22
INNOVATION
ASSET INTEGRITY
in the energy industry By Tsvetana Paraskova
Ensuring the safe, reliable, and efficient performance of the assets in the energy industry is crucial for providing the world with the oil and gas and renewable power sources. Operational efficiency, risk management, condition monitoring, and maintenance schedules are key parts of the asset integrity management systems (AIMS), which make sure that oil rigs, oil fields, pipelines, refineries, and power plants perform up to standards and designs. Asset integrity management helps assets perform to the best of their capabilities while at the same time keeping people and the environment safe. The market for asset integrity management systems is expected to grow in the coming years as more stringent safety and emissions regulations come into force in the oil and gas industry and as demand for energy of all kinds is set to increase. Rising investments in energy, including in gas infrastructure and in renewable energy, will also drive growth in the deployment of systems and programmes to ensure asset integrity. The inspection, repair, and maintenance market is forecast to grow as energy demand globally rises and more renewable energy is being incorporated into the power grids.
continue to be North America because of ageing infrastructure, mainly in the upstream and midstream sectors.
Growth in Asset Integrity Management Systems
“This presents a lucrative opportunity for the adoption of advanced oilfield integrity management solutions and services. Additionally, the rising prices of oil and gas are propelling the manufacturers to increase their investments in oil and gas exploration activities that will favor the growth of the global oilfield integrity management market during the forecast period,” Fortune Business Insights notes in the report.
In oil and gas, the market for asset integrity management services is set for a compound annual growth rate (CAGR) of 7.74% between 2022 and 2027. The value of AIMS in oil and gas globally is forecast to reach a value of US$30 billion by 2027, up from US$17.81 billion in 2020, according to a recent report from Mordor Intelligence. Maturing assets in the industry and rising investments in gas infrastructure are expected to drive the market through 2027, the report found. The downstream sector is expected to dominate the oil and gas asset integrity management services, while ageing oil and gas infrastructure in the Asia-Pacific region is forecast to create business opportunities soon for the companies active in the asset integrity management services market, Mordor Intelligence notes. The dominant market will
www.ogv.energy I May 2022
In the oilfield segment only, the global oilfield integrity management market, valued at over US$13.87 billion in 2019, is expected to grow to US$22.87 billion by 2027, at a CAGR of 7.8%, corporate analysis group Fortune Business Insights said in a report in April 2022. Exploration activities around the world have started to increase thanks to growing demand for oil after the COVID-related slump in 2020.
Another report from the same company focuses on the growing market for inspection, repair, and maintenance services. An April 2022 report showed that the inspection, repair, and maintenance (IRM) market was valued at US$40.25 billion in 2021 and is projected to grow in the coming years thanks to growing global energy demand, as well as increased demand and installation of renewable energy sources and a focus within many companies to reduce carbon emissions. The IRM market is thus expected to grow from US$42.66 billion in 2022 to as much as US$72.46 billion by 2029. This would be a CAGR of 7.9% during the forecast period, Fortune Business Insights says.
The expected growth of clean energy deployment will complement the growth in the IRM services market, while rising global electricity consumption with urbanisation and industry has governments working to ensure a stable supply of power to households and businesses. This will create opportunities for IRM market growth, according to Fortune Business Insights. Eddy current measurements and ultrasonic measurements are the most deployed nondestructive testing techniques at power plants, the research company notes. By service type, the repair segment holds the dominant share of the IRM market, due to increasing installation of equipment and systems equipped with advanced technologies for improved operational efficiency and cost savings, Fortune Business Insights said. A rebound in offshore oil and gas activities will also drive a rise in the market for offshore support vessels, autonomous underwater vehicles (AUVs), and remotely operated vehicles (ROVs). AUVs and ROVs are generally used in subsea maintenance, repair, and cleaning services and are equipped with custom tooling.
Increased use and integration of digital solutions in operations in the energy sector will likely lead to lucrative opportunities for players offering AI, machine learning, Internet of Things (IoT), digital twins, and predictive analytics services.
