Aug 17, 2023   SOURCE: BusinessWire

Digitalization and Strategic Acquisitions Drive Oilfield Integrity Management Market 2023 to 2027 - ResearchAndMarkets.com

The "Oilfield Integrity Management Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.

The global oilfield integrity management market is set to witness substantial growth, with projections indicating an increase from $14.79 billion in 2022 to $16.05 billion in 2023, marking a significant compound annual growth rate (CAGR) of 8.56%.

Despite challenges arising from the Russia-Ukraine conflict, which has impacted global economic recovery efforts post-COVID-19, the oilfield integrity management sector showcases resilience and growth potential.

Steady Growth Amidst Global Challenges

The ongoing Russia-Ukraine war has introduced disruptions that have temporarily hindered global economic recovery following the COVID-19 pandemic. Economic sanctions, commodity price fluctuations, and supply chain disruptions triggered by the conflict have collectively contributed to inflation across goods and services, influencing global markets. Nevertheless, the oilfield integrity management market is anticipated to reach a valuation of $20.90 billion by 2027, with a CAGR of 6.82%.

Comprehensive Insights through Market Research

The recently unveiled oilfield integrity management market research report is part of a comprehensive series of reports, delivering vital statistics pertaining to the market.

This includes global market size, regional distribution, competitor analysis featuring market share data, detailed market segments, emerging trends, opportunities, and additional essential information to thrive in the oilfield integrity management industry. The report offers an exhaustive perspective, delving into both the current industry landscape and its future trajectory.

Digitalization Takes Center Stage

Digitalization emerges as a pivotal trend gaining traction within the oilfield integrity management market. This process involves automating workflows by integrating digital technologies and business process management. Digitalization is increasingly adopted in the oilfield sector to enhance productivity, reduce expenses, and significantly mitigate hazards associated with oil and gas operations.

Major players in the oilfield integrity management arena are actively pursuing digitalization strategies to fortify their market presence. For instance, in May 2022, Canada-based mCloud Technologies Corp launched "AssetCare Mobile," an AI-powered connected worker solution designed for oilfield companies. This solution accelerates productivity and ensures worker safety by facilitating remote interaction, access to real-time asset information, instant sharing of images and videos, and digitized procedures.

Strategic Acquisition for Enhanced Services

In August 2022, US-based oil field services company Baker Hughes made a strategic move by acquiring Quest Integrity for an undisclosed amount. This acquisition amplifies Baker Hughes' existing asset integrity services by offering actionable intelligence across a broader spectrum of industrial infrastructure. Quest Integrity specializes in asset integrity management for the oil and gas industry.

Global Dynamics and Regional Outlook

In 2022, North America emerged as the largest region in the oilfield integrity management market, while Europe is poised to exhibit the fastest growth in the forecast period. The comprehensive report encompasses regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Market Landscape Across Nations

The oilfield integrity management market report covers countries including Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.

Oil and Gas Industry Demand Fuels Market Growth

The surging demand from the oil and gas industry is a prime driver propelling the growth of the oilfield integrity management market. Oil and gas operators leverage integrity management for structured asset examinations and capabilities management to ensure sustained success over the long term. According to the International Energy Agency (IEA), global oil consumption is projected to increase by 4.4 million barrels per day (mb/d) from 2019 levels to 104.1 mb/d by 2026. This growing demand from the oil and gas industry is set to elevate the oilfield integrity management market.

The oilfield integrity management market encompasses revenues generated by entities offering services related to outlining, subsistence, inspection, error management, data operations, and supervision systems. Market values include the worth of related goods integrated within the service offering.

Reasons to Purchase

  • Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
  • Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
  • Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
  • Measure the impact of high global inflation on market growth.
  • Create regional and country strategies on the basis of local data and analysis.
  • Identify growth segments for investment.
  • Outperform competitors using forecast data and the drivers and trends shaping the market.
  • Understand customers based on the latest market shares.
  • Benchmark performance against key competitors.
  • Suitable for supporting your internal and external presentations with reliable high quality data and analysis

A selection of companies mentioned in this report includes

  • 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.
  • Accenture PLC.
  • Intertek Group PLC.
  • Applus+

For more information about this report visit https://www.researchandmarkets.com/r/czz374

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