Oil and Gas Asset Management Statistics, Trends And Facts 2023

Oil and gas asset management is a complex process that involves tracking and monitoring a wide range of assets, including pipelines, drilling rigs, refineries, and storage facilities.

With the growing demand for energy resources, the importance of efficient asset management has become increasingly evident.

In this article, we will explore statistics related to oil and gas asset management to provide insights into the trends and challenges faced by the industry.

Oil and Gas Asset Management Stats

1. The global Oil and Gas Asset Management market was valued at $11.17 billion in 2020 and is expected to reach $21.34 billion by 2028, with a CAGR of 8.1% from 2021 to 2028.
2. The upstream segment is the largest market segment, accounting for 54.2% of the global Oil and Gas Asset Management market in 2020.
3. North America is the largest regional market, accounting for 38.5% of the global Oil and Gas Asset Management market in 2020.
4. The average age of oil and gas assets is increasing, with the average age of offshore oil and gas assets now at 21 years.
5. In 2020, the global oil and gas industry spent $6.7 billion on asset integrity management.

Oil and Gas Asset Management Market Overview

• The global oil and gas asset management market size was valued at $16.8 billion in 2020 and is projected to reach $27.4 billion by 2028, growing at a CAGR of 6.3% during the forecast period.
• The upstream segment is expected to hold the largest share of the oil and gas asset management market by 2028, driven by the need for optimizing exploration and production operations.
• North America is expected to dominate the oil and gas asset management market during the forecast period, owing to the high concentration of oil and gas reserves and the adoption of advanced technologies.

Oil and Gas Asset Tracking and Monitoring Statistics

• The global market for oil and gas asset tracking and monitoring is projected to reach $11.3 billion by 2028, growing at a CAGR of 9.3% during the forecast period.
• RFID technology is the most widely used tracking technology in the oil and gas industry, accounting for more than 50% of the market share.
• The use of drones for asset monitoring in the oil and gas industry is expected to grow at a CAGR of 37.1% during the forecast period, owing to their ability to access remote areas and provide high-resolution imagery.

Oil and Gas Pipeline Management Statistics

• The global market for oil and gas pipeline management is projected to reach $3.3 billion by 2027, growing at a CAGR of 4.2% during the forecast period.
• The use of predictive analytics in pipeline management can reduce maintenance costs by up to 30%, according to a study by Accenture.
• The average cost of a pipeline leak in the oil and gas industry is $8.5 million, according to the Pipeline and Hazardous Materials Safety Administration (PHMSA).

Oil and Gas Asset Maintenance Statistics

• The global market for oil and gas asset maintenance is projected to reach $12.5 billion by 2025, growing at a CAGR of 2.8% during the forecast period.
• The use of predictive maintenance technologies in the oil and gas industry can reduce downtime by up to 30%, according to a study by GE Digital.
• The adoption of digital twins in the oil and gas industry is expected to grow at a CAGR of 47.1% during the forecast period, owing to their ability to simulate real-world scenarios and optimize asset performance.

Oil and Gas Asset Performance Management Statistics

• The global market for oil and gas asset performance management is projected to reach $18.7 billion by 2025, growing at a CAGR of 4.4% during the forecast period.
• The use of machine learning algorithms in asset performance management can improve equipment reliability by up to 25%, according to a study by the Boston Consulting Group.
• The adoption of artificial intelligence (AI) in the oil and gas industry is expected to grow at a CAGR of 22.1% during the forecast period, owing to its ability to automate complex tasks and improve operational efficiency.

Oil and Gas Asset Management Facts

6. Asset management helps oil and gas companies reduce the risk of equipment failure, which can lead to costly downtime and lost production.
7. Asset management systems can monitor equipment in real-time and detect potential problems before they become critical.
8. Effective asset management can help companies comply with regulatory requirements and avoid costly fines.
9. Asset management can help companies reduce maintenance costs and extend the life of equipment.
10. Asset management can help companies improve safety by identifying potential hazards and taking preventive action.

Oil and Gas Asset Management Benefits

11. Asset management can help companies increase production by reducing downtime and improving equipment reliability.
12. Asset management can help companies reduce costs by optimizing maintenance schedules and reducing unnecessary repairs.
13. Asset management can help companies improve decision-making by providing real-time data on equipment performance and maintenance needs.
14. Asset management can help companies improve safety by identifying potential hazards and taking preventive action.
15. Asset management can help companies comply with regulatory requirements and avoid costly fines.

Oil and Gas Asset Management Trends

16. The use of predictive analytics is becoming increasingly popular in Oil and Gas Asset Management.
17. The adoption of cloud-based asset management systems is growing, as they offer scalability, flexibility, and cost savings.
18. Asset management systems are becoming more integrated with other business systems, such as ERP and CRM.
19. The use of IoT sensors is becoming more widespread in Oil and Gas Asset Management, as they enable real-time monitoring and predictive maintenance.
20. The focus is shifting from reactive maintenance to preventive and predictive maintenance.

Oil and Gas Asset Management Adoption

21. The adoption of asset management systems is high in the upstream segment, as it is critical for exploration and production activities.
22. Large oil and gas companies are more likely to have advanced asset management systems in place than smaller companies.
23. The adoption of asset management systems is increasing in the midstream and downstream segments, as companies seek to optimize their operations.
24. The adoption of cloud-based asset management systems is higher among small and medium-sized companies than large companies.
25. The adoption of IoT sensors is higher among large companies than small and medium-sized companies.