Oilfield Integrity Management Services: Introduction
- Integrity management comprises effective management of corporate assets in order to gain maximum value, profitability, and returns while safeguarding personnel, community, and the environment
- Oilfield integrity management services deal with the effective management of oilfields and various oil & gas activities
- The oil & gas industry is changing its conventional business models. It is focusing on smarter operations. This is likely to boost the demand for oilfield integrity management services during the next few years.
- Oilfield integrity management services consist of planning, predictive maintenance & inspection, corrosion management, data management, monitoring system, and other services for the oil & gas sector
Key Drivers of Global Oilfield Integrity Management Services Market
- Global demand for oilfield integrity management services is expected to increase during the forecast period, owing to rise in offshore exploration and production of oil and gas reserves across the world. Offshore drilling activities are also increasing to meet the rising demand for crude oil. According to the World Oil, around 27,000 wells were drilled in the U.S. in 2018, an increase over those (around 24,000) drilled in 2017.
- Thus, growth in oil and gas exploration activities is anticipated to boost the global oilfield integrity management services market during the forecast period
COVID-19 Impact Analysis
- The COVID-19 pandemic has significantly impacted the oil & gas sector. Oil prices have been declining. The need for refined products is also declining due to industrial slowdowns and travel restrictions. Large oil & gas companies are cutting down on capital and operational expenditures. This is expected to filter down to suppliers and oilfield service companies.
- On February 17, 2020, Halliburton launched SPIDRlive Self-Powered Intelligent Data Retriever, an unconventional well testing and fracture interaction monitoring technology that acquires real-time well data without the need for intervention to reduce costs and improve fracture understanding for greater recovery. The SPIDRlive retriever combines quartz-based hardware and proprietary modeling software to capture high-resolution, high-accuracy, and high-frequency data from the wellhead without running downhole equipment.
Middle East & Africa to Hold Major Share of Global Oilfield Integrity Management Services Market
- Based on region, the global oilfield integrity management services market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Middle East & Africa dominated the global oilfield integrity management services market in 2019. The market in the region is expected to expand at a significant pace during the forecast period. Middle East & Africa is rich in onshore oil reserves and is investing in the exploration of offshore sites. This is anticipated to boost the demand for oilfield integrity management services in the region. Middle East & Africa is also investing in digital technologies for oilfield activities.
- The market in North America is anticipated to expand at a healthy pace during the forecast period, with the increase in offshore discoveries of new oil and gas reserves in the region. Furthermore, rise in production of unconventional resources, such as shale oil and oil sands, is estimated to positively impact the oilfield integrity management services market in North America in the near future.
- Europe is anticipated to account for considerable share of the global oilfield integrity management services market during the forecast period. Russia, Norway, the U.K., and countries in CIS are among the major producers of offshore oil and gas in the region.
- The market in Asia Pacific is estimated to expand at a moderate pace during the forecast period, owing to increase in demand for oil and gas in the region. The oil & gas sector in the region is developing at a steady pace. It is experiencing foreign investments.
- The oilfield integrity management services market in Latin America is projected to hold low share of the market, expanding at a sluggish pace in the next few years
Key Players Operating in Global Market
Some of the leading companies operating in the global oilfield integrity management services market are:
- Baker Hughes Company
- Schlumberger Limited
- John Wood Group PLC
- SGS SA
- Oceaneering International, Inc.
- Emerson Electric Co.
- National Oilwell Varco.
- Bureau Veritas
Global Oilfield Integrity Management Services Market: Research Scope
Global Oilfield Integrity Management Services Market, by Management Type
- Predictive Maintenance & Inspection
- Corrosion Management
- Data Management
- Monitoring System
Global Oilfield Integrity Management Services Market, by Component
Global Oilfield Integrity Management Services Market, by Application
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.