Asset Integrity Management Market by Service (RBI, Ram Study, Corrosion Management, Pipeline Integrity Management, Hazid Study, Structural Integrity Management, NDT), Industry, and Geography - Global Forecast to 2023
“The asset integrity management services market expected to exhibit significant growth between 2017 and 2023”
The asset integrity management services market is expected to be valued at USD 31.66 billion by 2023, at a CAGR of 8.7% between 2017 and 2023. Key driving factors for the growth of the asset integrity management services market are necessity of asset integrity management in new offshore fields in deep waters; declining efficiencies of ageing assets and the need for operational safety; stringent government safety regulations and quality control requirements; climatic changes affecting the operations of various industries; and declining oil and gas prices increasing the demand for maintaining the asset and plant. However, harsh environmental conditions in the Middle East and Arctic regions, and high initial cost and complex process of system installation are considered to be major restraints.
“Asset integrity management services market for corrosion management is expected to grow at the highest CAGR during forecast period”
The market for corrosion management services is expected to grow at the highest CAGR between 2017 and 2023. The corrosion management services include cathodic protection, protective coating, chemical injection, and corrosion monitoring. The benefits of corrosion management include a reduction in environmental hazards caused by mechanical failures resulting in the leakage of hazardous gasses and liquids, increased availability of plant, reduction in unplanned maintenance, optimization of monitoring costs, and improvement in the working environment.
“Asset integrity management services market for power to grow at highest CAGR during forecast period”
The market for the power industry is expected to grow at the highest CAGR between 2017 and 2023. The current state of power industry enforces it to economize and, at the same time, indulge in innovations to increase the production. In the power industry, the asset integrity management services are used for ensuring the efficient and optimal working of power plants. The asset integrity management services also ensure the optimization of resources and efficient running of the plants. NDT is the basic technique for both identifying and seizing large flaws, and checking material degradation in the form of thermal aging, plastic deformation, fatigue, residual stress, creep, and stress corrosion cracking, among others.
“Asset integrity management services market in APAC to grow at highest CAGR during forecast period”
The asset integrity management services market in APAC is expected to grow at the highest CAGR between 2017 and 2023. The asset integrity management services ensure optimum utilization of the available resources and consequent reduction of the oil imports. Thus, the growing oil and gas industry and the investments made in this industry are driving the asset integrity management services market in APAC.
Breakdown of the profiles of primary participants for the report has been given below:
• By Company Type: Tier 1 = 42%, Tier 2 = 33%, and Tier 3 = 25%
• By Designation: C-Level Executives = 46%, Directors = 35%, and Others = 19%
• By Region: North America = 24%, Middle East = 27%, Europe = 22%, APAC = 21%, and RoW = 6%
The key players in the asset integrity management services market are SGS SA (Switzerland), Bureau Veritas SA (France), Intertek Group plc (UK), Fluor Corporation (US), Aker Solutions ASA (Norway), Applus+ Servicios Technológicos, S.L. (Spain), DNV GL AS (Norway), John Wood Group PLC (UK), Oceaneering International Inc. (US), ROSEN Swiss AG (Switzerland), and TechnipFMC plc (UK).
The research report analyzes the asset integrity management services based on service type, industry, and geography. The market has been segmented on the basis of service type into risk-based inspection (RBI); reliability, availability, and maintainability (RAM) study; corrosion management; pipeline integrity management; hazard identification (HAZID) study; structural integrity management; nondestructive testing (NDT); and others. The industries implementing these services include oil and gas, power, mining, aeospace, and others. The report covers the market segmented on the basis of 4 major regions—North America, Europe, APAC, and RoW.
Key Benefits of Buying the Report:
Illustrative segmentation, analysis, and forecast for the market based on service type, industry, and geography have been conducted to give an overall view of the asset integrity management services market.
Major drivers, restraints, opportunities, and challenges for the asset integrity management services market have been detailed in this report.
The report includes a detailed competitive landscape along with key players and their revenue.