HOME Top Market Reports 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

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

By: marketsandmarkets.com
Publishing Date: August 2017
Report Code: SE 5529

 

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The increasing demand for asset integrity management services is due to its major use in various industries such as oil and gas for maintaining the integrity of its assets. These services include various services used for maintaining the assets throughout the life cycle of plants. Key driving factors for the growth of the asset integrity management market are 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 increasing the demand for maintaining the assets and plants. The asset integrity management market was valued at USD 17.33 Billion in 2016 and is expected to grow at a CAGR of 8.7% between 2017 and 2023. The base year considered for the study is 2016, and the forecast period is between 2017 and 2023.

The objective of the report is to provide a detailed analysis of the asset integrity management services market on the basis of service type, industry, and geography. The report provides detailed information regarding the major factors influencing the growth of the asset integrity management market.

The research methodology used to estimate and forecast the asset integrity management services market begins with capturing data on the revenue of the key vendors through secondary research via sources such as International Association of Drilling Contractors (IADC) and International Quality and Productivity Center (IQPC). The vendor offerings are also taken into consideration to determine the market segmentation. The bottom-up procedure has been employed to arrive at the overall size of the asset integrity management market from the revenue of key players. After arriving at the overall market size, the total market has been split into several segments and subsegments that have been verified through primary research by conducting extensive interviews with key experts such as CEOs, VPs, directors, and executives. The market breakdown and data triangulation procedures have been employed to complete the overall market engineering process and arrive at the exact statistics for all the segments and subsegments. The breakdown of the profiles of primaries is depicted in the below figure.

Asset Integrity Management Market

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The asset integrity management services ecosystem comprises oil exploration companies; oil refineries such as Shell Nederland B.V. (Netherlands) and Exxon Mobil Corp. (US); aerospace companies such as Bombardier Inc. (Canada) and Airbus SAS (France); inspection service providers such as Olympus Corporation (Japan) and MISTRAS Group, Inc. (US). The major players involved in the development of asset integrity management market include SGS SA (Switzerland), Bureau Veritas SA (France), Intertek Group plc (UK), Fluor Corporation (US), Aker Solutions ASA (Norway); and associations such as International Association of Drilling Contractors (IADC) and International Quality and Productivity Center (IQPC). The regulations and standards regulated by different governmental organizations such as IEC and ISO need to be followed while providing asset integrity management services.

Key Target Audience

  • Asset integrity management services providers
  • Oil and gas refineries
  • Asset integrity software developers
  • Asset integrity management consultants
  • Research organizations and consulting companies
  • Technology investors
  • Technology standard organizations, forums, alliances, and associations

“This study answers several questions for the stakeholders, primarily, which market segments to focus on in the next 2–5 years for prioritizing efforts and investments”

Scope of the Report

This research report categorizes the asset integrity management services market on the basis of services type, industry, and geography.

Asset Integrity Management Services Market, by Service Type:

  • Risk-Based Inspection (RBI)
  • Reliability, Availability, and Maintainability (RAM) Study
  • Corrosion Management
  • Pipeline Integrity Management
  • Hazard Identification (HAZID) Study
  • Structural Integrity Management
  • Nondestructive Testing (NDT) Inspection
  • Others

Asset Integrity Management Services Market, by Industry:

  • Oil and Gas
  • Power
  • Mining
  • Aerospace
  • Others

Asset Integrity Management Services Market, by Geography:

  • North America
  • Europe
  • Asia Pacific (APAC)
  • Rest of the World (RoW)

Available Customizations:

With the given market data, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for the report:

Company Information:

Detailed analysis and profiling of additional market players (up to 5)

Table of Contents

1 Introduction (Page No. - 18)
    1.1 Objectives of the Study
    1.2 Definition
    1.3 Scope of the Study
           1.3.1 Markets Covered
           1.3.2 Years Considered for the Study
    1.4 Currency
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology (Page No. - 21)
    2.1 Research Data
           2.1.1 Secondary and Primary Research
           2.1.2 Secondary Data
                    2.1.2.1 List of Major Secondary Sources
                    2.1.2.2 Secondary Sources
           2.1.3 Primary Data
                    2.1.3.1 Primary Interviews With Experts
                    2.1.3.2 Key Data From Primary Sources
                    2.1.3.3 Key Industry Insights
                    2.1.3.4 Breakdown of Primaries
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
                    2.2.1.1 Approach for Arriving at the Market Share By the Bottom-Up Analysis (Demand Side)
           2.2.2 Top-Down Approach
                    2.2.2.1 Approach for Capturing the Market Share By Top-Down Analysis (Supply Side)
    2.3 Market Breakdown and Data Triangulation
    2.4 Research Assumptions

