Asset integrity management services are used for the inspection and testing of the assets used in various industries. These services help extends the life and increases the productivity of the assets. Continuous inspection of the plants and systems helps gather the data regarding the asset health and improve the manufacturing process. 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. Increasing demand for asset integrity management services in new offshore fields in deep waters is one of the major factors boosting the growth of the market. It helps maintain the declining efficiencies of aging assets and ensure the operational safety.
SGS SA (Switzerland), Bureau Veritas SA (France), Intertek Group plc (UK), Fluor Corporation (US), and Aker Solutions ASA (Norway) are some of the leading players in the asset integrity management market. Some of the key strategies adopted by the major players to gain a competitive edge in the market include product launches, agreements, contracts, expansions, and acquisitions.
SGS SA was the leading company in the asset integrity management market in 2016. The company manufactures and provides the entire range of products needed for offering NDT services for structural integrity management. The company offers a wide portfolio of services across the entire value chain of the oil and gas industry which helps it to gain a competitive advantage in the asset integrity management market. The company has established a strong brand name because of its innovative strength, technological excellence, high sustainability, and remarkable quality of products. Furthermore, the company also has a strong geographic presence. To maintain its position in the market, the company has been focusing on organic growth strategies such as expansions. In September 2016, the company expanded the operations of its Oil, Gas and Chemicals Services segment in St. Petersburg, Russia, by installing a new oil condition monitoring facility. The company also focuses on the strategy of contracts; in December 2016, Royal Dutch Shell Plc (Shell) (Netherlands) appointed SGS SA to provide offshore cargo inspectors and third-party laboratory services to the Prelude FLNG project of Shell in Western Australia.
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Bureau Veritas SA was another leading company in the asset integrity management market in 2016. The company has a strategically balanced portfolio. For instance, in April 2017, it launched Veristar AIM3D which combines a digital twin of marine or offshore assets with smart data in a collaborative environment. This software helps reduce the capital expenditure and operating costs for the operators of offshore installations. The services offered by the company have wide application area including oil and gas, power, and mining industries.
Other companies involved in the development of asset integrity management services include Applus+ Servicios Technológicos, S.L. (Spain), DNV GL AS (Norway), John Wood Group PLC (UK), Oceaneering International Inc. (US), ROSEN Swiss AG (Switzerland), and TechnipFMC plc (UK).
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