Asset Integrity Management Market:
Asset Integrity Management Market: Market Segments: By Service Type (RAM Study, RBI, NDT, Pipeline Integrity Management, Corrosion Management, Structural Integrity Management, HAZID (Hazard Identification) Study and Others); By Application (Oil & Gas, Power, Marine, Mining, Aerospace, and Others); and Region – Analysis of Market Size, Share & Trends for 2014 – 2019 and Forecasts to 2030
Asset Integrity Management (AIM) is defined as a system that enables an asset ‘s capacity and potential to be controlled effectively in order to minimize and reduce degradation caused by corrosion and fatigue cracks. It ensures that entities, procedures and products are aligned and used in a way that produces better results. They are run on certain protocols aimed at protecting the asset, individuals and environment.
Asset Integrity Management Market is expected to project a notable CAGR of 11.3% in 2030.
Asset Integrity Management Market to surpass USD 48.3 billion by 2030 from USD 18.8 billion in 2018 at a CAGR of 11.3% throughout the forecast period, i.e., 2019-30. Growing understanding of managing capital expenditure and increasing the growth of the energy and power sectors are the main contributing factors. There are also new possibilities found in deep water oil fields that have also mobilized the market ‘s growth.
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Asset Integrity Management Market: Segments
Corrosion management segment to grow with the highest CAGR of 6.32% during 2019-30
Asset Integrity Management Market is segmented by service type as Risk-Based Inspection (RBI), pipeline integrity management, corrosion management, structural integrity management, Nondestructive Testing (NDT) Inspection, Reliability-Availability-Maintainability (RAM) Study, Hazard Identification (HAZID) Study and others. The greater market share of XX.X% in 2018 was accounted by Nondestructive Testing (NDT) Inspection segment of the Asset Integrity Management market. It is commonly used to decrease operating expenses in manufacturing industries and in-service applications, thereby driving the development of the service category market. Conventionally, on the basis of financial returns, the output of different assets is evaluated. However, sole reliance on financial assessment techniques may be suboptimal for the efficiency determination of industrial properties.
Asset Integrity Management Market: Market Dynamics
Demand of asset integrity management in new offshore fields in deep waters
The oil & gas sector contributes the bulk of its shares to the market for asset integrity management services. Asset integrity management services ensure that oil & gas plants operate smoothly and that their resources are used optimally. The introduction of asset integrity management services is expected to intensify in the coming years with the discovery of new offshore fields in deep waters.
Unfavorable environmental situations
The absence of skilled labor and volatile climate shifts that occur worldwide are main market factors that hinder the market to expand at full pace. Rising energy demand from developing countries and power-intensive industries has driven upstream oil and gas exploration companies to search deeper and farther offshore into the ocean. In the case of remote offshore areas, water pressure and harsh environmental conditions increase dramatically.
Asset Integrity Management Market: Regions
Asset Integrity Management Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC and MENA.
Asset Integrity Management Market in North America held the largest market share of XX.X% in the year 2018 due to the growth of the oil and energy sectors has provided enough opportunities. Some of the factors that contributed to the growth of the asset integrity management market in this area are also government policies and regulations to protect the quality of assets and the environment. Due to the rising demand for vision-guided robotic systems, the implementation of application-specific asset integrity management systems, and government initiatives to use asset integrity management that generate opportunities for market development in Asia Pacific.
Asset Integrity Management Market: Key Players
• SGS AG
o Company Overview
o Business Strategy
o Key Product Offerings
o Financial Performance
o Key Performance Indicators
o Risk Analysis
o Recent Development
o Regional Presence
o SWOT Analysis
• Intertek Group Plc.
• Aker Solutions
• Bureau Veritas SA
• Flour Corporation
• DNV GL AS
• John Wood Group Plc.
• Oceaneering International, Inc.
• Rosen Group
• Cybernetix Ltd
Asset Integrity Management Market report also contains analysis on:
Asset Integrity Management Market Segments:
By Service Type:
• Non-Destructive Testing (NDT)
• Risk-Based Inspection (RBI)
• Corrosion Management
• Pipeline Integrity Management
• Hazard Identification (HAZID) Study
• Structural Integrity Management
• Reliability, Availability, And Maintainability (RAM) study
• Oil and gas
• Asset Integrity Management Market Dynamics
• Asset Integrity Management Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints
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NOTE : Our team is studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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