New York, Feb. 12, 2022 (GLOBE NEWSWIRE) -- The latest research study on “Asset Integrity Management Services Market Forecast to 2027 - COVID-19 Impact and Global Analysis 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); Industry (Oil & Gas, Power, Marine, Mining, Aerospace, and Others) and Geography”, published by The Insight Partners.
| Report Coverage | Details |
| Market Size Value in | US$ 16.85 Billion in 2017 |
| Market Size Value by | US$ 37.92 Billion by 2027 |
| Growth rate | CAGR of 8.9% from 2017-2027 |
| Forecast Period | 2017-2027 |
| Base Year | 2017 |
| No. of Pages | 204 |
| No. Tables | 12 |
| No. of Charts & Figures | 69 |
| Historical data available | Yes |
| Segments covered | Service Type Inspection ; Industry and Geography |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Asset Integrity Management Services Market: Competitive Landscape and Key Developments
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 are among the key players in the global asset integrity management services market. The leading companies are focusing on expanding and diversifying their market presence by acquiring new customer base, thereby tapping prevailing business opportunities.
In 2018, Bureau Veritas announced a strategic partnership with Avitas Systems. This partnership is expected to advance the independent inspection services by integrating Avitas Systems cloud-based platform, combining automated data collection and artificial intelligence techniques to improve the asset based risk management.
The asset integrity management services market is anticipated to witness high growth in the coming years due to strict government safety regulations and the growing need for the operational safety of aging assets in risk-based industries. However, the cost involved in non-value added maintenance and improper operation is hampering the market growth.
Asset integrity management processes enhance the capability of an asset to perform its necessary functions. It provides different services in which auditing, inspections, and overall quality processes are the tools that make an integrity management system effective. Industries such as petrochemical, oil & gas, renewable energy, power, and infrastructure opt for these services to increase productivity and meet environmental and safety concerns. These industries are risk-based and highly asset-based in which maintenance and inspection of assets are essential. The asset integrity management services ensure improved reliability, productivity, and safety of the equipment to achieve performance sustainably. Also, this system reduces the overall repair cost of the equipment with increased plant reliability. It is a cost-effective, safe, and reliable solution to maintain the company’s assets and help extend the lifetime of the equipment.
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The COVID-19 outbreak has been unprecedented and has severely affected numerous countries across the globe. The outbreak has led a majority of governments across the globe to impose lockdown and allow industries to either work with minimum workforce or shut down the production units temporarily. The businesses of asset integrity management service market players were hit hard with the COVID-19 pandemic. However, since the end of the second quarter of 2020, several countries have uplifted the lockdown imposition and are allowing the industries to operate with an increased workforce. Thus, the studied market is likely to propel as the market situation returns to normalcy.
Stringent Government Safety Regulations to Propel Growth in Coming Years:
Several companies in the asset integrity management services market offer services that comply with government regulatory requirements. Currently, with the increase in industrialization, a wide range of companies are operating for advanced solutions to improve the overall efficiency of operation. In industries such as oil & gas, power, chemical, and mining, asset integrity management services play a vital role to minimize risk during manufacturing operations. These industries are associated with several government and environmental regulations. The regulations in the oil & gas industry are employed for major objectives of protecting the environment, conserving natural resources, and protecting workers & public’s health and safety. The US is recognized as a leading producer of oil and natural gas. The manufacturing activities in the oil & gas industry comprises the involvement of a wide range of equipment and operations that causes emissions. Also, equipment operators face difficulty in maintaining the emission control equipment considering the monitoring and manufacturer’s requirements. Thus, US federal regulations cover guidelines for the overall process and asset management for health and safety of the environment and workers. Therefore, several mining, oil & gas, power, marine, and other related industries have to comply with several emission standards for the equipment, health & safety requirements and control operational malfunction. Thus, companies are inclined toward the adoption of asset management services for equipment maintenance and inspection to avoid equipment failure.
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Asset Integrity Management Services Market: Service Type
Sustainable development is a concept that addresses how the industrial assets must be exploited to receive anticipated return on investment without hampering the natural environment and societal safety. Conventionally, the performance of these assets is evaluated on the basis of financial returns. However, sole dependence on financial evaluation techniques might be suboptimal for determination of industrial assets’ performance. Thus, the industries opt for asset integrity management services that facilitate them with an assurance that the equipment and other assets operating under their surveillance are planned, designed, developed, procured, executed and maintained in a way that they do not disrupt the operation/functioning of their intended application. Some of the most prominent services considered by the industries for the asset integrity management includes Risk-Based Inspection (RBI), Forensic Engineering and Failure Analysis Services, Structural Integrity Management, Corrosion Management, Pipeline Integrity Management, Hazard Identification (HAZID) study, Reliability-Availability-Maintainability (RAM) study, and Non-Destructive Testing (NDT) Inspection.
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