3 Executive Summary (Page No. - 31)

4 Premium Insights (Page No. - 35)
    4.1 Asset Integrity Management Market
    4.2 Asset Integrity Management Services Market, By Service Type (2017–2023)
    4.3 Asset Integrity Management Market in North America, By Industry (2017)
    4.4 Asset Integrity Management Market, By Geography (2017)

5 Market Overview (Page No. - 39)
    5.1 Introduction
           5.1.1 Drivers
                    5.1.1.1 Necessity of Asset Integrity Management in New Offshore Fields in Deep Waters
                    5.1.1.2 Declining Efficiencies of Aging Assets and the Need for Operational Safety
                    5.1.1.3 Stringent Government Safety Regulations and Quality Control Requirements
                    5.1.1.4 Climatic Changes Affecting the Operations of Various Industries
                    5.1.1.5 Declining Oil and Gas Prices Increase the Demand for Maintaining the Asset and Plant
           5.1.2 Restraints
                    5.1.2.1 Harsh Environmental Conditions in the Middle East and Arctic Regions
                    5.1.2.2 High Initial Cost and Complex Process of System Installation
           5.1.3 Opportunities
                    5.1.3.1 Increasing Explorations for the Oil and Gas Reserves in the Emerging Countries
                    5.1.3.2 Implementation of Cloud Technology With the Asset Integrity Management Services
                    5.1.3.3 Development of the Global Power Sector
           5.1.4 Challenges
                    5.1.4.1 Lack of Skilled Personnel for Operating Asset Integrity Management Systems and Software

6 Asset Integrity Management in Various Oil and Gas Sectors (Qualitative) (Page No. - 47)
    6.1 Introduction
    6.2 Upstream Sector
    6.3 Midstream Sector
           6.3.1 Pipelines: the Primary Medium of Transport of Oil
           6.3.2 Use of Ship for the Transportation of Oil
    6.4 Downstream Sector

7 Components of Asset Integrity Management Services (Qualitative) (Page No. - 51)
    7.1 Introduction
    7.2 Hardware
    7.3 Software
    7.4 Services
           7.4.1 Case Study: SGS SA Provides Oil Condition Monitoring Services to Power Generation Companies

8 Market, By Service Type (Page No. - 54)
    8.1 Introduction
    8.2 RBI
    8.3 RAM Study
    8.4 Corrosion Management
    8.5 Pipeline Integrity Management
    8.6 Hazid (Hazard Identification) Study
    8.7 Structural Integrity Management
    8.8 NDT
    8.9 Others

9 Market, By Industry (Page No. - 90)
    9.1 Introduction
    9.2 Oil and Gas
           9.2.1 Case Study: Colombian Refinery Project of CB&I
           9.2.2 Plant Location of Oil and Gas Industry
           9.2.3 Onshore
           9.2.4 Offshore
           9.2.5 Subsea
    9.3 Power
           9.3.1 Renewable Energy
    9.4 Mining
           9.4.1 Case Study: Enhancing Lifetime of Slurry Pipelines
    9.5 Aerospace
    9.6 Others

10 Geographic Analysis (Page No. - 105)
     10.1 Introduction
     10.2 North America
             10.2.1 US
                        10.2.1.1 Rising Number of Events and Conferences Along With Government Organizations
             10.2.2 Canada
             10.2.3 Mexico
     10.3 Europe
             10.3.1 UK
                        10.3.1.1 Matured Oil and Gas Industry in the UK Supporting the Implementation of Asset Integrity Management Services
             10.3.2 Germany
                        10.3.2.1 Growth of Oil Companies in Germany Aiding the Growth of Asset Integrity Management Market
             10.3.3 France
             10.3.4 Norway
             10.3.5 Rest of Europe
     10.4 APAC
             10.4.1 China
                        10.4.1.1 Establishment of Asset Management Association of China for the Development of Asset Integrity Management Industry
             10.4.2 Japan
                        10.4.2.1 Energy Strategy of Japan Supporting the Growth of the Energy Industry
             10.4.3 India
             10.4.4 Rest of APAC
                        10.4.4.1 Malaysia
     10.5 RoW
             10.5.1 South America
             10.5.2 Middle East and Africa

