In a recent published report, Kenneth Research has updated the market report for Asset Integrity Management Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Asset Integrity Management Market products.
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By Service Type (Hazard Identification (HAZID) Study, Structural Integrity Management, Nondestructive Testing (NDT), Inspection Risk-Based Inspection (RBI), Reliability, Availability, and Maintainability (RAM) Study, Corrosion Management, Pipeline Integrity Management), Vertical (Mining, Aerospace, Oil and Gas, Power), and Regional Market Size, Status and Forecast to 2025
The Global Asset Integrity Management Market was valued at USD 17.53 billion in 2016 and is projected to reach USD 37.95 billion by 2025, growing at a CAGR of 8.96% from 2017 to 2025.
Asset Integrity Management (AIM) provides the ability of an asset to perform its function effectively and efficiently for protecting health, safety and environment. The goal of asset integrity management is to effectively manage corporate assets in order to gain maximum value, profitability and returns. Benefits of AIM system includes – reliability improvement, improved environmental performances, improved safety, reduce risk, reduced maintenance and inspection cost, and maximize reliability, availability, maintainability of equipment.
1. Market Drivers
1.1 Rising explorations for the oil and gas reserves in the emerging countries
1.2 Adoption of cloud technology with the asset integrity management services
1.3 Reduction in oil and gas prices
1.4 Increasing demand for maintaining the asset and plant
1.5 Growing need of asset integrity management in new offshore fields in deep waters
1.6 Strict government safety rules and quality control requirements
2. Market Restraints
2.1 High initial cost
2.2 Complex process of system installation
2.3 Lack of technical expertise
The Global Asset Integrity Management Market is segmented on the service type, vertical, and region.
1. Service Type:
1.1 Hazard Identification (HAZID) Study
1.2 Structural Integrity Management
1.3 Nondestructive Testing (NDT)
1.4 Inspection Risk-Based Inspection (RBI)
1.5 Reliability, Availability, and Maintainability (RAM) Stud
1.6 Corrosion Management
1.7 Pipeline Integrity Management
2. By Vertical:
2.3 Oil and Gas
3. By Region:
3.1 North America (U.S., Canada, Mexico)
3.2 Europe (Germany, UK, France, Rest of Europe)
3.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
3.4 Latin America (Brazil, Argentina, Rest of Latin America)
3.5 Middle East & Africa
The major players in the market are as follows:
1. DNV GL AS
2. Intertek Group PLC
3. Fluor Corporation
4. SGS SA
5. Oceaneering International Inc.
6. TechnipFMC plc
7. Bureau Veritas SA
8. ROSEN Swiss AG
9. John Wood Group PLC
10. Applus+ Servicios Tecnológicos, S.L.
11. Aker Solutions ASA
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH:
Research study on the Global Asset Integrity Management Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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