Attractive Growth Opportunities for the Asset Integrity Management Market
Asset Integrity Management Market by Service & Geography - Global Forecast 2023 | MarketsandMarkets
United States, 11 February 2019 -- [187 Pages Report] Asset Integrity Management Market categorizes global market by Service (RBI, Ram Study, Corrosion Management, Pipeline Integrity Management, Hazid Study, Structural Integrity Management, NDT), Industry, and Geography
The asset integrity management market is expected to be worth USD 31.66 Billion by 2023, at a CAGR of 8.7% between 2017 and 2023. The growth of this market is propelled by the necessity of asset integrity management in new offshore fields in deep waters; declining efficiencies of ageing assets and the need for operational safety; stringent government safety regulations and quality control requirements; climatic changes affecting the operations of various industries; and declining oil and gas prices increasing the demand for maintaining the assets and plants.
The asset integrity management market for NDT is expected to hold the largest market share by 2023. NDT has evolved considerably over the last few decades and is now proving to be the most important method for identifying and quantifying surface and subsurface defects. It makes the use of various techniques such as ultrasonic, visual testing, and magnetic particle testing. These testing techniques enable to handle the various type of surfaces of the devices. This leads to the benefit of testing and inspection for number of devices for various industries.
The asset integrity management services market for the oil and gas industry is expected to hold the largest size by 2023. The oil and gas industry has been affected by the declining oil and gas prices, which has ultimately increased the need for maintaining the assets of the existing plants to reduce the losses. The rise in demand for oil and gas is leading to higher exploration activities being carried out at the offshore plants due to depleting availability of oil at onshore locations. Also, the systems and devices used in the offshore locations need crucial maintenance measures owing to the harsh conditions prevailing in the plant. Thus, the asset integrity management services are used for easing the inspection process and keeping track of the maintenance protocol for the oil and gas industry.
APAC is expected to grow at the highest CAGR between 2017 and 2023 due to the growing presence of industries such as oil and gas, power, and mining in the region. The growth of the aerospace industry in APAC owing to the increasing trend toward air travel along with the rise in maintenance, repair, and overhaul providers in this region also drives the asset integrity management market in this region. North America is expected to hold the largest market share by 2023. In North America, oil and gas industry is one of the prominent industry owing to the existing exploration plants and refineries which have number of pipelines as well as complicated and critical equipment. Thus, various safety measures stated by the authorities are also followed at the time of manufacturing of a pipeline such as inspection through methods such as corrosion management and pipeline integrity to evaluate the welds and ensure their quality. These activities in North America have driven the asset integrity management services market in this region.
Key restraining factors of the asset integrity management services market are harsh environmental conditions in the Middle East and Arctic regions, and high initial cost and complex process of system installation. Key market players such as SGS SA (Switzerland), Bureau Veritas SA (France), Intertek Group plc (UK), Fluor Corporation (US), and Aker Solutions ASA (Norway) are focusing on the strategies such as product launches, agreements, contracts, expansions, and acquisitions to enhance their geographic presence and expand their business.
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