Global Asset Integrity Management Market 2018 - Industry Opportunities and Development Analysis 2025
The global asset integrity management market is expected to grow from USD 20.34 Billion in 2017 to USD 48.35 Billion by 2025 at a CAGR of 11.4% during the forecast period from 2018-2025. The North America region is dominating the market due to increasing opportunities in energy, power sectors and deep water oil fields. Stringent government policies to maintain the quality of asset and environment is another factor which has fuelled the growth of asset integrity management market in this region.
Global Asset Integrity Management Market by Service Type (Risk-Based Inspection (RBI), Pipeline Integrity Management, Corrosion Management And Others), Industry, Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2018 to 2025.
Prominent companies in the industry include Aker Solutions, Bureau Veritas SA, Fluor Corporation, Intertek Group plc and Applus Servicios Tecnol√≥gicos among others. Developing and developed (U.S, Germany, U.K, China and Japan) are offering greater opportunities and major players are continuously focused on new product developments to obtain market share. In 2017, Bureau Veritas launched a next generation asset integrity management solution known as AIM3D. It combines a digital twin of any marine or offshore assets which is used in shipping and offshore industries.
The service type segment is segregated into Risk-Based Inspection (RBI), pipeline integrity management, corrosion management, structural integrity management, Nondestructive Testing (NDT) Inspection, Reliability-Availability-Maintainability (RAM) Study, Hazard Identification (HAZID) Study and others. The Nondestructive Testing (NDT) Inspection segment is dominating the asset integrity management market with USD 3.36 Billion in 2017. It is used in manufacturing industries and in-service application to reduce cost which justifies the reason for its growth.
Based on industry, the segment includes oil and gas, power, mining, marine, aerospace and others. Among this, oil and gas industry is anticipated to grow with the highest CAGR over the forecast period as it controls risk and operating costs and maintains safe environment which drives the demand of the market.
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Growing demand for maintaining the assets is a major factor driving the market. Introduction of cloud technology to serve the asset integrity management is paving the way for manufacturers to look for new opportunities and conduct better operations. In addition, stringent government policies and quality control requirements along with. Increasing operational efficiency by minimising the cost are fuelling the growth of market. Lack of skilful and trained labours may hamper the growth of market. However, identification of new oil and gas reserves boost the market in coming years.
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