The global asset integrity management service market accounted to US$ 17.95 Bn in 2018 and is expected to grow at a CAGR of 8.9% during the forecast period 2019 - 2027, to account to US$ 37.92 Bn by 2027.
Several companies in the asset integrity management services market offer services that comply with government regulatory requirements. Currently, with the increase in industrialization, a wide range of companies are operating for advanced solutions to improve the overall efficiency of operation. In industries such as oil & gas, power, chemical, and mining, etc., asset integrity management services play a vital role in order to minimize the risk during manufacturing operations. These industries are associated with several government and environmental regulations. The regulations in the oil & gas, mining, marine and power industry are employed for major objectives of protecting the environment, conserving natural resources, and protecting workers & public’s health and safety. Therefore, several mining, oil & gas, power, marine, and other related industries have to comply with several emission standards for the equipment, health & safety requirements and control operational malfunction. Thus, companies are more inclined towards the adoption of asset management services for equipment maintenance and inspection to avoid equipment failure.
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Some of The Leading Players In Global Asset Integrity Management Services Market: Aker Solutions, Bureau Veritas SA, Cybernetix SA, DNV GL AS, Flour Corporation, Intertek Group Plc., John Wood Group Plc., Oceaneering International, Inc., Rosen Group, SGS AS
North America led the global asset integrity management service market in 2018, while the asset integrity management market players are anticipated to witness a lucrative market in the Asia Pacific during the forecast period from 2019 - 2027. North America is expected to remain the largest regional provider of new unconventional onshore oil production capacity. According to the American Society of Civil Engineer (ASCE), around 240,000 water-main breaks per year occur in the US and similar is the case for aging power generation equipment. In the oil & gas industry, the majority of maintenance projects in mature oil fields are initiated by aging infrastructure. The APAC region mostly comprises of the developing countries that includes China, India, South Korea and Malaysia among others. China is well known as manufacturing center for numerous industries such as aerospace, oil & gas and electronics, whose production activities demands for extensive energy and power. In order to maintain the productivity and life-span of these assets, the local regulatory bodies and agencies across the region are taking numerous initiative that have significantly contributed to the growth of the overall market.
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.
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