The report "Asset Integrity Management Market with COVID-19 impact by Service (NDT, RBI, Corrosion Management, Pipeline Integrity Management, HAZID Study, Structural Integrity Management, RAM Study), Industry, and Geography - Global Forecast to 2025", size is projected to reach USD 24.2 billion by 2025 from USD 19.4 billion in 2020 at a CAGR of 4.5%. The major factors driving the market growth include the growing demand for asset integrity management in new offshore fields in deep waters, declining efficiencies of aging assets, and the need for securing operational safety in various industries, such as oil and gas and power. Additionally, the growth of the market can also be attributed to the increasing adoption of asset integrity management services to tackle the disruptions brought in by climatic conditions.
NDT segment
to hold the largest size of asset integrity management services market from
2020 to 2025
The NDT segment is
expected to dominate the asset integrity management services market over the
forecast period. NDT plays an important role in various industries by assuring
safe, reliable, and cost-efficient functioning of assets. These services are
increasingly being used across the oil & gas sector by oil & gas
exploration and production companies; offshore oil & gas structure
fabrication contractors; onshore and offshore oil & gas pipeline operators,
owners, and contractors. Similar to the oil & gas industry, the power
industry has numerous aging assets that require testing to ensure compliance
with regulations and stringent inspection procedures to achieve efficient and
safe power generation.
The asset
integrity management services market for the power industry is projected to
grow at the highest CAGR during the forecast period
Asset integrity
management services are implemented in many segments of the power industry to
enhance safety and productivity and maintain the integrity of valuable assets
involved in this industry. NDT services are used to inspect the integrity of
pipelines, turbines, other assets included in the power industry. The need to
meet the escalating energy demand driven by rapid industrialization and growing
population, especially in Asia Pacific, has led to an increase in the number of
power plants, and consequently, the demand for asset integrity management
services.
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APAC to be
the fastest-growing market for asset integrity management services during the
forecast period
The asset integrity
management services market in APAC is expected to grow at the highest CAGR from
2020 to 2025. APAC comprises China, Japan, India, and the Rest of APAC
(RoAPAC). China is the largest market for asset integrity management services
in Asia Pacific. The growth of the market is primarily driven by the increasing
demand for oil and gas and the rise in merger and acquisition activities, which
have increased investments in the regional energy sector. Moreover, India is
focusing on offshore exploration and development and is auctioning its offshore
blocks through the New Exploration Licensing Policy (NELP) rounds. Such
activities are likely to drive the demand for asset integrity management
services in the country. The implementation of lockdowns in several countries
to contain the spread of COVID-19 has significantly affected the operations of
end-user industries such as oil & gas, power, mining, and aerospace due to
which the market for asset integrity management services is expected slowdown
in 2020 in the Asia Pacific.
The key players
operating in the asset integrity management services market include SGS SA
(Switzerland), Bureau Veritas SA (France), Intertek Group plc (UK), TechnipFMC
plc (UK), Aker Solutions ASA (Norway), Applus+ (Spain), DNV GL (Norway), John
Wood Group PLC (US), Oceaneering International, Inc. (US), and Fluor
Corporation (US).
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