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).
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