28-Feb-2020 | Zion Market Research
Zion Market Research has published a new report titled “Asset Integrity Management (AIM) by Service Type (RAM Study, RBI, NDT, Pipeline Integrity Management, Corrosion Management, Structural Integrity Management, HAZID (Hazard Identification) Study and Others), By Industry (Power, Oil and Gas, Aerospace, Mining and Others) - Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026.” According to the report, the market for asset integrity management was valued USD 22.67 Billion in 2019 and is expected to reach around USD 40.28 Billion by 2026, at a CAGR of approximately 8.70 % for the forecast period from 2020 to 2026.
Browse the full “Asset Integrity Management (AIM) by Service Type (RAM Study, RBI, NDT, Pipeline Integrity Management, Corrosion Management, Structural Integrity Management, HAZID (Hazard Identification) Study and Others), By Industry (Power, Oil and Gas, Aerospace, Mining and Others) - Global Industry Perspective, Comprehensive Analysis, and Forecast, 2019 – 2026..” Report at https://www.zionmarketresearch.com/report/asset-integrity-management-market
Asset integrity management systems are referred to as the asset's capacity to perform accurately and effectively, along with the measures to assure the asset's life cycle.
The asset integrity management market will have a significant growth in the forecast years. Owing to its rising necessity of AIM in deep waters and new offshore fields along with the deteriorating efficiency of the assets with aging is expected to drive market growth in the long run. Surging demand for operational safety along with stringent government norms and requirements for quality control is anticipated to support the market growth. Moreover, climatic changes are also affecting the operations of several industries, thereby propelling the demand for asset and plant maintenance. Furthermore, oil & gas industry offshore assets, ridges, pipelines are being used by the industry beyond the asset life thus putting human life and environment at risk; this is anticipated to boost the demand for the asset integrity management solutions. These offshore platforms have to face harsh atmospheric weather conditions such as corrosive saltwater, strong ocean currents, and hurricanes. As these platforms are immobile and cannot be brought to shore for repairs like drilling rigs, the demand for the market will grow in the near future.
The improper maintenance of such assets will not only influence the financial aspects of the industry but also hinder human life and the environment. Declining oil and gas prices boost the demand for maintaining the asset and plant. However, high initial cost and complex process of system installation and harsh environmental conditions in the Middle East and Arctic Regions are anticipated to hinder market growth in the long run.
The asset integrity management market is segmented on the basis of service type, and industry. RAM study, Risk Based Inspection (RBI), Non-Destructive Testing (NDT), pipeline integrity management, corrosion management, structural integrity management, HAZID (hazard identification) study and others are the various types of services considered in the scope of the market. NDT service type segment is expected to hold a significant share in the anticipated time period due to its importance and uses in several industries for assuring the safe, cost-effective functioning and reliability. NDT is used in industries where shutting down the plant for inspection is not an option, as these industries are huge and shutting down will cost them. The most frequently used NDT methods are liquid penetrant testing, magnetic particle testing, ultrasonic testing, radiographic testing, visual testing, and electromagnetic testing. All these factors are anticipated to drive market growth in the forecast timeframe.
The asset integrity management market in APAC is anticipated to grow at a substantial rate between 2020 and 2026, owing to the increasing presence of industries like power, oil and gas and mining in the region.
Renowned asset integrity management market players are SGS SA, Fluor Corporation, Intertek Group plc, DNV GL AS, Bureau Veritas SA, John Wood Group PLC, ROSEN Swiss AG, Aker Solutions ASA, Oceaneering International Inc., and TechnipFMC plc among others.
The report segments the asset integrity management market as follows:
Global Asset Integrity Management Market: Service Type Segment Analysis
Global Asset Integrity Management Market: Industry Segment Analysis
Global Asset Integrity Management Market: Regional Segment Analysis
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