The Asset Integrity Management Services market accounted to US$ 16.85 Bn in 2017 and is anticipated to grow at a CAGR of 8.9% to account for US$ 37.92 Bn by 2027.
Asset integrity management processes protects the capability of an asset to perform its necessary functions effectively. It efficiently manages corporate assets to gain profitability and all the services such as design, inspection, maintenance, and operations highly impact the integrity of infrastructure and equipment. Asset integrity management provides different services in which auditing, inspections, and overall quality processes are the tools which makes an integrity management system effective. The industries such as petrochemical, oil & gas, renewable energy, power, and infrastructure opt for these services in order to achieve increased productivity along with meeting environmental and safety concerns. These industries are risk-based and highly asset-based in which maintenance and inspection of such assets are essential. Operational efficiency for asset in oil & gas, mining, and power industries is foremost important, thus, regular maintenance of these assets is important to gain maximum productivity. Chemicals and oil & gas products are corrosive and flammable in nature, thus, require continuous inspection and maintenance of the equipment for overall operational efficiency and safety. The asset integrity management services ensure improved reliability, productivity, and safety of the equipment to achieve performance in sustainable manner. Also, this system also reduces overall repair cost of equipment with increased plant reliability. It is cost-effective, safe, and reliable solution to maintain company’s assets and help to extend lifetime of the equipment. It is indicated from the aforementioned factors that, the key for this maintenance & reliability using asset integrity management services is to extend the life of aging assets reliably and increase operational safely.
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Intertek Group plc.
Bureau Veritas SA
DNV GL AS
John Wood Group PLC
Oceaneering International, Inc.
Impact of COVID-19 Pandemic on Asset Integrity Management Services Market
The COVID-19 outbreak has been unprecedented and has severely affected numerous countries across the globe. The outburst of the virus has led the majority of the governments across the globe to impose lockdown and allow the industries to either work with minimum workforce or shut down the production units temporarily. However, since the end of the second quarter of 2020, several countries have uplifted the lockdown imposition and are allowing the industries to operate with an increased workforce. The asset integrity management services market players businesses were hit hard with the emergence of COVID-19 and have negatively impacted their businesses.
The players operating in the enterprise content management market focus on strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:
In Feb 2019, Fluor Corporation announced that Stork a part of Flour’s diversified service segment won a five-year contract by Ecopetrol’s subsidiary Cenit Transportation and Logistics in Colombia. This would enable the company to expand to new regions and gain a higher brand value.
In Jan 2019, Aker Solutions won its first contract on Northern Lights. The project is aimed to build a facility storage facility capable of receiving CO2 from various industrial sources. The project is initiated by quinor in partnership with Shell and Total.
Global Asset Integrity Management Services Segments:
Asset Integrity Management Services Market – By Service Type
Non-Destructive Testing (NDT) Inspection
Pipeline Integrity Management
Structural Integrity Management
Risk-Based Inspection (RBI)
Hazard Identification (HAZID) Study
Reliability-Availability-Maintainability (RAM) Study
Forensic Engineering and Failure Analysis Services
Asset Integrity Management Services Market – By Industry
Oil & Gas
Asset Integrity Management Services Market – By Geography
Rest of Europe
Asia Pacific (APAC)
Rest of APAC
Middle East & Africa (MEA)
Rest of MEA
South America (SAM)
Rest of SAM
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