Predictive maintenance is the process of monitoring the performance and state of equipment when it is in use in order to minimize the chances of failure. The purpose of predictive maintenance is to be able to anticipate when equipment may malfunction (based on a variety of factors) and then avoid the failure by routine and corrective maintenance. Oilfield Predictive Maintenance helps companies to cut costs, improve efficiency and increase the life cycle of expensive equipment. A company can see trends and recognize potential problems by combining this data with other computer data from an enterprise resource planning or asset management system, as well as equipment history data.This growth is primarily driven by Need to Reduce the Costs of Production in Oilfield and Demand to Increase the Life Cycle of Expensive Equipment.
Globally, a noticeable market trend is evident Adoption of AI in Oilfield Predictive Maintenance. Major Manufacturers, such as IBM (United States), Siemens (Germany), Microsoft (United States), SAP (Germany), General Electric (United States), Uptake (United States), C3.ai (United States), MapR Technologies (United States) and Nokia (Finland) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
On 7th May 2018, Nokia acquired SpaceTime Insight to expand its Internet of Things (IoT) portfolio and IoT analytics capabilities, and accelerate the development of new IoT applications for key vertical markets. According to Nokia, the acquisition supports Nokia's software strategy by bringing SpaceTime Insight's sales expertise and proven track record in IoT application development, machine learning, and data science to the Nokia Software IoT product unit. SpaceTime Insight was a major player in Oilfield Predictive Maintenance.
- Need to Reduce the Costs of Production in Oilfield
- Demand to Increase the Life Cycle of Expensive Equipment
- Adoption of AI in Oilfield Predictive Maintenance
- The trend to Shift to Renewable Sources of Energy Hindering Oilfield Predictive Maintenance Market
OpportunitiesDependence of Large Number of Countries on Crude Oil Will Increase the Demand of Oilfield Predictive Maintenance and Introduction of New Techniques and Methods Like IoT Will Boost the Demand of Oilfield Predictive Maintenance
ChallengesHigh Volatility Associated Will Oil Industry and Lack of Skilled Workforce to Operate in Oilfield Predictive Maintenance Industry
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Manufacturers landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the ReportAMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Oilfield Predictive Maintenance Study Sheds Light on— The Oilfield Predictive Maintenance Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Oilfield Predictive Maintenance industry Manufacturers. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
— Where Oilfield Predictive Maintenance industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
— How every company in this diverse set of Manufacturers can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.