Global Asset Integrity Management Market: Snapshot

The global asset integrity management market is foreseen to gain growth due to the decline in oil and gas prices raising the demand for the maintenance of company plants and assets across various industries. New offshore fields requiring asset integrity management in deep waters could also be a major factor augmenting market growth. Nondestructive testing (NDT) inspection is expected to be a significant type of service garnering a massive share in the coming years. It has been considered to be one of the most vital techniques of quantifying and identifying subsurface and surface defects. Over the last decades, NDT has evolved substantially and benefited a number of industries on the part of the inspection and testing of several devices.

The burgeoning size of the oil and gas industry is prognosticated to augur well for the global asset integrity management market. Asset integrity management services could be highly used to keep track of maintenance protocols and ease up inspection processes in the industry. The need for asset integrity management could increase in the near future due to the rising awareness about mitigating capital outlay in oil fields. The rise of the aerospace industry could also prove to be crucial for the growth of the market as overhaul, repair, and maintenance providers continue to increase in regions such as Asia Pacific that carry a growing inclination toward air travel.

Although some of the key players of the global asset integrity management market could face challenges during their operation, specific strategies such as acquisitions, expansions, contracts, agreements, and product launches are envisaged to save the day. These could prove to be essential for expanding their business and improving their regional presence in the market. Adoption of new technologies and the rapid growth in the power industry could also be focused upon to cash in on lucrative prospects in the market.

Asset integrity management (AIM) ensures the desired performance of an asset effectively and efficiently at every stage of its lifecycle. It manages the risk of failures as well as events in design, construction, and during operation of facilities. It ensures optimal production and protection of the environment in addition to human life. Different industries including oil & gas, mining, and power are handling assets through asset integrity management in order to ensure reliability, safety, regulatory compliance, and technical integrity of their assets. The significance of effective asset integrity management increases as the assets of an industry grow in age. Asset integrity management programs focus on structural integrity, mechanical & machine integrity, and control systems integrity, owing to which, the asset owner’s uptime is increased, operating expense (OPEX) is reduced, and business performance is improved.

A key factor driving the asset integrity management market is the necessity for operational safety owing to deteriorating effectiveness of aging assets in several industries. Climatic changes is another factor that affects the integrity of assets such as tanks, vessels, pipelines, oil & gas infrastructures, and others. Moreover, ineffective maintenance of asset integrity not only impacts the financial aspect of the industry, but also disturbs the environment and human life. Therefore, governments across the world have set stringent safety regulations and quality control standards that are required to be followed by industries for safer process plants and less impairment to the environment. North America presently dominates the asset integrity management market owing to the presence of large number of exploration plants and existing critical and complicated equipment in the region. Asia Pacific is anticipated to witness relatively faster growth due to the growing presence of power, mining, and oil & gas industries in the region.

The upstream oil & gas industry faces high operating costs and low oil prices. Increasingly complex infrastructure and aging assets add to the overall cost of the industry, and is considered a major drawback for asset integrity management. Similarly, the downstream oil & gas industry functions at its optimal capacity owing to the high demand for its products and availability of inexpensive feedstock. As a result, the downstream oil & gas industry struggles to sustain the production uptime of its aging assets. Given these circumstances, asset integrity management is anticipated to add to the operating cost of the industry.

New opportunities expected to boost the asset integrity management market include its increase in demand in the marine and industrial manufacturing sectors. Appropriate regulations and safety standards made mandatory by the government in the industrial manufacturing sector are expected to propel the asset integrity management market in the developing economies.

Asset integrity management market can be segmented on the basis of service type, end-use industry, and geography. The service type segment can be further classified into risk-based inspection (RBI), reliability, availability, and maintainability (RAM) study, corrosion management, pipeline integrity management, hazard identification (HAZID) study, structural integrity management, nondestructive testing inspection (NDT), and others. On the basis of end-use industry, the asset integrity management market can be divided into oil & gas, mining, marine, aerospace, power, industrial manufacturing, and others. Geographically, the asset integrity management market can be classified into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA) and South America.

Some of the key players in the asset integrity management market are Aker Solutions ASA, Applus Servicios Tecnológicos, S.L.U., Asset Integrity Solutions, Bell Energy Services UK Limited, Bureau Veritas SA, Fluor Corporation, Intertek Group plc, SGS SA, John Wood Group PLC, MISTRAS Group Inc., TWI Ltd., Metegrity Inc., KMAC Limited, EM&I Ltd., LifeTech Engineering Ltd., Oceaneering International Inc., ROSEN Swiss AG, WorleyParsons Ltd.,  Bell Energy Services UK Limited, Dacon Services AS, TechnipFMC plc, KMAC Ltd., and Lloyd's Register Group Services Limited.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Asset Integrity Management Market

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