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Recent research: Asset integrity market set to hit $31.66 billion by 2023

Recent research: Asset integrity market set to hit $31.66 billion by 2023

Asset Integrity Market Global Industry Research Report 2017 of 138 pages explores Global Asset Integrity Market reaching $31.66 billion by 2023. Report provides Asset Integrity Market Size, Share, Manufacturers, Statistics, Opportunities and Industry Forecast to 2023. The global Asset Integrity market is estimated to grow at a CAGR of 8.7% between 2017 and 2023.

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Asset Integrity Company analysed in report are GS SA (Switzerland), Bureau Veritas SA (France), Intertek Group plc (UK), Fluor Corporation (US), Aker Solutions ASA (Norway), Applus+ Servicios Technológicos, S.L. (Spain), DNV GL AS (Norway), John Wood Group PLC (UK), Oceaneering International Inc. (US), ROSEN Swiss AG (Switzerland), and Technip FMC plc (UK).

“The Asset Integrity market is estimated to witness significant growth between 2017 and 2023”

Key factors driving the growth of the Asset Integrity include necessity of asset integrity management in new offshore fields in deep waters; declining efficiencies of ageing assets and the need for operational safety; stringent government safety regulations and quality control requirements; climatic changes affecting the operations of various industries; and declining oil and gas prices increasing the demand for maintaining the asset and plant.

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“Asset integrity management services market for corrosion management is expected to grow at the highest CAGR during forecast period”

The market for corrosion management services is expected to grow at the highest CAGR between 2017 and 2023. The corrosion management services include cathodic protection, protective coating, chemical injection, and corrosion monitoring.

The benefits of corrosion management include a reduction in environmental hazards caused by mechanical failures resulting in the leakage of hazardous gasses and liquids, increased availability of plant, reduction in unplanned maintenance, optimization of monitoring costs, and improvement in the working environment.

“Asset integrity management services market for power to grow at highest CAGR during forecast period”

The market for the power industry is expected to grow at the highest CAGR between 2017 and 2023. The current state of power industry enforces it to economize and, at the same time, indulge in innovations to increase the production.

In the power industry, the asset integrity management services are used for ensuring the efficient and optimal working of power plants. The asset integrity management services also ensure the optimization of resources and efficient running of the plants.

NDT is the basic technique for both identifying and seizing large flaws, and checking material degradation in the form of thermal aging, plastic deformation, fatigue, residual stress, creep, and stress corrosion cracking, among others.

The asset integrity management services market in APAC is expected to grow at the highest CAGR between 2017 and 2023. The asset integrity management services ensure optimum utilization of the available resources and consequent reduction of the oil imports.

Thus, the growing oil and gas industry and the investments made in this industry are driving the asset integrity management services market in APAC.

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Research Coverage: The research report analyzes the asset integrity management services based on service type, industry, and geography. The market has been segmented on the basis of service type into risk-based inspection (RBI); reliability, availability, and maintainability (RAM) study; corrosion management; pipeline integrity management; hazard identification (HAZID) study; structural integrity management; non-destructive testing (NDT); and others.

The industries implementing these services include oil and gas, power, mining, aerospace, and others. The report covers the market segmented on the basis of 4major regions—North America, Europe, APAC, and RoW.

From an insight perspective, this research report has focused on various levels of analysis—market ranking of top players, value chain analysis, company profiles that discuss basic views on the competitive landscape, emerging and high-growth segments of the Asset Integrity market, high-growth regions, and market dynamics—such as drivers, restraints, opportunities, and challenges.

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