Oilfield Integrity Management Market Size & Global Industry Forecast Report, 2021-2028
Oilfield Integrity Management Market
GMI Research performed a complete study on the Oilfield Integrity Management Market. The market is anticipated to experience a CAGR of 8.1% over the forecast period, i.e., from 2021-to 2025. The intensified emphasis on distant supervision of oilfields for process automation and rigorous norms regarding environmental safety will complement the market growth.
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Oilfield Integrity Management Market Dynamics
The growth in the global oilfield integrity management market is guided by the rising oil and gas scrutiny activities by modifying its conventional business models into smarter functions. The accelerating oil and gas research activities for distant supervision with process mechanization and optimization have strengthened the oilfield integrity management market share. Moreover, the rigorous norms enforced regarding environmental safety has proliferated the market size. For example, the Indian Government, in October 2018, decided to introduce a natural gas trading hub to generate an Indian gas specification because of the rising consumption of cleaner-burning fuel. Moreover, various leading players are increasingly emphasizing remote supervision of oilfields to reduce the need for human interference, reducing the incidences of errors and overall cost. As reported by the International Energy Agency, the international oil demand is projected to increase to 5.7 mb/d over 2019-25, with a yearly rate of 950 kb/d.
However, as per the global oilfield integrity management market report, the unstable oil prices and decrease in crude oil functional activities may restrain the market growth. The fluctuation in the prices maybe because of the changes in demand in the non-OPEC and OPEC supply, intensified government support for biodegradable energy sources, and immense competition. Further, the oil and gas research companies perceive a reduction in profit and operating margins, which hinders the oilfield integrity management market size.
Component Segment Drivers
By component, the software segment is likely to grow at the fastest rate over the coming years. The oilfield integrity management market analysis interprets that this is primarily attributed to the increasing development of incorporated software to optimize operations in oil and gas fields. For instance, Seven Lakes Technologies, in Jan 2021, introduced World's First SaaS-Integrated Production System for upgrading oil and gas companies.
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