11 Competitive Landscape (Page No. - 128)
     11.1 Overview
     11.2 Market Ranking Analysis: Asset Integrity Management Market
     11.3 Global Asset Integrity Management Services Market Competitive Leadership Mapping, 2017
             11.3.1 Introduction
             11.3.2 Visionary Leaders
             11.3.3 Dynamic Differentiators
             11.3.4 Innovators
             11.3.5 Emerging Companies
     11.4 Competitive Benchmarking
             11.4.1 Strength of Product Portfolio (For 25 Players)
             11.4.2 Business Strategy Excellence (For 25 Players)
*Top 25 companies analyzed for this study are - Aker Solutions ASA (Norway), Applus+ Servicios Tecnológicos, S.L. (Spain), Asset Integrity Solutions (Scotland) Limited. (UK), Bell Energy Services UK Limited (UK), Bureau Veritas SA (France), Dacon Services AS (Norway), DNV GL AS (Norway), EM&I Ltd. (UK), Force Technology (Denmark), TechnipFMC plc (UK), Intertek Group plc (UK), John Wood Group PLC (UK), Keel (Denmark), KMAC Limited (UK), LifeTech Engineering Ltd. (UK), Lloyd's Register Group Services Limited (UK), Metegrity Inc. (US), MISTRAS Group, Inc. (US), Oceaneering International Inc. (US), ROSEN Swiss AG (Switzerland), SGS SA (Switzerland), Fluor Corporation (US), TÜV SÜD AG (Germany), TWI Ltd. (UK), WorleyParsons Ltd. (Australia)
     11.5 Competitive Situation and Trends
             11.5.1 Agreements & Contracts
             11.5.2 Product Launches
             11.5.3 Acquisitions & Expansions

12 Company Profiles (Page No. - 138)
(Overview, Products Offered, Product Offering Scorecard, Business Strategy Scorecard, Recent Developments, Key Relationships)*
     12.1 Introduction
     12.2 Aker Solutions ASA
     12.3 Bureau Veritas SA
     12.4 Fluor Corporation
     12.5 Intertek Group PLC
     12.6 SGS SA
     12.7 Applus+ Servicios Tecnológicos, S.L.
     12.8 DNV GL AS
     12.9 John Wood Group PLC
     12.10 Oceaneering International Inc.
     12.11 ROSEN Swiss AG
     12.12 TechnipFMC plc
     12.13 Key Innovators
             12.13.1 Lifetech Engineering Ltd.
             12.13.2 EM&I Ltd
             12.13.3 Metegrity Inc.

*Details on Overview, Products Offered, Product Offering Scorecard, Business Strategy Scorecard, Recent Developments, Key Relationships Might Not Be Captured in Case of Unlisted Companies.

13 Appendix (Page No. - 179)
     13.1 Insights of Industry Experts
     13.2 Discussion Guide
     13.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     13.4 Introducing RT: Real-Time Market Intelligence
     13.5 Available Customizations
     13.6 Related Reports
     13.7 Author Details


List of Tables (69 Tables)

