Asset Integrity Management Market – Adoption of new technologies and the rapid growth in the power industry

Asset Integrity Management Market

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.

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. The significance of effective asset integrity management increases as the assets of an industry grow in age. Asset integrity management programs focus on structural integrity, mechanical & machine integrity, and control systems integrity, owing to which, the asset owner’s uptime is increased, operating expense (OPEX) is reduced, and business performance is improved.

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A key factor driving the asset integrity management market is the necessity for operational safety owing to deteriorating effectiveness of aging assets in several industries. Climatic changes is another factor that affects the integrity of assets such as tanks, vessels, pipelines, oil & gas infrastructures, and others. Moreover, ineffective maintenance of asset integrity not only impacts the financial aspect of the industry, but also disturbs the environment and human life. Therefore, governments across the world have set stringent safety regulations and quality control standards that are required to be followed by industries for safer process plants and less impairment to the environment. North America presently dominates the asset integrity management market owing to the presence of large number of exploration plants and existing critical and complicated equipment in the region. Asia Pacific is anticipated to witness relatively faster growth due to the growing presence of power, mining, and oil & gas industries in the region.

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.

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.

Some of the key players in the asset integrity management market are Aker Solutions ASA, Applus Servicios Tecnológicos, S.L.U., Asset Integrity Solutions, Bell Energy Services UK Limited, Bureau Veritas SA, Fluor Corporation, Intertek Group plc, SGS SA, John Wood Group PLC, MISTRAS Group Inc., TWI Ltd., Metegrity Inc., KMAC Limited, EM&I Ltd., LifeTech Engineering Ltd., Oceaneering International Inc., ROSEN Swiss AG, WorleyParsons Ltd.,  Bell Energy Services UK Limited, Dacon Services AS, TechnipFMC plc, KMAC Ltd., and Lloyd’s Register Group Services Limited.