Asset Integrity Management Market worth $31.7 billion by 2023 with a growing CAGR of 8.7% 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 market is expected to be valued at USD 31.7 billion by 2023, at a CAGR of 8.7% between 2017 and 2023. 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. Corrosion management to exhibit highest growth in asset integrity management market during forecast period The corrosion management is a step-wise process that starts with risk assessment. Risk assessment helps identify the potential damage mechanism and focus on particular assets for inspection, thus monitoring them. The risk assessment study helps make the necessary changes in the existing corrosion policy and strategy. This is followed by the inspection planning that is established on the basis of results of the risk assessment study. Inspection planning helps to plan the inspection process for the assets at frequent intervals throughout the asset life. Once prepared, the plan is implemented to measure the critical parameters and ensure corrosion control. The implemented plan also undergoes audit on frequent intervals for making improvements, if needed, in the corrosion management strategy. Power industry to grow at highest rate for asset integrity management market during forecast period The asset integrity management services in the power industry are used for ensuring the efficient and optimal working of power plants. Since a number of complex equipment and components are involved in the industry, the chances of their failure and unplanned shutdown also increase. An unplanned shutdown of a power plant can have disastrous effects for end-user industries and organizations. Any process industry may undergo heavy losses if the process is stalled due to disrupted power supply; similarly, a power cut for any hospital may lead to fatal events for patients. The data centers storing huge amounts of valuable data and servers need a continuous power supply for functioning and ventilation of the storage disks and processor chips. Thus, the implementation of asset integrity management services is must to keep the power plants running. Asset integrity management market in North America to have highest market size in 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. In the oil and gas, pipelines carry important liquids, ranging from water to crude oil, worldwide. These pipes are prone to be affected by the internal and external environmental factors such as corrosion, cracking, and manufacturing flaws. The consequences can be disastrous in the case of leakages in the pipelines carrying fuels or any harmful gas or a chemical. 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. The major players in the asset integrity management market are SGS SA (Switzerland), Bureau Veritas SA (France), Intertek Group plc (UK), Fluor Corporation (US), Aker Solutions ASA (Norway), Applus+ Servicios Technolรณgicos, 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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