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“The global oilfield integrity management market size is projected to grow at a CAGR of 8.1%, from 2020 to 2025.”
The global oilfield integrity management market size is projected to grow from an estimated USD 12.8 billion in 2020 to USD 18.8 billion by 2025, at a CAGR of 8.1% from 2020 to 2025. The growth of this market is driven by the increasing focus of oilfield operators to enhance their productivity by reducing downtime required in maintenance activities. Also, the oil and gas discoveries across the globe are likely to fuel market growth. North America accounted for the largest market share in 2019. The growth of the North American oilfield integrity management market is driven by rise in shale gas & tight oil production, favorable regulations related to the licensing of exploration & production activities, and an increase in oilfield discoveries in Gulf of Mexico.
“The onshore segment is expected to hold the largest share of the oilfield integrity management market, by application, during the forecast period.”
Onshore wells are widely drilled across the world, with more oil & gas production potential from regions such as the Middle East, North America, Africa, and Asia Pacific. The demand for oilfield integrity management is high in the onshore application segment as new well drilling activities are rising in onshore locations at a faster pace than in the offshore fields. In addition, the cost incurred in onshore oilfield activities is less compared to the offshore application.
“Middle East & Africa: The fastest market for oilfield integrity management.”
The Middle East & Africa is the fastest-growing market for oilfield integrity management, followed by North America and Europe. According to Baker Hughes’ rig count report, the total onshore rig count experienced a 1% Y-o-Y decline from 2017 to 2018. Additionally, the rig to well ratio is very low in the region. This shows that there are very few new drilled wells in the region, and the production activities are highly concentrated in the mature fields. Hence, enhancement of production and any developments on these mature fields/wells are expected to drive the oilfield integrity management market during the forecast period.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
- By Company Type: Tier 1- 25%, Tier 2- 40%, Tier 3- 35%
- By Designation: C-Level- 18%, D-Level- 35%, Others- 47%
- By Region: North America- 15%, Europe- 18%, Asia Pacific- 25%, Middle East- 23%, Africa- 8%, , and South America- 11%
Note: The tier of the companies has been defined based on their total revenue; as of 2017: Tier 1 = >USD 5 billion, Tier 2 = USD 1 billion to USD 5 billion, and Tier 3 =
The report provides a complete view of the oilfield integrity management market across the oil & gas industry and regions. It aims at estimating the market size and future growth potential of the market across different segments such as application, component, management type, and region. Furthermore, the report includes an in-depth competitive analysis of the key players in the market, along with their company profiles, recent developments, and key market strategies.
The market has been segmented based on application, component, management type, and region, with a focus on industry analysis (industry trends). The market ranking analysis of the top players, supply chain analysis, and company profiles, which together comprise and evaluate the basic views on the competitive landscape, emerging and high-growth segments of the oilfield integrity management market.
Key Benefits of Buying the Report
- The report identifies and addresses the key management types that are essential for the efficient operation of oilfields
The report helps solution providers understand the pulse of the market and provide insights into drivers, opportunities, restraints, and challenges. The report will help key players understand the strategies of their competitors better and will help in making strategic decisions.