from 2020 to 2025. 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.
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However, factors such as lack of skilled personnel for operating asset integrity management systems and software pose challenges for market growth.
COVID-19 has affected the operations and financial condition of asset integrity management service providers.The pandemic has resulted in a widespread health crisis, which is adversely affecting the financial markets and economies of countries and end-user industries.
This is expected to lead to an economic downturn and negatively affect the market for asset integrity management services.
The market for corrosion management to witness high-growth potential during the forecast period
The market for corrosion management services is projected to grow at the highest CAGR from 2020 to 2025.Seawater environments are highly corrosive for offshore assets, and early detection, prevention, and treatment are vital to optimize life cycle costs, uptime, and safety.
Negligence toward corrosion management leads to the loss of valuable resources and poses a threat to human life.Corroded pipelines and structures are prone to leakage leading to unscheduled breakdowns and immediate loss of the content to the surroundings.
Increasing performance requirements, aging infrastructure, and the need to optimize cost and safety are driving the need for more comprehensive corrosion management services and solutions.
The asset integrity management services market for power industry to grow at 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.
North America to be the largest market for asset integrity management services during the forecast period
North America has been a major contributor to the overall asset integrity management services market since it is transforming into an important hub for the manufacturing and power generation sectors.The region has major players from the oil & gas and power industries, which are the prominent end-users of asset integrity management services.
Both oil and gas plants and power plants in North America need to operate at optimum levels due to the increasing consumption of power, oil, and gas in the region. Optimum utilization of resources in the oil & gas industry requires continuously operating plants with minimal downtime and reduced energy consumption; efficient asset integrity management and monitoring systems can help achieve these conditions.
The COVID-19 pandemic has severely hit the oil & gas sector in North America.To cope with the pandemic and industry slowdown, pipeline companies and refineries are reducing the CapEx of upcoming projects.
Some of them have reduced their operating capacities, while a few have opted to suspend their operations to reduce the impact of the pandemic. These factors, collectively, are likely to have a negative impact on the regional asset integrity management services market for a short term.
Break-up of the profiles of primary participants:
• By Company Type – Tier 1 – 42%, Tier 2 – 33%, and Tier 3 – 25%
• By Designation – C-level Executives – 48%, Directors – 34%, and Managers – 18%
• By Region – North America - 25%, Europe – 30%, APAC – 20%, and RoW – 25%
Key players in the 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), Fluor Corporation (US), Rosen Swiss Ag (Switzerland), LifeTech Engineering Ltd. (UK), EM&I (UK), Metegrity Inc. (Canada), Dacon Inspection Technologies (Thailand), FORCE Technology Norway AS (Norway), TWI Ltd. (UK), TÜV SÜD (Germany), Asset Integrity Solutions (Scotland) Limited (UK), Bell Energy Services UK Limited (UK), ABS Group (US), Velosi Asset Integrity Ltd. (UAE), Axess Group (Norway), Element Materials Technology (UK), and Team, Inc. (US).
The global asset integrity management services market is segmented on the basis of service type, industry, and geography.The market based on service type 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, and others.
Based on industry, the market is segmented into oil & gas, power, mining, aerospace, and others. The asset integrity management services market is segmented into four regions—North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW).
Reasons to buy the report:
• Illustrative segmentation, analysis, and forecast for markets based on service type, industry, and region have been conducted to give an overall view of the asset integrity management services market.
• The value chain analysis has been performed to provide an in-depth insight into the asset integrity management services market.
• Major drivers, restraints, opportunities, and challenges pertaining to the asset integrity management services market have been detailed in this report.
• Detailed information regarding the COVID-19 impact on the asset integrity management services market has been provided in the report.
• The report includes a detailed competitive landscape along with key players, in-depth analysis, and revenue of key players.
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