Dublin, Feb. 11, 2022 (GLOBE NEWSWIRE) -- The "Global Asset Integrity Management Market with COVID-19 Impact by Service (NDT, RBI, Corrosion Management, Pipeline Integrity Management, HAZID Study, Structural Integrity Management, RAM Study), Industry, and Geography - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global asset integrity management market size is projected to grow from USD 20.3 billion in 2021 to USD 25.7 billion by 2026 at a CAGR of 4.9% from 2021-2026. The major factors driving the market growth include the growing demand for asset integrity management in new offshore fields in deep waters, declining efficiencies of aging assets, and the need for securing operational safety in various industries, such as oil and gas and power. However, factors such as lack of skilled personnel for operating asset integrity management systems and software pose challenges for market growth.
COVID-19 has affected the operations and financial condition of asset integrity management service providers. The pandemic has resulted in a widespread health crisis, which is adversely affecting the financial markets and economies of countries and end-user industries. This is expected to lead to an economic downturn and negatively affect the market for asset integrity management.
The market for corrosion management to witness high-growth potential during the forecast period
The market for corrosion management services is projected to grow at the highest CAGR from 2021 to 2026. Seawater environments are highly corrosive for offshore assets, and early detection, prevention, and treatment are vital to optimize life cycle costs, uptime, and safety. Negligence toward corrosion management leads to the loss of valuable resources and poses a threat to human life. Corroded pipelines and structures are prone to leakage leading to unscheduled breakdowns and immediate loss of the content to the surroundings. Increasing performance requirements, aging infrastructure, and the need to optimize cost and safety are driving the need for more comprehensive corrosion management services and solutions.
The asset integrity management market for the power industry to grow at the highest CAGR during the forecast period
Asset integrity management services are implemented in many segments of the power industry to enhance safety and productivity and maintain the integrity of valuable assets involved in this industry. NDT services are used to inspect the integrity of pipelines, turbines, other assets included in the power industry. The need to meet the escalating energy demand driven by rapid industrialization and growing population, especially in the Asia Pacific, has led to an increase in the number of power plants, and consequently, the demand for asset integrity management services.
North America to account for the largest size of asset integrity management market during the forecast period
North America has been a major contributor to the overall asset integrity management market since it is transforming into an important hub for the manufacturing and power generation sectors. The region has major players from the oil & gas and power industries, which are the prominent end-users of asset integrity management services. Both oil and gas plants and power plants in North America need to operate at optimum levels due to the increasing consumption of power, oil, & gas in the region. Optimum utilization of resources in the oil & gas industry requires continuously operating plants with minimal downtime and reduced energy consumption; efficient asset integrity management and monitoring systems can help achieve these conditions.
Market Dynamics
Drivers
- Decreasing Efficiencies of Aging Assets and Requirement for Operational Safety
- Recognition of New Offshore Fields and Subsequent Increase in Demand for Asset Integrity Management Services
- Climatic Changes Give Rise to Operational Disturbances Across Industries
- Strict Safety Regulations and Quality Control Requirements
Restraints
- High Initial Costs and Complexities with Installation
- Adverse Impact of Harsh Environmental Conditions in the Middle East and Arctic Regions
Opportunities
- Increasing Demand for Renewable Sources of Energy
- Growth of Power Sector in Emerging Nations
- Confluence of Cloud Technology and Asset Integrity Management Services
Challenges
- Lack of Skilled Workforce to Manage Asset Integrity Management Systems and Software
Companies Mentioned
- ABS Group
- Aker Solutions
- Applus Services
- Asset Integrity Engineering
- Axess Group
- Bell Energy Services UK
- Bureau Veritas
- Dacon Inspection Technologies
- DNV
- Element Materials Technology
- Em&I
- Fluor
- Force Technology Norway
- Intertek Group
- John Wood Group
- Lifetech Engineering
- Metegrity
- Oceaneering International
- OES
- Rina
- Rosen Swiss
- SGS
- TechnipFMC
- Tuv Sud
- TWI
- Velosi Asset Integrity
For more information about this report visit https://www.researchandmarkets.com/r/mns904
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