Table 1 Asset Integrity Management Services Market, By Service Type, 2014–2023 (USD Billion)
Table 2 RBI Market, By Industry, 2014–2023 (USD Million)
Table 3 RBI Market for Oil and Gas, By Region, 2014–2023 (USD Million)
Table 4 RBI Market for Power, By Region, 2014–2023 (USD Million)
Table 5 RBI Market for Mining, By Region, 2014–2023 (USD Million)
Table 6 RBI Market for Aerospace, By Region, 2014–2023 (USD Million)
Table 7 RBI Market for Others, By Region, 2014–2023 (USD Million)
Table 8 RAM Study Market, By Industry, 2014–2023 (USD Million)
Table 9 RAM Study Market for Oil and Gas, By Region, 2014–2023 (USD Million)
Table 10 RAM Study Market for Power Industry, By Region, 2014–2023 (USD Million)
Table 11 RAM Study Market for Mining, By Region, 2014–2023 (USD Million)
Table 12 RAM Study Market for Aerospace, By Region, 2014–2023 (USD Million)
Table 13 RAM Study Market for Others, By Region, 2014–2023 (USD Million)
Table 14 Corrosion Management Market, By Industry, 2014–2023 (USD Million)
Table 15 Corrosion Management Market for Oil and Gas, By Region, 2014–2023 (USD Million)
Table 16 Corrosion Management Market for Power, By Region, 2014–2023 (USD Million)
Table 17 Corrosion Management Market for Mining, By Region, 2014–2023 (USD Million)
Table 18 Corrosion Management Market for Aerospace, By Region, 2014–2023 (USD Million)
Table 19 Corrosion Management Market for Others, By Region, 2014–2023 (USD Million)
Table 20 Pipeline Integrity Management Market, By Industry, 2014–2023 (USD Million)
Table 21 Pipeline Integrity Management Market for Oil and Gas, By Region, 2014–2023 (USD Million)
Table 22 Pipeline Integrity Management Market for Power, By Region, 2014–2023 (USD Million)
Table 23 Pipeline Integrity Management Market for Mining, By Region, 2014–2023 (USD Million)
Table 24 Pipeline Integrity Management Market for Others, By Region, 2014–2023 (USD Million)
Table 25 Hazid Study Market, By Industry, 2014–2023 (USD Million)
Table 26 Hazid Study Market for Oil and Gas, By Region, 2014–2023 (USD Million)
Table 27 Hazid Study Market for Power, By Region, 2014–2023 (USD Million)
Table 28 Hazid Study Market for Mining, By Region, 2014–2023 (USD Million)
Table 29 Hazid Study Market for Aerospace, By Region, 2014–2023 (USD Million)
Table 30 Hazid Study Market for Others, By Region, 2014–2023 (USD Million)
Table 31 Structural Integrity Management Market, By Industry, 2014–2023 (USD Million)
Table 32 Structural Integrity Management Market for Oil and Gas, By Region, 2014–2023 (USD Million)
Table 33 Structural Integrity Management Market for Power, By Region, 2014–2023 (USD Million)
Table 34 Structural Integrity Management Market for Mining, By Region, 2014–2023 (USD Million)
Table 35 Structural Integrity Management Market for Aerospace, By Region, 2014–2023 (USD Million)
Table 36 Structural Integrity Management Market for Others, By Region, 2014–2023 (USD Million)
Table 37 NDT Market, By Industry, 2014–2023 (USD Billion)
Table 38 NDT Market for Oil and Gas, By Region, 2014–2023 (USD Million)
Table 39 NDT Market for Power, By Region, 2014–2023 (USD Million)
Table 40 NDT Market for Mining, By Region, 2014–2023 (USD Million)
Table 41 NDT Market for Aerospace, By Region, 2014–2023 (USD Million)
Table 42 NDT Market for Others, By Region, 2014–2023 (USD Million)
Table 43 Others Market, By Industry, 2014–2023 (USD Million)
Table 44 Others Market for Oil and Gas, By Region, 2014–2023 (USD Million)
Table 45 Others Market for Power, By Region, 2014–2023 (USD Million)
Table 46 Others Market for Mining, By Region, 2014–2023 (USD Million)
Table 47 Others Market for Aerospace, By Region, 2014–2023 (USD Million)
Table 48 Other Services Market for Other Industries, By Region, 2014–2023 (USD Million)
Table 49 Asset Integrity Management Services Market, By Industry, 2014–2023 (USD Billion)
Table 50 Asset Integrity Management Market for Oil and Gas Industry, By Region, 2014–2023 (USD Billion)
Table 51 Asset Integrity Management Market, By Plant Location, 2014–2023 (USD Billion)
Table 52 Asset Integrity Management Market for Power Industry, By Region, 2014–2023 (USD Billion)
Table 53 Challenges Faced By Renewable Energy Plants
Table 54 Asset Integrity Management Market for Mining, By Region, 2014–2023 (USD Million)
Table 55 Asset Integrity Management Market for Aerospace, By Region, 2014–2023 (USD Million)
Table 56 Asset Integrity Management Market for Others, By Region, 2014–2023 (USD Million)
Table 57 Asset Integrity Management Market, By Region, 2014–2023 (USD Billion)
Table 58 Asset Integrity Management Market in North America, By Service Type, 2014–2023 (USD Billion)
Table 59 Asset Integrity Management Market in North America, By Country, 2014–2023 (USD Billion)
Table 60 Asset Integrity Management Services Market in Europe, By Service Type, 2014–2023 (USD Million)
Table 61 Asset Integrity Management Market in Europe, By Country, 2014–2023 (USD Billion)
Table 62 Asset Integrity Management Market in APAC, By Service Type, 2014–2023 (USD Million)
Table 63 Asset Integrity Management Market in APAC, By Country, 2014–2023 (USD Billion)
Table 64 Asset Integrity Management Services Market in RoW, By Service Type, 2014–2023 (USD Million)
Table 65 Asset Integrity Management Market in RoW, By Country, 2014–2023 (USD Billion)
Table 66 Ranking of the Key Players in the Asset Integrity Management Market, 2016
Table 67 Agreements and Contracts, 2015–2017
Table 68 Product Launches, 2015–2017
Table 69 Acquisitions, 2015–2017


