Market Leaders - Oilfield Integrity Management Market
The global oilfield integrity management market size is projected to reach USD 18.8 billion by 2025 from an estimated value of USD 12.8 billion in 2020, at a CAGR of 8.1%. 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 market.
The oilfield integrity management market is dominated by a few global players, mainly from the North American region. The key players in the oilfield integrity management market include companies such as Schlumberger (US), Halliburton (US), Baker Hughes Company (US), Siemens (Germany), Emerson (US), IBM (US), and Oracle (US).
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Major strategies adopted by the players are product launch, contract, collaboration, agreement, alliances, joint venture, merger, acquisition; and partnership from January 2016 to June 2020. Product launch was the most commonly adopted strategy. Industry players also adopted. Contract was the second most widely followed strategy during the same period.
Schlumberger offers products, services, technologies, information solutions, and integrated project management solutions to the global oil & gas industry. The company’s primary business activities include research & engineering, manufacturing, operations, maintenance, and resource planning. It operates through four segments, namely, production, drilling, reservoir characterization, and Cameron. The production business segment provides technologies that find applications in oil & gas reservoirs for lifetime production. The drilling business segment offers technologies required in the drilling and positioning of oil & gas wells. The reservoir characterization business segment offers technologies involved in finding and defining hydrocarbon resources. The Cameron business segment offers technologies that find applications in pressure and flow control for drilling and intervention rigs, oil & gas wells, and production facilities. Schlumberger has a wide geographic presence with product sales and services in more than 120 countries. The company has its executive offices in Paris (France), Houston (US), London (UK), and The Hague (the Netherlands). The company adopted a product launch as its key business strategy. In October 2019, Schlumberger introduced the NeoSteer at-bit steerable system (ABSS). It improves horizontal well drilling performance by providing high-dogleg capability and an increased rate of penetration in the curve and the lateral. NeoSteer ABSS leverages digital technologies by combining the latest trajectory control algorithms, and machine learning and data analytics to provide improved planning and execution performance to customers.
Baker Hughes Company is an energy company with a portfolio of technologies and services catering to the energy and industrial value chain. The company operates through four business segments, namely, oilfield services (OFS), turbomachinery & process solutions (TPS), oilfield equipment (OFE), and digital solutions (DS). The OFS business segment offers products and services for onshore and offshore operations across the lifecycle of a well, which ranges from drilling, evaluation, completion, production, and intervention. It also provides tailored well integrity solutions for all well types. The TPS business segment offers equipment and services for compression, mechanical drive, and power generation to the oil & gas and energy industries. The OFE business segment designs and manufactures subsea & surface drilling production systems. It also offers subsea and surface drilling equipment, subsea production systems (SPS), flexible pipe systems for subsea flowlines, risers, and onshore pipes; surface and subsea wellheads, surface pressure control equipment, and subsea well intervention solutions. The OFE segment also offers various services related to onshore and offshore drilling and production operations. The DS business segment combines hardware technologies with software products to monitor and optimize industrial assets. It also offers measurement and control technologies, such as condition monitoring, measurement and sensing, software, sensors, cybersecurity solutions, gauges, and remote visual inspection. The services offered by the company are for industries, including oil & gas, power, aviation, and transportation. The company also offers purpose-built software solutions that provide data management and intelligent insights into the oil & gas businesses. The company adopted product launch as its key business strategy. In September 2019, BakerHughesC3.ai, a joint venture between Baker Hughes and C3.ai, launched BHC3 Reliability, the first artificial intelligence (AI) software application.
Related Reports:
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
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