New York, 12 Feb. 2022 (GLOBE NEWSWIRE) — The latest research study on “Asset Integrity Management Services Market Forecast to 2027 – Impact of COVID-19 and Global Analysis by Type of Service (Non-Destructive Testing (NDT) Inspection, Corrosion Management, Pipeline Integrity Management, Structural Integrity Management, Inspection risk-based (RBI), hazard identification study (HAZID), 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.
|Market size Value in||US$16.85 billion in 2017|
|Market Size Value by||$37.92 billion by 2027|
|Rate of growth||CAGR of 8.9% from 2017 to 2027|
|Year of reference||2017|
|Number of pages||204|
|Number of tables||12|
|Number of graphs and figures||69|
|Historical data available||Yes|
|Segments Covered||Service type inspection; Industry and Geography|
|Regional scope||North America; Europe; Asia Pacific; Latin America; AEM|
|Country scope||United States, United Kingdom, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina|
|Report cover||Revenue Forecast, Business Ranking, Competitive Landscape, Growth Factors and Trends|
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Asset Integrity Management Services Market: Competitive Landscape and Key Developments
SGS SA; Intertek Group plc; Aker Solutions ASA; Bureau Veritas SA; Fluor Corporation; DNV GLAS; John Wood Group PLC; Oceaneering International, Inc.; Rosen Group; and Cybernetix SA are among the major players in the global asset integrity management services market. Leading companies are focusing on expanding and diversifying their market presence by acquiring new customer base, thereby exploiting existing business opportunities.
In 2018, Bureau Veritas announced a strategic partnership with Avitas Systems. This partnership is expected to advance independent inspection services by integrating Avitas Systems’ cloud-based platform, combining automated data collection and artificial intelligence techniques to improve asset-based risk management.
The asset integrity management services market is expected to witness strong growth in the coming years due to stringent government security regulations and growing need for operational security of aging assets in risky industries. However, the costs associated with non-value added maintenance and improper operation are hampering the growth of the market.
Asset integrity management processes improve the ability of an asset to perform its necessary functions. It provides different services in which auditing, inspections and global quality processes are the tools that make an integrity management system effective. Industries such as petrochemicals, oil and gas, renewable energy, power and infrastructure are opting for these services to increase their productivity and address environmental and safety concerns. These industries are risk-based and heavily asset-based in which asset maintenance and inspection are essential. Asset integrity management services ensure improved equipment reliability, productivity and safety to achieve sustainable performance. In addition, this system reduces overall equipment repair cost with increased plant reliability. It is a cost-effective, safe and reliable solution for maintaining company assets and helping to extend the life of equipment.
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The COVID-19 outbreak has been unprecedented and has severely affected many countries around the world. The outbreak has led a majority of governments around the world to impose lockdowns and allow industries to work with minimal labor or temporarily shut down production units. The activities of the Asset Integrity Management Services market players have been hit hard by the COVID-19 pandemic. However, since the end of the second quarter of 2020, several countries have lifted the imposition of confinement and allowed industries to operate with an increased workforce. Thus, the market studied is likely to propel itself forward as the market situation returns to normal.
Strict government safety regulations to propel growth in the years to come:
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 and gas, power, chemicals, and mining, asset integrity management services play a critical role in minimizing risk during manufacturing operations. These industries are associated with several government and environmental regulations. Oil and gas industry regulations are used for major purposes of protecting the environment, conserving natural resources, and protecting the health and safety of workers and the public. The United States is recognized as one of the main producers of oil and natural gas. Manufacturing activities in the oil and gas industry include the involvement of a wide range of equipment and operations that cause emissions. Additionally, equipment operators find it difficult to maintain emission control equipment given monitoring and manufacturer requirements. Thus, US federal regulations cover guidelines for overall process and asset management for environmental and worker health and safety. Therefore, several mining, oil and gas, energy, marine and other related industries need to comply with several emission standards for equipment, health and safety requirements and control operational malfunctions. Thus, companies are inclined to adopt 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 deals with how industrial assets should be operated to receive an anticipated return on investment without harming the natural environment and the safety of society. Traditionally, the performance of these assets is assessed on the basis of financial returns. However, relying solely on financial valuation techniques might be suboptimal in determining the performance of industrial assets. Thus, industries opt for asset integrity management services that facilitate them with the assurance that the equipment and other assets operating under their supervision are planned, designed, developed, purchased, executed and maintained in such a way that they do not disrupt operation/operation. of their intended application. Some of the most important services considered by industries for asset integrity management include risk-based inspection (RBI), forensic engineering and failure analysis services, management Structural Integrity, Corrosion Management, Pipeline Integrity Management, Hazard Identification Study (HAZID), Reliability-Availability-Maintainability Study (RAM) and Non-Destructive Testing Inspection (END).
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