List of Figures (70 Figures)

Figure 1 Asset Integrity Management Services Market Segmentation
Figure 2 Asset Integrity Management Market: Research Design
Figure 3 Asset Integrity Management Market: Bottom-Up Approach
Figure 4 Asset Integrity Management Market: Top-Down Approach
Figure 5 Data Triangulation
Figure 6 Assumptions for the Research Study
Figure 7 Asset Integrity Management Services Market, 2014–2023 (USD Billion)
Figure 8 Asset Integrity Management Market for Corrosion Management to Grow at the Highest CAGR During the Forecast Period
Figure 9 Power to Hold the Largest Size of the Asset Integrity Management Market By 2023
Figure 10 Asset Integrity Management Services Market, By Region
Figure 11 Attractive Growth Opportunities for the Asset Integrity Management Market During the Forecast Period
Figure 12 Market for Corrosion Management to Grow at the Highest CAGR During the Forecast Period
Figure 13 Oil and Gas to Hold the Largest Share of the Asset Integrity Management Market in North America
Figure 14 Asset Integrity Management Services Market in India to Grow at the Highest CAGR During the Forecast Period
Figure 15 Necessity of Asset Integrity Management in New Offshore Fields in Deep Waters Drives Asset Integrity Management Market
Figure 16 Potential Risks of Climatic Changes to the Oil and Gas Industry
Figure 17 Declining Oil Prices
Figure 18 PDCA Framework for Asset Integrity Management
Figure 19 Crude Oil-Proved Reserves of 2016
Figure 20 Oil and Gas Sectors
Figure 21 Components of Asset Integrity Management Market
Figure 22 Asset Integrity Management Services Market, By Service Type
Figure 23 International Standards and Recommended Practices for Implementation of RBI
Figure 24 North America to Hold the Largest Size of the RBI Market for Aerospace By 2023
Figure 25 Stepwise System RAM Analysis
Figure 26 North America to Hold the Largest Size of the RAM Study Market for Others By 2023
Figure 27 Types of Corrosion
Figure 28 Elements of Corrosion Management
Figure 29 APAC to Dominate the Corrosion Management Market for Mining During the Forecast Period
Figure 30 North America to Hold the Largest Size of the Pipeline Integrity Management Market for Power During the Forecast Period
Figure 31 RoW to Hold the Largest Size of the Hazard Identification Study Market for Oil and Gas By 2023
Figure 32 Structural Integrity Management Process
Figure 33 North America to Hold the Largest Size of the Structural Integrity Management Market for Aerospace By 2023
Figure 34 NDT Methods
Figure 35 North America to Hold the Largest Size of the NDT Market for Others By 2023
Figure 36 North America to Hold the Largest Size of the Others Market for Power By 2023
Figure 37 Asset Integrity Management Services Market, By Industry
Figure 38 Power Industry to Lead the Asset Integrity Management Market By 2023
Figure 39 Integrity Services for Types of Assets
Figure 40 Asset Integrity Management Market, By Plant Location
Figure 41 Offshore Location to Dominate the Asset Integrity Management Market in the Forecast Period
Figure 42 Asset Integrity Management Approach for Offshore Locations
Figure 43 Sustainable Asset Integrity Management Activities Pyramid
Figure 44 APAC to Hold the Largest Size of the Asset Integrity Management Market for Mining During the Forecast Period
Figure 45 Asset Integrity Management Services Market for Others in APAC to Grow at the Highest CAGR During the Forecast Period
Figure 46 Asset Integrity Management Market, By Geography
Figure 47 Geographic Snapshot: Asset Integrity Management Market
Figure 48 North America to Hold the Largest Size of the Asset Integrity Management Market By 2023
Figure 49 Snapshot: Asset Integrity Management Services Market in North America
Figure 50 NDT to Hold the Largest Size of the Asset Integrity Management Market in North America By 2023
Figure 51 Snapshot: Asset Integrity Management Market in Europe
Figure 52 Germany to Hold the Largest Size of the Asset Integrity Management Market in Europe By 2023
Figure 53 Snapshot: Asset Integrity Management Market in APAC
Figure 54 NDT to Hold the Largest Size of the Asset Integrity Management Market in APAC By 2023
Figure 55 Total Energy Consumption in Japan, 2015
Figure 56 Middle East to Hold the Largest Size of the Asset Integrity Management Market in RoW By 2023
Figure 57 Agreements and Contracts as the Key Growth Strategy Adopted By the Companies Between 2015 and 2017
Figure 58 Competitive Leadership Mapping
Figure 59 Market Evolution Framework: Agreements and Contracts Fueled the Growth of the Asset Integrity Management Market
Figure 60 Agreements and Contracts Were the Key Strategies Between 2015 and 2017
Figure 61 Aker Solutions ASA: Company Snapshot
Figure 62 Bureau Veritas SA: Company Snapshot
Figure 63 Flour Corporation: Company Snapshot
Figure 64 Intertek Group PLC: Company Snapshot
Figure 65 SGS SA: Company Snapshot
Figure 66 Applus+ Servicios Technológicos, S.L. : Company Snapshot
Figure 67 DNV GL AS: Company Snapshot
Figure 68 John Wood Group PLC: Company Snapshot
Figure 69 Oceaneering International Inc.: Company Snapshot
Figure 70 TechnipFMC plc: Company Snapshot

