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(IT-NEWSWIRE.COM, August 29, 2017 ) According to the new market research report "Asset Integrity Management Market by Service (RBI, Ram Study, Corrosion Management, Pipeline Integrity Management, Hazid Study, Structural Integrity Management, NDT), Industry, and Geography - Global Forecast to 2023", the asset integrity management services market is expected to be valued at USD 31.66 Billion by 2023, at a CAGR of 8.7% between 2017 and 2023.
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Factors that are driving the growth of the market include the necessity of asset integrity management in new offshore fields in deep waters; declining efficiencies of aging 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 increase the demand for maintaining the asset and plant.
NDT inspection to hold largest size of in asset integrity management services market during forecast period
NDT processes are used in various manufacturing industries, and fabrication and in-service inspection applications to ensure product integrity and reliability, control manufacturing processes, lower production costs, and maintain a uniform quality level. NDT is important in the plants where process shutdowns for inspection purposes is not feasible, and any destruction or disturbance to asset for the same purpose is not affordable. The most frequently used test methods for NDT include magnetic particle testing (MT), liquid penetrant testing (PT), radiographic testing (RT), ultrasonic testing (UT), electromagnetic testing (ET), and visual testing (VT).
Oil and gas industry to hold largest size of asset integrity management services market by 2017
The oil and gas industry is associated with a great level of risk due to its complexity and involvement of huge natural reserves and finances. The effective and efficient performance of assets in the oil and gas industry is a must to ensure safe and reliable operations while achieving profits. The asset integrity management services can be applied to all types of assets including downhole, wellhead, subsea, pipelines, topside process, load-bearing structures, and floaters. It is involved in all the stages of the oil and gas industry, including design, commissioning, operations, and decommissioning.
Asset integrity management services market in APAC to grow at highest CAGR between 2017 and 2023
APAC consists of most of the developing countries such as India, China, Malaysia, and South Korea. China is one of the fastest-growing economies in the world according to the announcement made by International Monetary Fund (IMF) in 2017. It is also a manufacturing hub for various industries such as electronics, oil and gas, and aerospace, and their production activities require a lot of energy and power. The Asset Management Association of China (AMAC) was established in June 2012 with primary objectives of providing services to the industry by encouraging the communication, innovation, professionalism, and competitiveness, and providing a communication platform between the government and the industry. India was the third-largest energy consumer in the world in 2013, next to China and the US. Owing to the lower domestic production and higher imports in India, the refining of these crude oil products in the most efficient and optimum manner becomes utmost necessary. Continuous operations of these refineries and integration of various systems and instruments in these refineries are ensured with the use of asset integrity management services.
The major players in the asset integrity management services market are SGS 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 TechnipFMC plc (UK).
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