PUBLISHER: The Business Research Company | PRODUCT CODE: 1661945
PUBLISHER: The Business Research Company | PRODUCT CODE: 1661945
Oilfield integrity management involves the oversight of assets such as plants, oil rigs, and refineries, ensuring their continued effectiveness and efficiency. This practice investigates failures, ensures inspections occur within designated intervals, and conducts research for extending the asset's lifespan.
In the realm of oilfield integrity management, various categories encompass planning, predictive maintenance and inspection, data management, corrosion management, monitoring systems, and other components that involve both hardware and software solutions, alongside service provisions. Planning constitutes the structured process for assessing and mitigating risks associated with potential flaws that surpass permissible tolerances. This facet of oilfield integrity management serves to identify and rectify these flaws, whether in onshore or offshore applications.
The oilfield integrity management market research report is one of a series of new reports from The Business Research Company that provides oilfield integrity management market statistics, including oilfield integrity management industry global market size, regional shares, competitors with an oilfield integrity management market share, detailed oilfield integrity management market segments, market trends and opportunities, and any further data you may need to thrive in the oilfield integrity management industry. This oilfield integrity management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The oilfield integrity management market size has grown strongly in recent years. It will grow from $16.76 billion in 2024 to $17.92 billion in 2025 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to data utilization for decision making, asset downtime reduction, investment in research and development, safety and environmental concerns, digitalization initiatives, asset performance optimization.
The oilfield integrity management market size is expected to see strong growth in the next few years. It will grow to $24.62 billion in 2029 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to continuous training and skill development, sustainability and ESG initiatives, predictive corrosion monitoring, integration of blockchain, cybersecurity measures. Major trends in the forecast period include asset digitization, predictive maintenance, remote monitoring solutions, risk-based inspection (rbi), data analytics and big data.
The growing demand from the oil and gas sector is driving the oilfield integrity management market. Oil and gas operators utilize oilfield integrity management to conduct a systematic evaluation of an asset's integrity and capabilities, enhancing the likelihood of long-term success. For example, in June 2023, the International Energy Agency, an intergovernmental economic organization based in France, reported that global oil demand is expected to increase by 6% from 2022 to 2028, reaching 105.7 million barrels per day (mb/d), bolstered by strong demand from the petrochemical and aviation industries. Thus, the rising demand from the oil and gas sector is set to propel the oilfield integrity management market.
The increasing demand for energy is anticipated to drive the growth of the oilfield integrity management market in the future. The energy industry includes all sectors involved in the production, extraction, refining, distribution, and sale of energy resources that power homes, businesses, and industries. Effective oilfield integrity management enables the energy sector to maintain consistent production, optimize resource utilization, and adhere to regulatory standards, thereby enhancing the industry's capability to provide reliable energy supplies while protecting the environment and ensuring operational efficiency. For example, in September 2022, the Energy Information Administration, a US-based government agency, reported that much of the BESS power capacity became operational over the years, with around 4,807 MW installed in 2022, indicating significant growth in energy infrastructure to meet rising demand. Therefore, the increasing energy demand is a driving force behind the oilfield integrity management market.
Digitalization is a significant trend gaining traction in the oilfield integrity management market. It involves automating workflows through the integration of digital technologies and business process management. In the oilfield sector, digitalization aims to enhance productivity, reduce costs, and substantially mitigate risks associated with oil and gas operations. Key players in the oilfield integrity management sector are focusing on digitalization to maintain their competitive edge. For instance, in May 2022, mCloud Technologies Corp, a Canadian company involved in AI-powered asset management and environmental solutions, launched AssetCare Mobile. This connected worker solution is designed for oilfield companies to boost productivity and ensure the safety of oilfield workers. With AssetCare Mobile, field workers can remotely interact and coordinate with experts and colleagues, access critical asset information in real time, quickly share images and videos of damaged equipment, and digitize procedures and processes.
Leading companies in the oilfield integrity management market are embracing a strategic partnership approach to meet the growing demand in the oil and gas sector for comprehensive data management solutions. Strategic partnerships involve leveraging each other's strengths and resources for mutual benefits and success. For example, in September 2022, NOV Inc., a US-based company providing equipment and components for drilling and production activities in the oil and gas sector, announced a partnership with Bardasz Group LLC. This collaboration delivers the latest Octopus suite of WITSML apps on the Max Platform. The integration of NOV's sensor, data collection, and cloud technologies with Bardasz's WITSML and Energistics Transfer Protocol (ETP) will enable industry-leading data aggregation and cloud data distribution. Through NOV's Max Partners program, top-tier solutions will address the increasing demand for digital services in the oilfield. Operators can benefit from enhanced data integrity and performance offered by WITSML 2.1 and ETP 1.2 by combining the technologies of NOV and Bardasz. Bardasz Group LLC is a US-based oil and gas exploration company.
In August 2022, Baker Hughes, a US-based oilfield services firm, acquired Quest Integrity for an undisclosed sum. This acquisition enables Baker Hughes to offer customers actionable intelligence across a broader industrial infrastructure spectrum, thereby enhancing its existing asset integrity services. Quest Integrity is a US-based company specializing in asset integrity management for the oil and gas sector.
Major companies operating in the oilfield integrity management market are 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+, Honeywell International Inc., TechnipFMC, Bureau Veritas, DNV GL, Lloyd's Register Group Services Limited, Det Norske Veritas, GE Oil & Gas, National Oilwell Varco, Cameron International Corporation, FMC Technologies, Parker Hannifin Corporation, Eaton Corporation, Pentair PLC, Flowserve Corporation, WorleyParsons Ltd.
North America was the largest region in the oilfield integrity management market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the oilfield integrity management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the oilfield integrity management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The oilfield integrity management market includes revenues earned by entities by outlining, subsistence, inspection, error management, data operations, and supervision systems. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Oilfield Integrity Management Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on oilfield integrity management market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for oilfield integrity management ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The oilfield integrity management market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.