Asset
Integrity Management Market is expected to witness high growth
during the forecast period. The asset integrity management market is expected
to be worth USD 31.7 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.
In
terms of service type, NDT is expected to have largest market share by 2023.
The
asset integrity management market for NDT is expected to hold the largest
market share by 2023. NDT plays an important role in various industries,
assuring the safe, reliable, and cost-effective functioning of assets. NDT is
important in the plants in which process shut down for inspection purposes is
non-profitable and which can’t afford any destruction of assets. The most
frequently used test methods for NDT include magnetic particle testing (MT),
liquid penetrant testing (PT), radiographic testing (RT), ultrasonic testing
(UT), electromagnetic testing (ET), and visual testing (VT).
Oil
& gas industry to possess largest market share in all the industries
The
asset integrity management market for the oil and gas industry is expected to
have the largest market share by 2023. The industry is associated with a great
level of risk due to its complexity and involvement of huge natural reserves
and finances. Almost every industry in this world is affected by the oil and
gas industry, either directly or indirectly, to some extent. Hence, the risks
involved in this industry regarding plant breakdowns or unplanned downtime are
expected to lead to huge losses to the overall economy. Therefore, the asset
integrity management services play a major role in the oil and gas industry.
APAC
is expected to show most lucrative growth prospects during the forecast period
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. Various exhibitions and associations support the adoption of asset integrity
management services in specific regions in APAC such as Singapore and Malaysia.
Such events include Asset Integrity Management Asia Summit (Singapore) and
Structural Integrity Management Summit Asia Pacific (Malaysia) held annually in
August and September, respectively, which support the growth of asset integrity
management services market in APAC. Companies offering asset integrity
management solutions in APAC include Plant Integrity Management Sdn Bhd
(Malaysia) and Nalco Company (US).
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The
key 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).
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