Future of Offshore and Onshore- Oilfield Integrity Management
MARKET DYNAMICS
Rising focus on remote monitoring of oilfields for process optimization and automation is one of the major factors driving the growth of the oilfield integrity management market. Moreover, digitalization in oilfields and increasing exploration and production activities in emerging countries are other factors anticipated to boost the growth of the oilfield integrity management market.
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MARKET INTRODUCTION
The oil and gas industry assets, such as the offshore platforms, pipelines, and rigs, have been utilized by the sector beyond their design life. With the constant increase in the demand for production, a majority of the assets are likely to be further utilized during the forecast period. With the aging infrastructure, the requirement for asset integrity management services in the oil and gas sector is predicted to increase
Impact of COVID-19 on the Global Genetic Integrity Management Market-
The outbreak of the COVID-19 pandemic, which has disrupted business activities in the oil and gas value chain, is expected to negatively impact the growth of the Oilfield Integrity Management market in 2020. In addition, COVID-19 has halted oil production activities due to a sharp drop in oil prices and a blockade in the country. This reduced capital expenditures in the upstream sector, which affected the willingness to adopt technologies and services.
Oilfield integrity management Dynamics
Drivers: Growing interest in remote monitoring of oilfields for process optimization and automation
The oil and gas industry is shifting its existing business model to smarter operations, which has increased the interest of industry participants in remote monitoring of oil fields. Remote monitoring helps reduce the need for human intervention and, as a result, reduces the overall cost and the likelihood of manual errors. The 24*7 monitoring system helps operators monitor real-time data, improving the overall productivity and reliability of the oil field.
Automation and digital transformation are emerging trends in the oil and gas industry. The industry faces many problems such as low oil prices, frequent budgets, overschedule and climate change. Digital transformation and process automation help overcome these challenges and deliver value to shareholders. It also helps centrally control operations, reduces downtime and total cost of ownership, and increases productivity. In addition, major oil and gas companies are focusing on advanced automation. Building on this trend, the adoption of oilfield integrity management services to help reduce oilfield risk and equipment failure is expected to increase at a significant rate during the review period.
DRestraint: Oil price fluctuations are hampering operating spending on a variety of oilfield services.
Crude oil prices are the ultimate influencing factor for the entire oil and gas value chain. The oil and gas industry is constantly witnessing fluctuations in crude oil prices due to a variety of factors such as changing crude oil demand, OPEC and non-OPEC supplies, fierce competition between the US and OPEC countries, and the shale gas revolution. Moreover, falling prices are causing companies involved in oil and gas production to lose their sales, profits and operating margins. This ultimately lowered the return on investment, leading to reduced capital investment in infrastructure projects and other oilfield services.
Opportunity: digitizing oil fields
Along with the ever-increasing demand for oil and increasing exploration and production activity costs, fluctuations in oil prices are expected to translate into the adoption of oilfield integrity management services. Oilfield Integrity Management Services help automate workflows to maximize productivity, reduce costs, and minimize the overall risk associated with oilfield operations. It analyzes real-time data received from connected devices and sensors to aid in maintenance, planning and optimization of operations.
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