The global oilfield integrity management market size is expected to reach USD 26.57 billion by 2032, according to a new study by Polaris Market Research. The report “Oilfield Integrity Management MarketShare, Size, Trends, Industry Analysis Report, By Management Type (Planning, Predictive Maintenance & Inspection, Data Management, Corrosion Management, and Monitoring System); By Component; By Application; By Region; Segment Forecast, 2023-2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The rising need for automation and the adoption of remote monitoring technologies are boosting the market's growth over the forecast period. Oil and gas companies are converting their conventional business models into more intelligent ones, raising their attention to remote monitoring of oilfields. For instance, in January 2022, For the oil and gas industry, Hiber expanded the functionality of its HiberHilo space-based remote well monitoring technology by enabling connectivity over LoRaWAN to a broad range of specialized in-field equipment.
Hiber now offers over-the-air access to a wide range of field parameters & metrics and has integrated wired-to-wireless connection into the HiberHilo sensor connections, giving oil & gas operators additional options to monitor & improve output. Thus, remote monitoring makes it possible to operate with less human involvement, lowering costs overall and reducing the possibility of human error. It is a 24-hour monitoring system that helps operators keep track of real-time data, enhancing the oilfield's overall productivity and dependability.
Further, new trends in the oil and gas sector include automation and digital transformation. Numerous difficulties confront the business, including low oil prices, frequent budget and schedule overruns, and climate change. In January 2023, Satellite technology offers a huge potential to address methane emissions at oil and gas facilities. The success of a nine-month trial at six locations in Iraq illustrates the enormous potential of satellite technology in CH4 emissions detection & abatement.
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Automation of processes and digital transformation assist in overcoming these difficulties and delivering value to the shareholders. They also aid in centralizing control of operations, lowering the total cost of ownership and downtime, and boosting output. The main oil and gas industries also put much effort into high-level automation. Based on these patterns, it is anticipated that throughout the review period, a sizable growth will be seen in the use of these services, which assist in lowering risks & potential failure in an oilfield site.
Oilfield Integrity Management Market Report Highlights
Polaris Market Research has segmented the Oilfield Integrity Management Market report based on management type, component, application, and region:
Oilfield Integrity Management Market, Management Type Outlook (Revenue - USD Billion, 2019 - 2032)
Oilfield Integrity Management Market, Component Outlook (Revenue - USD Billion, 2019 - 2032)
Oilfield Integrity Management Market, Application Outlook (Revenue - USD Billion, 2019 - 2032)
Oilfield Integrity Management Market, Regional Outlook (Revenue - USD Billion, 2019 - 2032)