Among major industries such as energy & utilities, civil infrastructure, manufacturing & production, oil & gas and some other, proper functioning of any organization needs a system that can maintain the integrity of all assets. The system is named as Asset Integrity Management System. The system is useful to perform some activities such as monitoring, control and planning, to ensure proper functioning of an organization and to minimize the hazards and risks. The system refers to the capacity of any asset to perform efficiently and effectively, ensuring safety and health of all related entities along with the environment, by means of decreasing hazards and risks.
Drivers and Restraints
Asset integrity management services and solutions provide asset holders increased uptime, maintained operational efficiency and reduced OPEX. The asset integrity management emphasizes on 3 major areas of integrity such as mechanical, control, and structural system integrity. Many organizations are using continuously application of assets and its ageing is demanding for strict monitoring, management and control of these assets and thereby boosting growth of the market for asset integrity management services and solutions. According to a recent report published by Persistence Market Research, the market for Asset Integrity Management Solutions and Services is anticipated to expand at high single-digit CAGR throughout the forecast period (2017-2025).
The market is projected to witness expansion at descent growth rate in foreseeable period and has already experienced significant demand in previous few years. Several factors that are responsible for the growth of the market include required to keep minimum operational expenses, robust development in energy and power sectors, growing explorations of latest deep water oil fields, stringent government regulations, governments across the world are emphasizing on maintaining safety requirements and on environmental impacts as well as decreasing efficiency of assets with increasing age. However, lack of skilled labors and unpredictable climate changes occurring across the world are key factors of the market that are restricting the market to grow at full fledge.
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Analysis of Market Based on Segmentation
The report further reveals the segmentation of the market on the basis of components that includes, service and software. Further, on the basis of industries the market consists of segments such as nuclear and fossil power generation, renewable energy, utilities, civil infrastructure, manufacturing, oil and gas, production and process.
Based on Region
Geographically, in terms of market share, the North America is anticipated to remain at forefront in the market and is majorly driven by leading operating development plants and refineries in the United States. Growth of the market in North America region is due to the focus of the government on maintenance of integrity of assets certifying safety and environmental preservation. During the forecast period, the Asia Pacific region is anticipated to expand at high growth rate, owing to significant growth of oil & gas as well as manufacturing industries. The report is the collection of qualitative and quantitative assessment as well as first-hand information by industry analysts and inputs provided by industry experts as well as the participants in the industry across the globe. The report reveals deep analysis of macro-economic indicators, parent market trends as well as governing factors combined with market attractiveness according to each segment. It further maps the qualitative impact of different factors on market segments and regions.
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Several leading players operating in the Asset Integrity Management Market are profiled in the report include, Oceaneering International Inc., Aker Solutions ASA, Dacon Services AS, SGS SA, Intertek Group plc, WorleyParsons Ltd., Metegrity Inc., Industrial & Financial Systems IFS UK Ltd, APPLUS+ SERVICIOS TECNOLÓGICOS, Penspen, S.L., TÜV Rheinland, John Wood Group PLC, Asset Integrity Solutions Limited, DNV GL AS, ABS Group of Companies, Inc., Bell Energy Services UK Limited, LifeTech Engineering Ltd., Bureau Veritas SA. These players have large contribution in the growth of the market.