The asset integrity management market is expected to be worth USD 31.66 Billion by 2023, at a CAGR of 8.7% between 2017 and 2023. The growth of this market is propelled by the 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 assets and plants.

The asset integrity management market for NDT is expected to hold the largest market share by 2023. NDT has evolved considerably over the last few decades and is now proving to be the most important method for identifying and quantifying surface and subsurface defects. It makes the use of various techniques such as ultrasonic, visual testing, and magnetic particle testing. These testing techniques enable to handle the various type of surfaces of the devices. This leads to the benefit of testing and inspection for number of devices for various industries.

The asset integrity management services market for the oil and gas industry is expected to hold the largest size by 2023. The oil and gas industry has been affected by the declining oil and gas prices, which has ultimately increased the need for maintaining the assets of the existing plants to reduce the losses. The rise in demand for oil and gas is leading to higher exploration activities being carried out at the offshore plants due to depleting availability of oil at onshore locations. Also, the systems and devices used in the offshore locations need crucial maintenance measures owing to the harsh conditions prevailing in the plant. Thus, the asset integrity management services are used for easing the inspection process and keeping track of the maintenance protocol for the oil and gas industry.

APAC is expected to grow at the highest CAGR between 2017 and 2023 due to the growing presence of industries such as oil and gas, power, and mining in the region. The growth of the aerospace industry in APAC owing to the increasing trend toward air travel along with the rise in maintenance, repair, and overhaul providers in this region also drives the asset integrity management market in this region. North America is expected to hold the largest market share by 2023. In North America, oil and gas industry is one of the prominent industry owing to the existing exploration plants and refineries which have number of pipelines as well as complicated and critical equipment. Thus, various safety measures stated by the authorities are also followed at the time of manufacturing of a pipeline such as inspection through methods such as corrosion management and pipeline integrity to evaluate the welds and ensure their quality. These activities in North America have driven the asset integrity management services market in this region.

Asset Integrity Management Market

Key restraining factors of the asset integrity management services market are harsh environmental conditions in the Middle East and Arctic regions, and high initial cost and complex process of system installation. Key market players such as SGS SA (Switzerland), Bureau Veritas SA (France), Intertek Group plc (UK), Fluor Corporation (US), and Aker Solutions ASA (Norway) are focusing on the strategies such as product launches, agreements, contracts, expansions, and acquisitions to enhance their geographic presence and expand their business.

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