Global Asset Integrity Management Market, By Services (RBI, Ram Study, Corrosion Management, Pipeline Integrity Management, Hazid Study, Structural Integrity Management, NDT), By Industry (Oil and Gas, Power, Mining, Aerospace, Others) , By Geographical Segments (North America, South America, Europe, Asia-Pacific, Middle East and Africa)- Industry Trends and Forecast to 2025
Market Analysis: Global Asset Integrity Management Market
The global asset integrity management market is expected to reach USD 36.9 billion by 2025 from USD 18.8 billion in 2017 and is projected to grow at a CAGR of 11.7 % in the forecast period of 2018 to 2025. The upcoming market report contains data for historic years 2016, the base year of calculation is 2017 and the forecast period is 2018 to 2025.
Market Definition: Global Asset Integrity Management Market
Asset integrity management is a standard of operating an asset that targets to health, safety, protect equipment and environment. It operates efficiently and effectively to ensure reliable operation for achieving objectives. It has various benefits which include increasing safety, improving environmental performances, reduced risks and increase reliability. The element used in asset integrity management ensures maintenance (reliability, predictive and preventive strategies), inspection (advanced technologies), risk assessment and risk based inspection (RBI), process safety and mechanical integrity services, operational and process support (critical operating and process windows), IT support/software tools and many more. Asset integrity management provides services which include risk based inspection / assessment (RBI), corrosion management, subsea inspection management and many more. It is mostly used in oil and gas power, mining, aerospace and other industry.
In 2017, Bureau Veritas launched AIM3D, a next generation asset integrity management solution. It is used from the design stage, through construction and throughout the operational lifecycle. It is a solution which combines a digital twin of any marine or offshore assets.It is used in shipping and offshore industries.
In 2015, ABS Group launched a new offshore Asset Integrity Management (AIM) service which focused on efficiency and profitability for asset owners and operators and driving operational reliability. It is designed for customers to assess the true condition of their assets.It is used in oil and gas, power and mining.
Market Drivers and Restraints:
- Demand of asset integrity management in new offshore fields in deep waters
- Declining efficiencies of aging assets and the need for operational safety
- Decrease in oil and gas prices
- Increasing the demand for maintaining the asset and plant.
- Stringent government safety regulations and quality control requirements
- Climatic changes affecting the operations of various industries
- High initial cost and complex process of system installation
Market Segmentation: Global Asset Integrity Management Market
- The market is based on service, industry and geographical segments.
- Based on service, the market is segmented into RBI, ram study, corrosion management, pipeline integrity management, hazid study, structural integrity management, NDT.
- Based on industry, the market is segmented into oil and gas, power, mining, aerospace and others.
- Based on geography, the market report covers data points for 28 countries across multiple geographies such as North America, South America, Europe, Asia-Pacific and Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa, and Brazil among others.
Competitive Analysis: Global Asset Integrity Management Market
The global asset integrity management market is fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market in order to sustain in long run. The report includes market shares of asset integrity management market for global, Europe, North America, Asia Pacific and South America.
Key Players: Global Asset Integrity Management Market
The renowned players in asset integrity management market are Aker Solutions, Bureau Veritas SA, Fluor Corporation, Intertek Group plc, SGS SA , Applus Servicios Tecnológicos, S.L.U., Det Norske Veritas Group, John Wood Group PLC, Oceaneering International, Inc., ROSEN Group, TechnipFMC plc, LifeTech Engineering Ltd., EM&I, Metegrity Inc., General Electric , ABB, Siemens , FORCE Technology and Tipper Group many more.
Research Methodology: Global Asset Integrity Management Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request an Analyst Call or can drop down your inquiry.
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Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other.