of the workflow by integrating digital technologies and business process management. It is used in the oilfield sector to increase productivity, lower expenses, and substantially lower hazards related to oil and gas operations. Major companies in the oilfield integrity management sector focused on digitalization in the oilfield to sustain their marketplace. For instance, in May 2022, mCloud Technologies Corp, a Canada-based company engaged in AI-powered asset management and environmental solution businesses, launched AssetCare Mobile. AssetCare Mobile is a connected worker solution for oilfield companies to accelerate productivity and ensure the safety of oilfield workers. With AssetCare Mobile, connected workers in the field may remotely interact and coordinate with experts and other coworkers, quickly access crucial asset information in real time, quickly share images and videos of damaged equipment; digitize procedures and processes.
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Major Key Players of the Market:
Schlumberger Limited, Halliburton Company, Baker Hughes Company, Siemens AG, Emerson Electric Co., International Business Machines Corporation, Oracle Corporation, Aker Solutions ASA, John Wood Group PLC., SGS SA, Oceaneering International Inc., Weatherford International PLC., PLC., Intertek Group PLC., Applus+, Honeywell International Inc., TechnipFMC, Bureau Veritas, DNV GL, Lloyd's Register Group Services Limited, Det Norske Veritas, GE Oil & Gas, National Oilwell Varco, Cameron International Corporation, FMC Technologies, Parker Hannifin Corporation, Eaton Corporation, Pentair plc, Flowserve Corporation, WorleyParsons Ltd.
Oilfield Integrity Management Market 2024 Key Insights:
• The oilfield integrity management market size is expected to see strong growth in the next few years. It will grow to $22.71 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%.
• Fueling Efficiency Rising Demand In The Oil And Gas Industry Drives Growth In The Oilfield Integrity Management Market
• Digital Revolution In Oilfield Integrity Management Enhancing Productivity And Safety Through Advanced Technologies
• North America was the largest region in the oilfield integrity management market in 2023
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