The Worldwide Asset Integrity Management Industry is Expected to Reach $36 Billion by 2027

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May 25, 2022, 07:00 ET

DUBLIN, May 25, 2022 /PRNewswire/ -- The "Asset Integrity Management Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.

The Asset Integrity Management market is projected to grow at a CAGR of 8.54% during the forecast period to reach US$36.038 billion by 2027, from US$20.304billion in 2020. Asset integrity management (AIM) refers to the services and software used in systematic and coordinated activities to confirm the availability of significant assets and systems while protecting health, security, and the environment.

Many factories that perform precarious processes have begun to give more consideration to asset integrity for its purpose in assuring safety. End users in multiple businesses are establishing security practices. Several conventional bodies have also ascertained new measures to implement a better-defined structure for end-users. The threat of an industrial accident in the wake of various high-profile misfortunes has also advanced regulatory authorities to inflict more stringent safety ordinances as well as advance efforts to better implement these regulations. Those who neglect to comply can face massive fines. The agreement with more rigorous security and environmental regulations is stimulating investment among oil and gas, petrochemical, refining, and mining end-users.

The primary factors driving the market growth are the advantages of microservice architecture, like its capability to enhance overall performance and project delivery pace.

The main factor driving the growth of the asset integrity management market is the plunge in oil and gas prices, which is increasing the requirement for the maintenance of company plants and assets across multiple businesses. New offshore fields demanding asset integrity management in deep waters could additionally be a significant determinant of the growing market. The flourishing size of the oil and gas industry is predicted to promise well for the global asset integrity management market.

Asset integrity management services could be profoundly employed to keep a record of maintenance protocols and lift inspection processes in the industry. The requirement for asset integrity management is forecasted to increase due to the growing realisation of a moderating capital outlay in oil fields. One of the important driving determinants of the asset integrity management market is the dire necessity for operational safety because of the deterioration of old assets in multiple industries. Besides, climate variation influences the solidarity of several assets, such as oil and gas infrastructure, tanks, pipelines, and vessels. Incorrect sustenance of asset integrity disrupts human life and the environment and additionally affects the financial aspect of the whole industry. Therefore, the governments of many countries are introducing severe quality control measures and safety laws for industries to securely engage in processes.

Severe operating circumstances, growing operating costs, unpredictable climatic conditions, and lack of skilled laborers are key factors that act as restraints for the growth of the asset integrity management market.

Frequently, complicated infrastructure and deteriorating assets add to the total cost of the industry. Adding to this, the upstream oil and gas industry suffers from high functioning costs and low oil prices, which are regarded as significant hindrances for the asset integrity management market. Likewise, the downstream oil and gas industry operates at its optimal potential owing to the huge demand for its commodities and the availability of reasonable feedstock. As a consequence, the downstream oil and gas industry fights to bear the production uptime of its ageing assets. Under these conditions, asset integrity management is expected to increase the operating cost of the company.

Also, the growing demand for energy from developing countries and power-intensive industries has forced oil and gas exploration companies functioning in the upstream sector to explore deeper and farther offshore into the ocean, and this leads to water pressure and the limit of environmental conditions. The Middle East and Arctic regions already have severe weather situations, and the Arctic region has a sensitive environment with substantial year-round fluctuations, which pose hurdles for investigation devices and types of equipment to accumulate the needed data over some time as the conditions continue shifting.

Therefore, severe functioning circumstances affect the performance of asset integrity management services, which acts as a fundamental factor that limits the growth of the market. A vital concern in the asset integrity management market is equipping the workforce with the needed skills. Rigorous government regulations and the increasing complexity of asset integrity management have led to an expansion in the requirement for a skilled workforce, and this demand is challenging the service supply of the market. Several new skills in the oil and gas industry are quickly changing because of the adoption of digital technologies, and therefore, the shortage of skilled labour is assumed to limit the extension of the asset integrity management market.

By region, North America is expected to dominate the asset integrity management market because of the availability of multiple exploration plants and existing significant and complex equipment in the region, especially in the US.

The growth of the market in the North American region can also be attributed to the initiatives by the government on the maintenance of the integrity of assets, ensuring safety, and environmental preservation. The growing awareness programs about IoT and automation, and the cost-effectiveness of the products, add to the growth of the market in North America.

COVID-19 Insights

COVID-19 has affected various industries worldwide, and the oil and gas industry is no different. Global petroleum product consumption declined significantly because of economic slowdown and travel restrictions. This has considerably affected numerous workers and communities who are reliant on its revenues. Companies are dealing with the oil price war, declining demand, company stability, and employee safety, and are required to focus on developing a compliant business model that can guide to long-term flexibility. The demand for electricity from the industrial sector has diminished significantly.

Governments across the world were forced to decrease business activities due to the pandemic. The current COVID-19 strategy of working at home and social distancing has resulted in a burgeoning accumulation of investigation and maintenance work. However, the adoption of important digital strategies like remote examination and remote collaboration is suspected to assist companies in advancing secure and fruitful assets.

Key Topics Covered:

1. INTRODUCTION

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMAR

4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Powers of Buyers
4.3.3. Threat of Substitutes
4.3.4. The threat of New Entrants
4.3.5. Competitive Rivalry in Industry
4.4. Industry Value Chain Analysis

5. ASSET INTEGRITY MANAGEMENT MARKET, BY SERVICE
5.1. Introduction
5.2. RBI
5.3. RAM Study
5.4. Corrosion Management
5.5. Pipeline Integrity Management
5.6. Hazid Study
5.7. Structural Integrity Management
5.8. NDT
5.9. Others

6. ASSET INTEGRITY MANAGEMENT MARKET, BY INDUSTRY
6.1. Introduction
6.2. Oil & Gas
6.3. Energy & Power
6.4. Mining
6.5. Chemical
6.6. Aerospace
6.7. Others

7. ASSET INTEGRITY MANAGEMENT MARKET, BY GEOGRAPHY
7.1. Introduction
7.2. North America
7.2.1. United States
7.2.2. Canada
7.2.3. Mexico
7.3. South America
7.3.1. Brazil
7.3.2. Argentina
7.3.3. Others
7.4. Europe
7.4.1. Germany
7.4.2. France
7.4.3. UK
7.4.4. Spain
7.4.5. Others
7.5. Middle East and Africa
7.5.1. Saudi Arabia
7.5.2. South Africa
7.5.3. Israel
7.5.4. Others
7.6. Asia Pacific
7.6.1. China
7.6.2. Japan
7.6.3. Thailand
7.6.4. South Korea
7.6.5. India
7.6.6. Indonesia
7.6.7. Japan
7.6.8. Others

8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisition, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix

9. COMPANY PROFILES
9.1. SGS SA
9.2. Bureau Veritas SA
9.3. Intertek Group plc
9.4. TechnipFMC plc
9.5. Aker Solutions ASA
9.6. Applus+
9.7. John Wood Group PLC
9.8. Oceaneering International, Inc.
9.9. Fluor Corporation
9.10. LifeTech Engineering Ltd.
9.11. Dacon Inspection Technologies

For more information about this report visit https://www.researchandmarkets.com/r/3pvo09