Global Asset Integrity Management Market: Snapshot
The global asset integrity management market is foreseen to gain growth due to the decline in oil and gas prices raising the demand for the maintenance of company plants and assets across various industries. New offshore fields requiring asset integrity management in deep waters could also be a major factor augmenting market growth. Nondestructive testing (NDT) inspection is expected to be a significant type of service garnering a massive share in the coming years. It has been considered to be one of the most vital techniques of quantifying and identifying subsurface and surface defects. Over the last decades, NDT has evolved substantially and benefited a number of industries on the part of the inspection and testing of several devices.
The burgeoning size of the oil and gas industry is prognosticated to augur well for the global asset integrity management market. Asset integrity management services could be highly used to keep track of maintenance protocols and ease up inspection processes in the industry. The need for asset integrity management could increase in the near future due to the rising awareness about mitigating capital outlay in oil fields. The rise of the aerospace industry could also prove to be crucial for the growth of the market as overhaul, repair, and maintenance providers continue to increase in regions such as Asia Pacific that carry a growing inclination toward air travel.
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Although some of the key players of the global asset integrity management market could face challenges during their operation, specific strategies such as acquisitions, expansions, contracts, agreements, and product launches are envisaged to save the day. These could prove to be essential for expanding their business and improving their regional presence in the market. Adoption of new technologies and the rapid growth in the power industry could also be focused upon to cash in on lucrative prospects in the market.
Asset integrity management (AIM) ensures the desired performance of an asset effectively and efficiently at every stage of its lifecycle. It manages the risk of failures as well as events in design, construction, and during operation of facilities. It ensures optimal production and protection of the environment in addition to human life. Different industries including oil & gas, mining, and power are handling assets through asset integrity management in order to ensure reliability, safety, regulatory compliance, and technical integrity of their assets.
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The upstream oil & gas industry faces high operating costs and low oil prices. Increasingly complex infrastructure and aging assets add to the overall cost of the industry, and is considered a major drawback for asset integrity management. Similarly, the downstream oil & gas industry functions at its optimal capacity owing to the high demand for its products and availability of inexpensive feedstock. As a result, the downstream oil & gas industry struggles to sustain the production uptime of its aging assets. Given these circumstances, asset integrity management is anticipated to add to the operating cost of the industry.
New opportunities expected to boost the asset integrity management market include its increase in demand in the marine and industrial manufacturing sectors. Appropriate regulations and safety standards made mandatory by the government in the industrial manufacturing sector are expected to propel the asset integrity management market in the developing economies.
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Asset integrity management market can be segmented on the basis of service type, end-use industry, and geography. The service type segment can be further classified into risk-based inspection (RBI), reliability, availability, and maintainability (RAM) study, corrosion management, pipeline integrity management, hazard identification (HAZID) study, structural integrity management, nondestructive testing inspection (NDT), and others. On the basis of end-use industry, the asset integrity management market can be divided into oil & gas, mining, marine, aerospace, power, industrial manufacturing, and others. Geographically, the asset integrity management market can be classified into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA) and South America.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
