The report “Oilfield Integrity Management Market: By Size, Trends, Share, Growth, Segments, Industry Analysis and Forecast, 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth. The report describes Oilfield Integrity Management Market size, historical trends, industry advancements, segmentation analysis, new opportunities, factors controlling the market, and developments. The report analysts have provided a detailed Oilfield Integrity Management Market segmentation assessment of the market based on type, application, and geography. Client needs with an understanding of market capacities are ensured in this analytical study.
According to the research report, the global oilfield integrity management market was valued at USD 13.11 billion in 2022 and is expected to reach USD 26.57 billion by 2032, to grow at a CAGR of 7.34% during the forecast period.
The rising need for automation and the adoption of remote monitoring technologies are boosting the market’s growth over the forecast period. Oil and gas companies are converting their conventional business models into more intelligent ones, raising their attention to remote monitoring of oilfields. For instance, in January 2022, For the oil and gas industry, Hiber expanded the functionality of its HiberHilo space-based remote well monitoring technology by enabling connectivity over LoRaWAN to a broad range of specialized in-field equipment.
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List of Top Key Players:
- Aker Solutions
- Bureau Veritas
- Baker Hughes Company
- Emerson Electric Company
- Halliburton Limited
- IBM Inc.
- John Wood Group PLC
- National Oilwell Varc
- Oceaneering International Group
- Oracle Corporation
- Schlumberger Limited
- Saipem limited Company
- Siemens Limited
- SGS SA Corporation
- Weatherford Group
Hiber now offers over-the-air access to a wide range of field parameters & metrics and has integrated wired-to-wireless connection into the HiberHilo sensor connections, giving oil & gas operators additional options to monitor & improve output. Thus, remote monitoring makes it possible to operate with less human involvement, lowering costs overall and reducing the possibility of human error. It is a 24-hour monitoring system that helps operators keep track of real-time data, enhancing the oilfield’s overall productivity and dependability.
Further, new trends in the oil and gas sector include automation and digital transformation. Numerous difficulties confront the business, including low oil prices, frequent budget and schedule overruns, and climate change. In January 2023, Satellite technology offers a huge potential to address methane emissions at oil and gas facilities. The success of a nine-month trial at six locations in Iraq illustrates the enormous potential of satellite technology in CH4 emissions detection & abatement.
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Automation of processes and digital transformation assist in overcoming these difficulties and delivering value to the shareholders. They also aid in centralizing control of operations, lowering the total cost of ownership and downtime, and boosting output. The main oil and gas industries also put much effort into high-level automation. Based on these patterns, it is anticipated that throughout the review period, a sizable growth will be seen in the use of these services, which assist in lowering risks & potential failure in an oilfield site.
Oilfield Integrity Management Market Report Highlights
- The hardware segment is anticipated to grow at a significant CAGR over the forecast period due to the development of digital technology for large-scale data collection. Offshore fields rely on hardware for data transfer and surveillance.
- Offshore dominated the market and is anticipated to continue dominating over the forecast period due to the functionality of the structures, process equipment, instrumentation control, and safety systems on drilling rigs and floating platforms.
- North America held the largest market share in 2022 due to increased government spending on exploration and expanding oil and gas production activities using new technologies the region is growing.
Polaris Market Research has segmented the Oilfield Integrity Management Market report based on management type, component, application, and region:
Oilfield Integrity Management Market, Management Type Outlook (Revenue – USD Billion, 2019 – 2032)
- Planning
- Predictive Maintenance & Inspection
- Data Management
- Corrosion Management
- Monitoring System
Oilfield Integrity Management Market, Component Outlook (Revenue – USD Billion, 2019 – 2032)
- Software
- Services
Oilfield Integrity Management Market, Application Outlook (Revenue – USD Billion, 2019 – 2032)
- Onshore
- Offshore
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