Global OilField Integrity Management Market: Overview
Oil fields Integrity management is a sub segment of a wider term, Asset Integrity Management System. Maintaining the integrity of an oil field means not only keeping the infrastructure intact, but also catering to the safety needs of people that work in that facility. Oil drilling is frequently done in the deep sea and machine maintenance takes precedence over all else. Salinity, acidity from the ocean and oxidation from coastal air takes a toll on steel structures, frequently driving them off road and disrupting work. Moreover, general upkeep of the workforce becomes important at isolated locations as these which present unique health problems in a critical environment. Integrity Management keeps maintenance of man and machine at the forefront of operations, preventing undue cessation of work.
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It is pertinent to note here that though sustainable development has forced industrial thought to go for alternative energy sources, the coming years seem to signal little diminution in the use of fossil fuels. Hence, the oil fields integrity management market is set to continue to find a steady demand over the forecast period of 219 to 2029. As per TMRR, exploration and extraction in the newly found hotbeds of Mediterranean, Africa, and Latin America are set to create novel avenues leading to growth.
Global OilField Integrity Management Market: Competitive Landscape
A number of service providers keep offshore and onshore oil drilling facilities going. Being numerous, they fragment the market’s vendor landscape. Some of these providers are:
- Baker Hughes Company
- Aker Solutions
- Wood Group
- Oceaneering International
They need to increase market outreach and visibility to expand reach and tap into new consumer base. These market players plan to achieve the same, by hey alliances.
Global OilField Integrity Management Market: Key Trends and Drivers
- The world’s industries are growing steadily into the future. Annual industrial growth stood at 3% in 2019. Global energy demand concomitantly grew by 2.3% in 2018, and it is expected that fossil fuel usage will continue to grow at the rate of 1.3% till 2040. As oil fields are put to work to meet these demands, they will require maintenance and up-gradation of existing facilities. The oil fields integrity management market is thus expected to grow steadily in the future.
- Another driver for this market is the general call for automation of industries. The industrial automation market is due to hit a valuation of 286 billion USD by 2026. Automating industrial sectors increases efficiency and reduces human intervention. The role of integrity management is big here given that a move towards centralizing maintenance increases focus on a particular aspect of oil field operations, which can then increase innovation in integrity management to run the whole machinery efficiently.
- The rise of Artificial Intelligence and the Internet of Things are certain technologies, which are increasingly being adopted, and will make the practice of integrity management easier in the coming years.
Global OilField Integrity Management Market: Regional Analysis
The oil and gas industry is a major contributor to the economy of North America, which makes them market leaders. According to the United States Bureau of Economic Analysis, in 2018 this industry contributed 1.3 trillion USD to the national GDP. Since the demand for traditional energy is rising, the oil field integrity management market is set to grow steadily in the future in this region.
Based on the management type:
- Predictive Maintenance & Inspection
- Data Management
- Corrosion Management
- Monitoring System
Based on the component:
Based on the application:
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