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. The growth of this market is propelled by the
necessity of asset integrity management in new offshore fields in deep waters;
declining efficiencies of ageing assets and the need for operational safety;
stringent government safety regulations and quality control requirements;
climatic changes affecting the operations of various industries; and declining
oil and gas prices increasing the demand for maintaining the assets and plants.
The asset integrity management
market for NDT is expected to hold the largest market share by 2023. NDT has
evolved considerably over the last few decades and is now proving to be the
most important method for identifying and quantifying surface and subsurface
defects. It makes the use of various techniques such as ultrasonic, visual
testing, and magnetic particle testing. These testing techniques enable to
handle the various type of surfaces of the devices. This leads to the benefit
of testing and inspection for number of devices for various industries.
The asset integrity management
services market for the oil and gas industry is expected to hold the largest
size by 2023. The oil and gas industry has been affected by the declining oil
and gas prices, which has ultimately increased the need for maintaining the
assets of the existing plants to reduce the losses. The rise in demand for oil
and gas is leading to higher exploration activities being carried out at the
offshore plants due to depleting availability of oil at onshore locations.
Also, the systems and devices used in the offshore locations need crucial
maintenance measures owing to the harsh conditions prevailing in the plant.
Thus, the asset integrity management services are used for easing the
inspection process and keeping track of the maintenance protocol for the oil
and gas industry.
APAC is expected to grow at the
highest CAGR between 2017 and 2023 due to the growing presence of industries
such as oil and gas, power, and mining in the region. The growth of the
aerospace industry in APAC owing to the increasing trend toward air travel
along with the rise in maintenance, repair, and overhaul providers in this
region also drives the asset integrity management market in this region. North
America is expected to hold the largest market share by 2023. In North America,
oil and gas industry is one of the prominent industry owing to the existing
exploration plants and refineries which have number of pipelines as well as
complicated and critical equipment. Thus, various safety measures stated by the
authorities are also followed at the time of manufacturing of a pipeline such
as inspection through methods such as corrosion management and pipeline
integrity to evaluate the welds and ensure their quality. These activities in
North America have driven the asset integrity management services market in
this region.
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Key restraining factors of the
asset integrity management services market are harsh environmental conditions
in the Middle East and Arctic regions, and high initial cost and complex
process of system installation. Key market players such as SGS SA
(Switzerland), Bureau Veritas SA (France), Intertek Group plc (UK), Fluor
Corporation (US), and Aker Solutions ASA (Norway) are focusing on the
strategies such as product launches, agreements, contracts, expansions, and
acquisitions to enhance their geographic presence and expand their business.
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