Oilfield Integrity Management Market Worth $18.8 billion by 2025 - Exclusive Report by MarketsandMarkets

CHICAGO, Aug. 7, 2020 /PRNewswire/ -- According to the new market research report "Oilfield Integrity Management Market by Management Type (Planning, Predictive Maintenance & Inspection, Corrosion Management, Data Management, and Monitoring System), Component (Hardware, Software, Services), Application, & Region - Global Forecast to 2025", published by MarketsandMarkets, the Oilfield Integrity Management Market size is expected to grow from an estimated USD 12.8 billion in 2020 to USD 18.8 billion by 2025, at a CAGR of 8.1%, during the forecast period. Increasing focus on remote monitoring of oilfields for process optimization and automation and stringent government regulations regarding environmental safety are the key factors driving the oilfield integrity management industry.

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By management type, the monitoring system segment is the largest contributor in the Oilfield Integrity Management Market during the forecast period.

The monitoring system includes machinery and equipment such as wireless sensors, analyzers, flow meters, smart well systems, SCADA systems, and DCS systems. The growth of the market is driven by its multiple advantages, such as a reduction in manual intervention, monitoring of remote locations oilfields, and collection of real-time data from sensors to detect equipment health.

By component, the hardware segment is expected to grow at the fastest rate during the forecast period.

The hardware segment accounted for the highest share of the Oilfield Integrity Management Market, by component during the forecast period. The adoption of digital technologies for collecting significant volumes of data is increasing the demand for hardware equipment in oilfields. It is responsible for surveillance and communication data transfer in both onshore and offshore fields.

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246 – Pages

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By application, the onshore segment is expected to be the largest contributor during the forecast period.

The onshore application segment held the largest share of the Oilfield Integrity Management Market in 2019. North America is estimated to be the largest market for onshore oilfield integrity management during the forecast period, owing to an increase in well count globally. Furthermore, the discoveries of shale reserves are also supporting the growth of the segment in North America.