Asset Integrity Management Market Report Size, Trends & Growth Opportunity, By Service Type, By Industry, By Region: Forecast till 2027

Asset Integrity Management Market Report Size, Trends & Growth Opportunity, By Service Type, By Industry, By Region and forecast till 2027

Global Asset Integrity Management Market

The global asset integrity management market was expected to grow from USD 20.3 billion in 2020 to USD 25.7 billion by 2027 at a CAGR of 4.9% from 2020 to 2027.

Asset Integrity Management includes numerous processes which are essentially used for the functioning of the systems and it maintains as well as manage corporate assets effectively, Also, make sure that they are safe, operationally competent as well as reliable.

Market Drivers

Growth of the Asset Integrity Management Market is driven by Climatic changes giving rise to operational disturbances in various industries.

Also, increasing explorations for the oil and gas reserves in the developing countries, reduction in oil and gas prices, rising demand for maintaining the asset and plant, and strict government safety rules and quality control requirements are some of the driving factors of the global asset integrity management market.

Market Restraints

The factors like the harsh environmental conditions in the regions like Middle East and Arctic and high initial cost are also estimated to restrain the growth of the market. Another restraining factor to the growth of the market is the complex process of system installation.

Market Segmentation

Asset Integrity Management Marketsis segmented into major 4 categories. Based on Service Type, the market is segmented into Non-Destructive Testing (NDT), Risk-Based Inspection (RBI), Corrosion Management, Pipeline Integrity Management, Hazard Identification (HAZID) Study, Structural Integrity Management, Reliability, Availability, And Maintainability (RAM) study & others. Based on Industry, the market is segmented into Oil & gas, Power, Mining, Aerospace and Others. Based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East.

Regional Analysis

North America region leads the asset integrity management market because of the accessibility of large number of exploration plants and existing critical and complicated equipment in the North America region.

The asset integrity management market in Asia Pacific is likely to grow at the highest owing to the increasing demand for oil and gas and the rise in merger and acquisition activities, that have enlarged investments in the regional energy sector.

Market Key Players

Some of the key players operating in Global Asset Integrity Management Market are Aker Solutions, Bureau Veritas, Fluor Corporation., Intertek Group plc, SGS SA, SAINT LOUIS UNIVERSITY, DNV GL AS, John Wood Group PLC, Oceaneering International, Inc., ROSEN Group.

Industry development

In June 2021, Bureau Veritas signed a contract with Veolia, an energy services company, to provide technical verifications at all sites. Bureau Veritas will also provide inspection services of the equipment, diagnostics and regulatory check and consultation in a three-year agreement contract.

In November 2020, Aker Solutions received a contract from Equinor, an energy company, in Brazil. The contract is of 4 years in which Aker Solutions will provide maintenance and modifications service at Peregrino field to extend the life of Equinor’s assets
In August 2020, SGS partnered with Oilfield Production Enhancement Consulting Services Ltd. (OPECS) - a consultancy company based in Aberdeen, UK, to jointly deliver SGS ARPIN workflow consultancy services. They will also provide consultancy for hydraulic fracturing, well stimulation and geomechanics to support energy companies in optimizing their drilling and stimulation work.