Dublin, Nov. 24, 2020 (GLOBE NEWSWIRE) -- The "Global Asset Integrity Management Market with COVID-19 Impact by Service (NDT, RBI, Corrosion Management, Pipeline Integrity Management, HAZID Study, Structural Integrity Management, RAM Study), Industry, and Geography - Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global asset integrity management services market size is estimated at USD 19.4 billion in 2020. It is projected to reach USD 24.2 billion by 2025; it is expected to grow at a CAGR of 4.5% from 2020 to 2025.
The major factors driving the market growth include the growing demand for asset integrity management in new offshore fields in deep waters, declining efficiencies of aging assets, and the need for securing operational safety in various industries, such as oil and gas and power. However, factors such as lack of skilled personnel for operating asset integrity management systems and software pose challenges for market growth.
COVID-19 has affected the operations and financial condition of asset integrity management service providers. The pandemic has resulted in a widespread health crisis, which is adversely affecting the financial markets and economies of countries and end-user industries. This is expected to lead to an economic downturn and negatively affect the market for asset integrity management services.
The market for corrosion management to witness high-growth potential during the forecast period
The market for corrosion management services is projected to grow at the highest CAGR from 2020 to 2025. Seawater environments are highly corrosive for offshore assets, and early detection, prevention, and treatment are vital to optimize life cycle costs, uptime, and safety. Negligence toward corrosion management leads to the loss of valuable resources and poses a threat to human life.
Corroded pipelines and structures are prone to leakage leading to unscheduled breakdowns and immediate loss of the content to the surroundings. Increasing performance requirements, aging infrastructure, and the need to optimize cost and safety are driving the need for more comprehensive corrosion management services and solutions.
The asset integrity management services market for power industry to grow at highest CAGR during the forecast period
Asset integrity management services are implemented in many segments of the power industry to enhance safety and productivity and maintain the integrity of valuable assets involved in this industry. NDT services are used to inspect the integrity of pipelines, turbines, other assets included in the power industry. The need to meet the escalating energy demand driven by rapid industrialization and growing population, especially in Asia Pacific, has led to an increase in the number of power plants, and consequently, the demand for asset integrity management services.
North America to be the largest market for asset integrity management services during the forecast period
North America has been a major contributor to the overall asset integrity management services market since it is transforming into an important hub for the manufacturing and power generation sectors. The region has major players from the oil & gas and power industries, which are the prominent end-users of asset integrity management services.
Both oil and gas plants and power plants in North America need to operate at optimum levels due to the increasing consumption of power, oil, and gas in the region. Optimum utilization of resources in the oil & gas industry requires continuously operating plants with minimal downtime and reduced energy consumption; efficient asset integrity management and monitoring systems can help achieve these conditions.
The COVID-19 pandemic has severely hit the oil & gas sector in North America. To cope with the pandemic and industry slowdown, pipeline companies and refineries are reducing the CapEx of upcoming projects. Some of them have reduced their operating capacities, while a few have opted to suspend their operations to reduce the impact of the pandemic. These factors, collectively, are likely to have a negative impact on the regional asset integrity management services market for a short term.
- ABS Group
- Aker Solutions ASA
- Applus Services, SA
- Asset Integrity Solutions (Scotland) Limited
- Axess Group
- Bell Energy Services UK Limited
- Bureau Veritas SA
- Dacon Inspection Technologies
- DNV GL
- Element Materials Technology
- Fluor Corporation
- Force Technology Norway AS
- Intertek Group plc
- John Wood Group plc
- Lifetech Engineering Ltd.
- Metegrity Inc.
- Oceaneering International, Inc.
- Rosen Swiss AG
- SGS SA
- Team, Inc.
- TechnipFMC plc
- TWI Ltd.
- TUV SUD
- Velosi Asset Integrity Limited
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