According
to the new market research report "Asset Integrity Management Market by Service
(RBI, RAM Study, Corrosion Management, Pipeline Integrity Management, Hazid
Study, Structural Integrity Management, NDT), Industry, and Geography - Global
Forecast to 2023", the asset
integrity management market is expected to be valued at USD 31.7 billion by
2023, at a CAGR of 8.7% between 2017 and 2023. Factors that are driving the
growth of the market include the necessity of asset integrity management in new
offshore fields in deep waters; declining efficiencies of aging 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 increase the demand for
maintaining the asset and plant.
Corrosion management to exhibit highest
growth in asset integrity management market during forecast period
The
corrosion management is a step-wise process that starts with risk assessment.
Risk assessment helps identify the potential damage mechanism and focus on
particular assets for inspection, thus monitoring them. The risk assessment
study helps make the necessary changes in the existing corrosion policy and
strategy. This is followed by the inspection planning that is established on
the basis of results of the risk assessment study. Inspection planning helps to
plan the inspection process for the assets at frequent intervals throughout the
asset life. Once prepared, the plan is implemented to measure the critical
parameters and ensure corrosion control. The implemented plan also undergoes
audit on frequent intervals for making improvements, if needed, in the
corrosion management strategy.
Power industry to grow at highest rate
for asset integrity management market during forecast period
The
asset integrity management services in the power industry are used for ensuring
the efficient and optimal working of power plants. Since a number of complex
equipment and components are involved in the industry, the chances of their
failure and unplanned shutdown also increase. An unplanned shutdown of a power
plant can have disastrous effects for end-user industries and organizations.
Any process industry may undergo heavy losses if the process is stalled due to
disrupted power supply; similarly, a power cut for any hospital may lead to
fatal events for patients. The data centers storing huge amounts of valuable
data and servers need a continuous power supply for functioning and ventilation
of the storage disks and processor chips. Thus, the implementation of asset
integrity management services is must to keep the power plants running.
Asset integrity management market in
North America to have highest market size in 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. In the oil and gas, pipelines
carry important liquids, ranging from water to crude oil, worldwide. These
pipes are prone to be affected by the internal and external environmental
factors such as corrosion, cracking, and manufacturing flaws. The consequences
can be disastrous in the case of leakages in the pipelines carrying fuels or
any harmful gas or a chemical. 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.
The
major players in the asset integrity management market are SGS SA
(Switzerland), Bureau Veritas SA (France), Intertek Group plc (UK), Fluor
Corporation (US), Aker Solutions ASA (Norway), 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).
About MarketsandMarkets™
MarketsandMarkets™
provides quantified B2B research on 30,000 high growth niche
opportunities/threats which will impact 70% to 80% of worldwide companies’
revenues. Currently servicing 7500 customers worldwide including 80% of global
Fortune 1000 companies as clients. Almost 75,000 top officers across eight
industries worldwide approach MarketsandMarkets™ for their painpoints around
revenues decisions.
Our
850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high
growth markets following the "Growth Engagement Model – GEM". The GEM
aims at proactive collaboration with the clients to identify new opportunities,
identify most important customers, write "Attack, avoid and defend"
strategies, identify sources of incremental revenues for both the company and
its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants
(Positioning top players across leaders, emerging companies, innovators,
strategic players) annually in high growth emerging segments.
MarketsandMarkets™ is determined to benefit more than 10,000 companies this
year for their revenue planning and help them take their
innovations/disruptions early to the market by providing them research ahead of
the curve.
MarketsandMarkets’s
flagship competitive intelligence and market research platform,
"Knowledgestore" connects over 200,000 markets and entire value
chains for deeper understanding of the unmet insights along with market sizing
and forecasts of niche markets.
Contact:
Mr. Shelly Singh
MarketsandMarkets™
INC.
630 Dundee Road
Suite 430
Northbrook, IL
60062
USA:
1-888-600-6441
newsletter@marketsandmarkets.com
No comments:
Post a Comment