Fior Markets launched a study titled “Global Asset Integrity Management Market by Service Type (Risk-Based Inspection (RBI), Pipeline Integrity Management, Corrosion Management and Others), Industry, Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2018 to 2025.
The global asset integrity management market is expected to grow from USD 20.34 Billion in 2017 to USD 48.35 Billion by 2025 at a CAGR of 11.4% during the forecast period from 2018-2025. The key contributing factors are increasing awareness to control capital expenditure and rise in development of energy and power sectors and new opportunities found in deep water oil fields.
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Nondestructive Testing (NDT) Inspection segment held largest market share of 21.50% in 2017
Service type segment is classified into Risk-Based Inspection (RBI), pipeline integrity management, corrosion management, structural integrity management, nondestructive testing (ndt) inspection, reliability-availability-maintainability (ram) study, hazard identification (hazid) study and others. Nondestructive testing (ndt) segment is anticipated to grow with the highest CAGR over the forecast period. Out of numerous applications, it is chiefly used in manufacturing industries and in-service application to reduce operating expenses thus driving the growth of service type segment.
Oil and gas segment valued around USD 3.98 Billion in 2017
Industry segment includes oil and gas, power, mining, marine, aerospace and others. Oil and gas has highest market share in 2017 and is playing a chief role in shaping business growth and. This industry services helps to control risk and operating costs and maintains safe environment which drives the demand of the oil and gas segment.
Regional Segmentation Analysis:
The market is analysed on the basis of five regions namely North America, Europe, Asia Pacific, South America, and Middle East and Africa. North America held the largest market share of approximately 35.40% in 2017. The North America region is a major manufacturing hub owing to the rise in development of energy and power sectors and new opportunities found in deep water oil fields. Also, government policies and regulations to maintain the quality of asset and environment are some of the factors that led to the growth of asset integrity management market in this region
The major players of market include Aker Solutions, Bureau Veritas SA, Fluor Corporation, Intertek Group plc, SGS SA , Applus Servicios Tecnológicos, S.L.U., Det Norske Veritas Group, John Wood Group PLC, Oceaneering International, Inc., ROSEN Group, TechnipFMC plc, LifeTech Engineering Ltd., EM&I, Metegrity Inc., General Electric , ABB, Siemens , FORCE Technology and Tipper Group
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