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Oilfield Predictive Maintenance Market
Predictive maintenance is the process of maintaining and monitoring performance of mechanical processes and systems to identify shortcomings in the condition of equipment. It allows to identify any problem or repair associated with equipment, before the actual problem arises, thereby reducing the actual cost of repair and maintenance.
Oilfield predictive maintenance has become one of the cornerstones in the oil & gas industry as it has drastically reduced the cost of operation and maintenance along the upstream, midstream and downstream verticals. Unlike previous models of oilfield service models, like condition-based maintenance and preventive maintenance, oilfield predictive maintenance has given an extra edge by the use of sensors to measure machine performance.
Oilfield predictive maintenance implementation has drastically improved operational efficiency and reduced overall downtime cost and time incurred to operators, thus making it an important part of regular oilfield operations.
Oil & gas industry, having one of the most complex value chains, is directly or indirectly responsible for the growth of a number of industries worldwide. The industry incurs millions of dollars every year for repair and maintenance activities, which significantly decreases operational and cost efficiency for the E&P operators. Hence, E&P companies are always on the look-out for improving their overall operational efficiency to reduce operational costs and to improve overall profits.
Especially after the crude oil slump, oil & gas companies have increased focus to reduce operation costs by implementing various technologies, like oilfield predictive maintenance. Oil & gas companies record large amounts of data in day-to-day operations which record real-time data and is not used to its full potential. With the introduction of oilfield predictive maintenance, the data recorded over the course of value chain, can be efficiently used to identify any potential problems in equipment or processes and take a corrective action before the problem actually arises.
This can save millions of dollars to oil & gas operators and hence oilfield predictive maintenance is being preferred by oil & gas companies. Maintenance and repair costs are even more expensive in offshore, thus prompting oil & gas operators to opt for oilfield predictive maintenance to cut down millions of dollars in repair and maintenance costs.
Emergence of IoT in oil & gas industry has been a prominent trend, which is driving the adoption of oilfield predictive maintenance. Hence, cloud based service deployment has been gaining prominence among service providers and consumers alike.
North America and Europe are at the forefront in terms of adoption rate of oilfield predictive maintenance solutions in the industry, but North America region leads the oilfield predictive maintenance market in terms of demand given the high number of oil & gas fields, with Europe following closely. Middle East possesses some of the highest oil & gas reserves in the world and is the hub for major oil & gas projects in the world and hence is expected to create high demand for oilfield predictive maintenance market in the coming years.
In the East Asia region, China is expected to lead the oilfield predictive maintenance market in terms of demand and is also expected to grow at a rapid pace due to flourishing downstream industry. In the South Asia region, ASEAN countries and India are expected to create high demand for oilfield predictive maintenance market given the high level of offshore activity and growing number of downstream projects in the region.
Some of the key market participants identified in the Oilfield predictive maintenance market across the globe are:
The research report presents a comprehensive assessment of the Oilfield predictive maintenance market and contains thoughtful insights, facts, historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to Oilfield predictive maintenance market segments such as geographies, application and industry.