Market Research

Asset Integrity Management Services Market Growth Scenario with 8.9% of CAGR by 2027 – DNV GL AS, John Wood Group, Oceaneering International, Rosen Group

Jun 15, 2020 6:00 PM ET

iCrowd Newswire – Jun 15, 2020

Latest market study on “Asset Integrity Management Control Market to 2027 by Service Type (Non-Destructive Testing (NDT) Inspection, Corrosion Management, Pipeline Integrity Management, Structural Integrity Management, Risk-Based Inspection (RBI), Hazard Identification (HAZID) Study, Reliability-Availability-Maintainability (RAM) Study, Forensic Engineering, and Failure Analysis Services); Industry (Oil & Gas, Power, Marine, Mining, Aerospace, and Others) – Global Analysis and Forecast”, the asset integrity management services repormarket is estimated to reach US$ 37.92 Bn by 2027 from US$ 17.95 Bn in 2018. The report include key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.

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Strategic Insights

Market Initiative was observed as the most adopted strategy in global asset integrity management services industry. Few of the recent partnership, contractual alliances for the deployment of new technological solutions are listed below:

2018: Aker Solutions collaborated with Siemens to Strengthen Digital offerings in engineering. The collaboration is aimed to build the software applications that would drive the efficiency of entire plant lifecycle.

2018: Bureau Veritas announced a strategic partnership with Avitas Systems. This partnership is expected to advance the independent inspection services by integrating Avitas Systems cloud-based platform, combining automated data collection and artificial intelligence techniques to improve the asset based risk management.

2018: John Wood Group announced its partnership with ENPPI in Egypt for continuing its talent and experience for providing the finest independent technical solution mainly for oil and gas projects and enable as well as facilitate subsea technology for training and transfer through projects and training courses.

Asset management is the significant part for asset-intensive industries and t plays a vital role in determining safety, operational performance, and profitability for the industry by selection, maintenance, inspection, and renewal of the required asset integrity management services. These services are largely employed in a wide range of industries mainly oil & gas, power, and mining in order to maximize return on assets and reducing the risks associated with accidents and loss of production. The implementation of these services of maintains company’s asset in fir-for-service ensuring technical integrity, safety, reliability, and regulatory compliance. The companies are innovating in delivering these services from time-based approaches to a performance-based approach. This is expected to reduce the overall maintenance cost along with increasing the life-time of the assets. The companies in the asset integrity management services market are offering integrated asset integrity management technologies in order to achieve superior operational excellence. The comprehensive services include specialist inspections, risk profiling, inspection management, repair strategies, plant operation studies, and proving technical expertise to authenticate regulatory compliance.

The global market for asset integrity management services market provides detailed market segmentation by service type, industry, and geography. Based on service type, nondestructive (NDT) inspection segment dominate the asset integrity management service market heavily and is expected to continue its dominance throughout the forecast period from 2019 – 2027. On the basis of industry, oil & gas segment dominates the segment in 2018, and same is foreseen to retain its dominance throughout the forecast period. On the other hand, power segment is expected to witness a significant growth rate in the coming years. The asset integrity management service market operates in an extremely fragmented industry with huge number of smaller players capturing the market. Key players operating in the market are introducing attractive services and solution which is helping the companies to gain customer traction. The major companies offering asset integrity management services to different industries include SGS AG, Intertek Group plc, Aker Solutions ASA, Bureau Veritas SA, Fluor Corporation, DNV GL AS, John Wood Group PLC, Oceaneering International, Inc., Rosen Group, and Cybernetix SA among others. Several other companies are also offering these services to different industries which is facilitating the asset integrity management services market to propel over the years.

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