Newark, NJ, Jan. 29, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global asset integrity management market is expected to grow from USD 20.34 Billion in 2017 to USD 48.35 Billion by 2025 at a CAGR of 11.40% during the forecast period 2018-2025.
Increased development in energy & power sectors, new opportunities found in deep water oil fields, increasing operational efficiency by reducing the cost, stringent government policies, quality control requirements, growing demand for maintaining the assets and increasing awareness to control capital expenditure are the factors driving the asset integrity management market.
Asset Integrity Management (AIM) is defined as a system that allows management of the ability and potential of an asset to conduct its operation effectively thereby mitigating and reducing deterioration caused by corrosion and fatigue cracks. It ensures that people, processes, and materials are aligned and used in such a way that they generate better outcomes. In other words, to avoid unplanned downtime, operators need to maintain asset integrity and the associated safety and environmental incidents. Asset integrity management (AIM) focuses on pressure containing vessels like tanks and pipes to make sure that these assets deliver the needed functions and performance sustainably. They are operated on some protocols that aim to protect the asset, people, and environment. They are not just meant for old asset but is considered in all the stages of product life cycle i.e. from conception to operation, inspection, and finally to replacement whenever it is ought to be necessary for them to be repaired. The asset integrity management system intends to maintain the asset in a fit-for-service condition. Asset integrity management services are used to mostly keep the track of maintenance protocols that ease up the inspection processes in the industry. Over the last decades, asset integrity management has become common in the number of industries for inspection and testing of several devices.
Growing demand for maintaining the assets is a major factor driving the market. The introduction of cloud technology to serve asset integrity management is paving the way for manufacturers to look for new opportunities and conduct better operations. In addition, stringent government policies and quality control requirements along with. Increasing operational efficiency by minimizing the cost is fuelling the growth of the market. Lack of skillful and trained labors may hamper the growth of the market. However, the identification of new oil and gas reserves boost the market in the coming years.
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Key players operating in the global asset integrity management market include 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.
- Extensive product portfolio and expansion strategies by major players are contributing for the growth of the sector. For instance, in 2015, ABS Group launched a new offshore Asset Integrity Management (AIM) service which rendered operational reliability. It provided a clear picture to customers about the condition of assets.
- Major players are continuously focused on new product developments to obtain market share For instance in 2017, Bureau Veritas launched a next generation asset integrity management solution known as AIM3D. It combines a digital twin of any marine or offshore assets which is used in shipping and offshore industries.
Nondestructive Testing (NDT) Inspection segment held largest market share of 21.50% in 2017
Service type segment is classified into Risk-Based Inspection (RBI), pipeline integrity management, corrosion management, structural integrity management, nondestructive testing (ndt) inspection, reliability-availability-maintainability (ram) study, hazard identification (hazid) study and others. Nondestructive testing (ndt) segment is anticipated to grow with the highest CAGR over the forecast period. Out of numerous applications, it is chiefly used in manufacturing industries and in-service application to reduce operating expenses thus driving the growth of service type segment.
Oil and gas segment valued around USD 3.98 Billion in 2017
Industry segment includes oil and gas, power, mining, marine, aerospace and others. Oil and gas has highest market share in 2017 and is playing a chief role in shaping business growth and. This industry services helps to control risk and operating costs and maintains safe environment which drives the demand of the oil and gas segment.
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Regional Segment Analysis of the Asset Integrity Management Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America region dominated the global asset integrity management market with USD 7.20 Billion in 2017 where as the Asia Pacific region held the second dominant position in the market. The North America region is a dominating the market due to the development of energy and power sectors which has provided ample amount of opportunities. Also, government policies and regulations to maintain the quality of asset and environment are some of the factors that led to the growth of asset integrity management market in this region. Asia Pacific is the growing rapidly due to the increasing demand for vision-guided robotic systems, adoption of application-specific asset integrity management system, and government initiatives for using the asset integrity management which are creating opportunity for the growth of the market.
About the report:
The global asset integrity management market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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