This report focuses on the Asset Integrity Management Services Market Size, Revenue, Share, status, future forecast, growth opportunity, key market dynamics and key players. The study objectives are to present the Asset Integrity Management Services development in North Americas, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America (SA).
The global asset integrity management service market accounted to US$ 17.95 Bn in 2018 and is expected to grow at a CAGR of 8.9% during the forecast period 2019 – 2027, to account to US$ 37.92 Bn by 2027.
The major companies offering asset integrity management services to different industries include SGS AG, Intertek Group plc, Aker Solutions ASA, Bureau Veritas SA, Fluor Corporation, DNV GL AS, John Wood Group PLC, Oceaneering International, Inc., Rosen Group, and Cybernetix SA among others.
The asset integrity management service market has been derived from market trends and revenue generation factors from five different regions across the globe namely; North America, Europe, Asia Pacific, Middle East, and Africa, and South America. North America is expected to remain the largest regional provider of new unconventional onshore oil production capacity. According to the American Society of Civil Engineer (ASCE), around 240,000 water-main breaks per year occur in the US and similar is the case for aging power generation equipment.
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In the oil & gas industry, the majority of maintenance projects in mature oil fields are initiated by aging infrastructure. These glitches in aging systems increase the operational risk for companies and utilities which generate the need to invest in more capital in infrastructure-upgrade projects. Industrial infrastructure has been the backbone of national economies in European provinces, providing access to jobs and services, and enabling trade and economic growth.
This highlights the role of infrastructures as one of the main pillars of European society. However, infrastructures in the region suffer from ageing and increased fatigue issues. Although positive trends in the health status of infrastructures have been demonstrated across Europe, for instance in Italy, Spain and in Germany investments on infrastructures have increased dramatically.
Asset integrity management processes protects and enhance the capability of an asset to perform its necessary functions effectively. It efficiently manages corporate assets to gain profitability and all the services such as design, inspection, maintenance, and operations highly impact the integrity of infrastructure and equipment. Asset integrity management provides different services in which auditing, inspections, and overall quality processes are the tools which makes an integrity management system effective.
The industries such as petrochemical, oil & gas, renewable energy, power, and infrastructure opt for these services in order to achieve increased productivity along with meeting environmental and safety concerns. These industries are risk-based and highly asset-based in which maintenance and inspection of such assets are essential. Operational efficiency for asset in oil & gas, mining, and power industries is foremost important, thus, regular maintenance of these assets is important to gain maximum productivity. Chemicals and oil & gas products are corrosive and flammable in nature, thus, require continuous inspection and maintenance of the equipment for overall operational efficiency and safety.
The asset integrity management services ensure improved reliability, productivity, and safety of the equipment to achieve performance in sustainable manner. Also, this system also reduces overall repair cost of equipment with increased plant reliability. It is cost-effective, safe, and reliable solution to maintain company’s assets and help to extend lifetime of the equipment. It is indicated from the aforementioned factors that, the key for this maintenance & reliability using asset integrity management services is to extend the life of aging assets reliably and increase operational safely.
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The report segments the global asset integrity management services market as follows:
1.1.1 Global Asset Integrity Management Services Market – By Service Type
• Non-Destructive Testing (NDT) Inspection
• Corrosion Management
• Pipeline Integrity Management
• Structural Integrity Management
• Risk-Based Inspection (RBI)
• Hazard Identification (HAZID) Study
• Reliability-Availability-Maintainability (RAM) Study
• Forensic Engineering and Failure Analysis Services
1.1.2 Global Asset Integrity Management Services Market – By Industry
• Oil & Gas
1.1.3 Global Asset Integrity Management Services Market – By Geography
• North America
o Rest of Europe
• Asia Pacific (APAC)
o South Korea
o Rest of APAC
• Middle East & Africa (MEA)
o Saudi Arabia
o South Africa
o Rest of MEA
• South America (SAM)
o Rest of SAM
Key Benefits of Buying this Research Study:
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global Asset Integrity Management Services market
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the Asset Integrity Management Services market, thereby allowing players across the value chain to develop effective long term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
- Examine the political, economic, social and technology impact of the five regions namely: North America, Europe, Asia Pacific, Middle East & Africa and South America.
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