Global Asset Integrity Management Systems (AIMS) Market 2017-2021
About Asset Integrity Management Systems
Plant Asset Management system (PAM) and Asset Integrity Management Systems (AIMS) address similar end use functionality in the industrial sectors; with AIMS catering to high-end service scope in capital-intensive industries like oil and gas, power, and heavy engineering equipment plants, there is relatively a major scope of coverage for AIMS in the industrial sector. From a top-down perspective, Technavio has analyzed the global PAM systems market as a related to set the context in which the AIMS market will be analyzed.
Technavio’s analysts forecast the global asset integrity management systems (AIMS) market to grow at a CAGR of 9.27% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global asset integrity management systems (AIMS) market for 2017-2021. To calculate the market size, the report considers the retail selling price is considered as the average selling price of the product.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Asset Integrity Management Systems (AIMS) Market 2017-2021
Technavio recognizes the following companies as the key players in the global asset integrity management systems (AIMS) market: ABB, Applus+, Bureau Veritas, Fluor, General Electric, and Intertek
Other Prominent Vendors in the market are: Aker Solutions, Asset Integrity Engineering, Element Materials Technology, EM&I, Factory IQ, Geanti Marine Limited, Oceaneering International, Penspen, SGS, STAT Marine, and Viper Innovations.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Emergence of prescriptive analytics in analysis. Prescriptive analytics is the new assessment tool and is gaining traction in industries. While predictive analytics, which provides actionable insights based on data, is being used in industries, prescriptive analytics is one step ahead. Prescriptive analytics uses historical data to predict changes in a system in the future. This is based on its present condition to create a What-if scenario, which provides information on impact of each action on the process. It is a useful tool during maintenance, as organizations can schedule their maintenance based on different scenarios created by prescriptive analytics. Therefore, even if the system or process is behind schedule, it could be brought back to its usual state. Artificial Intelligence and Machine Learning have given a big boost to organizations to implement prescriptive analytics into their systems.”
According to the report, one of the major drivers for this market is Rising stringent regulatory norms influencing end-user industries. Regulatory compliances, in the last decade, have increased in many end-user industries. This is owing the rise in industrial accidents and increasing awareness about the environment. The asset-heavy industries such as oil and gas, power, and mining are subject to various governmental and organizational level regulations. Rules and regulations for the exploration activities in the Gulf of Mexico have become stringent after the Deepwater Horizon incident, which resulted in a significant environmental damage in the region.
Further, the report states that one of the major factors hindering the growth of this market is Low upstream oil and gas investments post oil price slump. Oil prices have tumbled down from 2015 to 2017, and are expected to remain in the same price bandwidth during the forecast period. The shale oil revolution has created a supply glut in the market and with Iran ramping up its production after the upliftment of sanction to enter the market, the revamp of oil prices is highly unlikely. Even if done, oil prices are not expected to rise at that of a previous level. The current oil price seems to be normal for companies are they are trying to adapt to it.
ABB, Applus+, Bureau Veritas, Fluor, General Electric, and Intertek, Aker Solutions, Asset Integrity Engineering, Element Materials Technology, EM&I, Factory IQ, Geanti Marine Limited, Oceaneering International, Penspen, SGS, STAT Marine, and Viper Innovations.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook