Global Asset Integrity Management Market
By Service Type (Hazard Identification (HAZID) Study, Structural Integrity Management, Nondestructive Testing (NDT), Inspection Risk-Based Inspection (RBI), Reliability, Availability, and Maintainability (RAM) Study, Corrosion Management, Pipeline Integrity Management), Vertical (Mining, Aerospace, Oil and Gas, Power), and Regional Market Size, Status and Forecast to 2025
The Global Asset Integrity Management Market was valued at USD 17.53 billion in 2016 and is projected to reach USD 37.95 billion by 2025, growing at a CAGR of 8.96% from 2017 to 2025.
Asset Integrity Management (AIM) provides the ability of an asset to perform its function effectively and efficiently for protecting health, safety and environment. The goal of asset integrity management is to effectively manage corporate assets in order to gain maximum value, profitability and returns. Benefits of AIM system includes - reliability improvement, improved environmental performances, improved safety, reduce risk, reduced maintenance and inspection cost, and maximize reliability, availability, maintainability of equipment.
1. Market Drivers
1.1 Rising explorations for the oil and gas reserves in the emerging countries
1.2 Adoption of cloud technology with the asset integrity management services
1.3 Reduction in oil and gas prices
1.4 Increasing demand for maintaining the asset and plant
1.5 Growing need of asset integrity management in new offshore fields in deep waters
1.6 Strict government safety rules and quality control requirements
2. Market Restraints
2.1 High initial cost
2.2 Complex process of system installation
2.3 Lack of technical expertise
The Global Asset Integrity Management Market is segmented on the service type, vertical, and region.
1. Service Type:
1.1 Hazard Identification (HAZID) Study
1.2 Structural Integrity Management
1.3 Nondestructive Testing (NDT)
1.4 Inspection Risk-Based Inspection (RBI)
1.5 Reliability, Availability, and Maintainability (RAM) Stud
1.6 Corrosion Management
1.7 Pipeline Integrity Management
2. By Vertical:
2.3 Oil and Gas
3. By Region:
3.1 North America (U.S., Canada, Mexico)
3.2 Europe (Germany, UK, France, Rest of Europe)
3.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
3.4 Latin America (Brazil, Argentina, Rest of Latin America)
3.5 Middle East & Africa
The major players in the market are as follows:
1. DNV GL AS
2. Intertek Group PLC
3. Fluor Corporation
4. SGS SA
5. Oceaneering International Inc.
6. TechnipFMC plc
7. Bureau Veritas SA
8. ROSEN Swiss AG
9. John Wood Group PLC
10. Applus+ Servicios Tecnológicos, S.L.
11. Aker Solutions ASA
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
RESEARCH METHODOLOGY OF VERIFIED MARKET INTELLIGENCE:
Research study on the Global Asset Integrity Management Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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