Asset Integrity Management (AIM) is a continuous process of knowledge and experience applied throughout the life cycle to manage risk of failures and events in design, construction and during operation of facilities to ensure optimal production without compromising safety, health and environmental requirements.
Asset Integrity Management services include inspection, risk assessment, maintenance, obsolescence mitigation, corrosion services, process safety, mechanical integrity services and health, safety & environmental strategies (HSE). Oil & Gas AIM market is primarily driven by increasing number of investments in Oil & Gas sector throughout the world to meet the escalating demand. Benefits like improved operations and profitability is also a reason for adaptation of AIM services by Oil & Gas companies.
As a large number of wells around the world are maturing, Oil & Gas companies are focusing on exploring new Oil & Gas fields and to improve recovery rates of existing fields to meet the future demand pull. But, technological challenges are limiting continuous improvement process and lack of proper support from Oil & Gas companies is also limiting the effectiveness of AIM and thereby effecting AIM services market. North America is leading market for AIM services followed by Asia Pacific region, which has highest growth rate and is expected to overtake North American region in next five years.
This report comprehensively analyzes the Asset Integrity Management Services market by segmenting it based on geography, applications (onshore and offshore); estimates are provided for next six years up to 2022. Key drivers and restraints that are affecting the growth of this market were discussed in detail. The study also elucidates on the competitive landscape and key market players.