Oilfield Integrity Management Market to Reach $22.87 Bn by 2027; Stoked by Increasing Demand for Digitization in Oil & Gas Sector

The global oilfield integrity management market size is expected to experience considerable growth by reaching USD 22.87 billion by 2027. The growth is attributable to the increasing focus on digitalization in the oil & gas sector that is expected to boost the demand for advanced oilfield integrity management solutions across the globe. This information is published by Fortune Business Insights, in its latest report, titled, “Oilfield Integrity Management Market Size, Share & COVID-19 Impact Analysis, By Management Type (Monitoring System, Data Management, Corrosion Management, Planning, and Predictive Maintenance & Inspection), By Component Type (Hardware, Software, and Services), By Application (Onshore and Offshore Aerospace) and Regional Forecast, 2020-2027.” The report further observes that the market stood at USD 13.87 billion in 2019 and is projected to exhibit a CAGR of 7.8% between 2020 and 2027.

Halliburton Announces SPIDRlive to Capture High-Accuracy Well Data

In February 2020, Halliburton Company announced the launch of Self-Powered Intelligent Data Retriever (SPIDRlive). The company reports that it is an unconventional fracture interaction and well testing monitoring technology that obtains real-time well data to drastically reduce costs and further improve fracture understanding to recover costs. Additionally, the management system does not require any human intervention or equipment and can function remotely.

Daniel Casale, VP for Testing and Subsea, said, “We diligently designed this technology that aids in delivering critical well data with special emphasis on accuracy and simplicity that leads to improved performance.” The companies such as Halliburton are focusing on introducing advanced oilfield integrity management solutions that will contribute to the market growth in the forthcoming years.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/oilfield-integrity-management-market-104475

Increasing Focus on Digitalization in Oil & Gas Sector to Surge Demand

The rising cost of exploration and production activities, along with fluctuating oil prices are prompting the manufacturers to switch to digitalization solutions. These solutions aid in reducing operational costs and automate workflows to maximize productivity by securing real-time data. This is expected to boost the demand for oilfield integrity management services across the globe. In addition to this, the growing demand for oil globally is expected to drive the global market during the forecast period. According to the Environmental Impact Assessment (EIA), the demand for crude oil reached 100.1 million barrels per day in 2019.

Prominent Players Focus on Product Launches to Brighten Their Market Prospects

The global oilfield integrity management market comprises several companies that are focusing on launching innovative integrity management solutions for oilfields backed by extensive R&D activities. Additionally, other key players are adopting strategies such as merger and acquisition, collaboration, and facility expansion that are expected to contribute to the growth of the market during the forecast period.

Industry Development:

• May 2020 – Emerson announced its investment of about USD 100 million to expand its manufacturing facility located at Boulder, Colorado. The new facility, according to the company, will aid in developing and designing advanced solutions and products to measure and control the flow of materials across manufacturing processes.

List of the Companies Profiled in the Global Market:

• Baker Hughes Company (Texas, US)


• Schlumberger Limited (Texas, US)


• Halliburton (Texas, US)


• John Wood Group PLC (Aberdeen, United Kingdom)


• Aker Solutions (Fornebu, Norway)


• SGS SA (Geneva, Switzerland)


• Oceaneering International, Inc. (Texas, US)


• TechnipFMC plc (London, United Kingdom)


• Emerson Electric Co. (Missouri, US)


• Saipem (Milan, Italy)


• Weatherford (Texas, US)


• National Oilwell Varco (Texas, US)

Further Report Findings:

• North America generated USD 6.88 billion in terms of revenue in 2019 and is expected to gain momentum during the forecast period. This is attributable to the presence of established oilfield integrity management service providers such as Schlumberger, Ltd., Baker Hughes Company, and Halliburton in the region.


• The market in the Middle East and Africa is expected to showcase an exponential growth owing to the presence of oil & gas producing countries such as the UAE, Saudi Arabia, Iraq, Kuwait, and Iran that will drive the adoption of advanced management solutions in the region between 2020 and 2027.


• The monitoring system segment, based on application, held a market share of about 41.6% in 2019 and is expected to experience considerable growth in the forthcoming years. This is ascribable to factors such as the growing adoption of advanced monitoring systems such as wireless sensors, smart well systems, and analyzers, among others to improve operational efficiency.

Table of Segmentation: