Pune, India, June 13, 2022 (GLOBE NEWSWIRE) -- The global asset integrity management market is projected to gain momentum from the increasing usage of artificial intelligence. This information is published in an upcoming report by Fortune Business Insights, titled, “Asset Integrity Management Market Size, Share and Global Trend by Solutions (Risk-Based Inspection (RBI), Pipeline Integrity Management, Hazard Identification Study, Non-Destructive Testing (NDT) Services, Structural Integrity Management, Corrosion Management, Others), By End-User Industry (Oil and Gas, Mining, Aerospace, Power, Marine, Others) and Geography Forecast till 2029.” The report mentions that integration of IoT and a rapid inclination towards the automation technology are likely to drive the asset integrity management market growth during the forecast period.
The report provides elaborate information regarding the asset integrity management market trends, future prospects, growth drivers, regions, and obstacles. Besides these, it highlights all the segments of the market and states the leading ones separately. It further pin-points the competition dynamics to offer comprehensive data about the competitive edge.
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Market Drivers-
Increasing Need for Operational Safety Likely to Drive Market Growth
One of the major driving factors of the asset integrity management market is the urgent requirement for operational safety due to the degradation of old assets in various industries. Moreover, climate change affects the integrity of several assets, namely, oil & gas infrastructures, vessels, tanks, and pipelines. Improper maintenance of asset integrity not only disturbs the human life and environment but also impacts the financial aspect of the entire industry. Hence, governments of numerous countries are putting forward strict quality control standards and safety rules for the industries to safely undertake processes. These rules would also aid in causing less impairment to the environment.
Highlights of the Report-
The report is based on extensive research on the market and its growth parameters, including drivers, restraints, challenges, and opportunities in the market. It also includes the table of segmentation, along with a list of segments dominating the market and its attributed factors. The report throws light on the significant industry developments, current asset integrity management market trends, and other interesting insights offered by the market. For more information on the market, log on to the company website.
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Regional Segmentation-
Rising Awareness Programs About Automaton & IoT to Favor Growth in North America
Geographically, the asset integrity management market is fragmented into the Middle East & Africa, Europe, Latin America, North America, and Asia Pacific. Out of these regions, North America leads the market due to increasing awareness programs regarding IoT and automation. The products are also cost-effective in this region. Additionally, the oil and gas industry is one of the dominant consumers of asset integrity management services in this region.
In Asia Pacific, on the other hand, emerging nations, such as Bangladesh, India, Vietnam, and China are anticipated to boost the market growth in the coming years due to the rising industrialization. In OPEC and the Middle East, the oil and gas industry is likely to exhibit a steady growth for IoT and automated asset integrity management services. Furthermore, Industry 4.0, a recent initiative by the German government to transform industrial manufacturing process through digitization, would propel the asset integrity management market size in Europe.
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WFS Technologies to Expand into Brazil and Houston to Meet its Growth Objectives
WFS Technologies, a renowned provider of subsea cloud computing networks (SCCNs), subsea Internet of Things (SIoT), and subsea wireless automation, headquartered in the U.K., announced its expansion into Brazil and Houston in July 2019. They are persistently trying to meet their goals to grow in the upcoming years. The company stated that energy industry sales director, Molly Reyes, joined the senior leadership team to explore new opportunities and lead the new office in North America and the Gulf of Mexico. The energy industry in the U.S. is undergoing digital transformation at present. Information nowadays has become a prized possession. The team of WFS blends cutting edge cloud computing with innovative hardware to resolve few of the toughest challenges that are faced at offshore locations.
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List of Players Operating in the Asset Integrity Management Market are as follows:
- Intertek
- SGS
- Bureau Veritas Group
- Genesis Oil and Gas Consultants
- FORCE Technology
- TÜV SÜD
- DNV GL
- Lloyd's Register
- RINA
- Asset Integrity Engineering (AIE)
- Aker Solutions
- MISTRAS Group Inc.
- Element Materials Technology
Asset Integrity Management Market Segmentation:
By Solutions:
- Risk-Based Inspection (RBI)
- Pipeline Integrity Management
- Hazard Identification Study
- Non-Destructive Testing (NDT) Services
- Structural Integrity Management
- Corrosion Management
- Others
By End-User Industry:
- Oil and Gas
- Mining
- Aerospace
- Power
- Marine
- Others
Table Of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Industry Developments - Merger, Acquisitions, and Partnerships
4.2. Porter’s Five Forces Analysis
4.3. SWOT Analysis
4.4. Technological Developments
4.5. Value Chain Analysis
4.6. Impact of COVID-19 on Asset Integrity Management Market
5. Global Asset Integrity Management Market Analysis, Insights and Forecast, 2017-2028
5.1. Key Findings / Summary
Continued…
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