DUBLIN, May 20, 2022--(BUSINESS WIRE)--The "Asset Integrity Management Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The Asset Integrity Management market is projected to grow at a CAGR of 8.54% during the forecast period to reach US$36.038 billion by 2027, from US$20.304 billion in 2020.
Asset integrity management (AIM) refers to the services and software used in systematic and coordinated activities to confirm the availability of significant assets and systems while protecting health, security, and the environment.
Many factories that perform precarious processes have begun to give more consideration to asset integrity for its purpose in assuring safety. End users in multiple businesses are establishing security practices. Several conventional bodies have also ascertained new measures to implement a better-defined structure for end-users. The threat of an industrial accident in the wake of various high-profile misfortunes has also advanced regulatory authorities to inflict more stringent safety ordinances as well as advance efforts to better implement these regulations. Those who neglect to comply can face massive fines. The agreement with more rigorous security and environmental regulations is stimulating investment among oil and gas, petrochemical, refining, and mining end-users.
The primary factors driving the market growth are the advantages of microservice architecture, like its capability to enhance overall performance and project delivery pace.
The main factor driving the growth of the asset integrity management market is the plunge in oil and gas prices, which is increasing the requirement for the maintenance of company plants and assets across multiple businesses. New offshore fields demanding asset integrity management in deep waters could additionally be a significant determinant of the growing market. The flourishing size of the oil and gas industry is predicted to promise well for the global asset integrity management market.
Asset integrity management services could be profoundly employed to keep a record of maintenance protocols and lift inspection processes in the industry. The requirement for asset integrity management is forecasted to increase due to the growing realisation of a moderating capital outlay in oil fields. One of the important driving determinants of the asset integrity management market is the dire necessity for operational safety because of the deterioration of old assets in multiple industries. Besides, climate variation influences the solidarity of several assets, such as oil and gas infrastructure, tanks, pipelines, and vessels. Incorrect sustenance of asset integrity disrupts human life and the environment and additionally affects the financial aspect of the whole industry. Therefore, the governments of many countries are introducing severe quality control measures and safety laws for industries to securely engage in processes.
Severe operating circumstances, growing operating costs, unpredictable climatic conditions, and lack of skilled laborers are key factors that act as restraints for the growth of the asset integrity management market.
Frequently, complicated infrastructure and deteriorating assets add to the total cost of the industry. Adding to this, the upstream oil and gas industry suffers from high functioning costs and low oil prices, which are regarded as significant hindrances for the asset integrity management market. Likewise, the downstream oil and gas industry operates at its optimal potential owing to the huge demand for its commodities and the availability of reasonable feedstock. As a consequence, the downstream oil and gas industry fights to bear the production uptime of its ageing assets. Under these conditions, asset integrity management is expected to increase the operating cost of the company.
Also, the growing demand for energy from developing countries and power-intensive industries has forced oil and gas exploration companies functioning in the upstream sector to explore deeper and farther offshore into the ocean, and this leads to water pressure and the limit of environmental conditions. The Middle East and Arctic regions already have severe weather situations, and the Arctic region has a sensitive environment with substantial year-round fluctuations, which pose hurdles for investigation devices and types of equipment to accumulate the needed data over some time as the conditions continue shifting.
Key Market Segments
Pipeline Integrity Management
Structural Integrity Management
Oil & Gas
Energy & Power
Middle East and Africa
Bureau Veritas SA
Intertek Group plc
Aker Solutions ASA
John Wood Group PLC
Oceaneering International, Inc.
LifeTech Engineering Ltd.
Dacon Inspection Technologies
For more information about this report visit https://www.researchandmarkets.com/r/24ja42.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220520005366/en/
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