Several companies operating in the asset integrity management market offer services that comply with government regulatory requirements. Currently, with the increase in industrialization, a wide range of companies are operating for advanced solutions to improve the overall efficiency of operations. In industries such as oil & gas, power, chemical, mining, etc., asset integrity management services play a vital role in minimizing risk during manufacturing operations. These industries are associated with several government-led environmental regulations. The regulations in the oil & gas industry are employed for the major objectives of protecting the environment, conserving natural resources, and protecting workers & public health and safety, which leads to the adoption of solution to foster the safety of workers and assets, which further drives asset integrity management market size. The US is recognized as a leading producer of oil & natural gas; it is a vital part of the country's economy both in the short and long term. Oil & gas industry comprises the involvement of a wide range of equipment and operations that causes emissions. Also, equipment operators face difficulty in the maintenance of the emission control equipment. All these factors have led to the imposition of US federal regulations that cover guidelines for the overall process and asset management for the health and safety of the environment and workers, which drives the adoption of solutions to maintain the asset's operational efficiency, further fosters asset integrity management market growth.
Moreover, the Petroleum and Explosives Safety Organization (PESO), previously known as the Department of Explosives, has been serving India as a nodal agency for regulating the safety of hazardous materials such as compressed gases, explosives, and petroleum used in manufacturing processes. PESO's major work is to administer the responsibilities delegated under the Explosives Act and the Rules that follow the motto "safety first." Due to this, mining, oil & gas, power, marine, and other related industries have to comply with several emission standards for equipment, health & safety requirements, and control operational malfunction, which leads to adoption of digital solution that is required to enhance safety, further fueling asset integrity management market growth.
Asset integrity and reliability management software offers a wide variety of services ranging from condition-based monitoring, risk-based inspection analysis, safety integrity management, and asset health indexing to root cause analysis. These services enable the prediction and identification of the failure of assets that can pose a risk to the manufacturing operation. It also leads to proactive inspection and maintenance, which is crucial for productive and efficient operation. As a result, companies are more inclined toward the adoption of asset integrity management for equipment maintenance and inspection to avoid equipment failure. Thus, benefits offered by asset integrity management solution fuels asset integrity management market.
Thus, stringent government-led environmental regulations boost the implementation of asset integrity management services across several industries, which drives the asset integrity management market growth.
Key Findings of Study:
Oil & gas operations involve a diverse set of complex assets, such as pipes and drilling equipment, which are exposed to extremely harsh environments that make manual maintenance difficult. Hence, it is challenging for oil & gas companies to manage every asset efficiently, where assets are heavily regulated and expensive. Thus, it creates a need for companies to opt for asset management services that provide custom-fit strategies and plans, estimate the time of failure, and forecast equipment lifecycles.
Moreover, oil and gas companies are deploying new technologies to attain greater efficiency to meet the world's increasing demand for energy. Simultaneously, many companies are forcing engineering and maintenance divisions to reduce operating costs, budget, and labor while maintaining high production levels. Hence, it is necessary for oil and gas companies to establish inclusive policies regarding discharge of harmful pollutant from oil & gas plant and practices to manage security and risk violations cost-effectively. Thus, the expansion of the oil & gas industry with an increase in demand for oil & gas from petrochemical and aviation industries is expected to provide substantial growth opportunities to the asset integrity management market players during the forecast period.
The oil and gas segment held the largest asset integrity management market share in 2022. The aging of oil and gas infrastructure across the globe increases the adoption of asset integrity management services for managing the risks associated with its operation. The asset integrity management service is particularly used in the offshore industry for carrying out inspections, tracking the asset's performance, and improving the reliability of equipment and plant safety. The services are also used to identify and evaluate potential risks and hazards affecting a plant's performance in the oil & gas industry. Moreover, pipeline integrity management services are highly adopted for studying numerous environmental factors such as corrosion and mechanical degradation, as well as human factors impacting asset performance. However, the expansion of the oil & gas industry is increasing the adoption of asset integrity management solution to maintain production capability in a safe and cost-effective way by preserving the integrity of assets, further driving oil and gas segment asset integrity management market.
Power distributors use asset integrity management software and services in grid modernization and primarily alters the way distribution operations occur. Power companies typically depend on critical assets to drive their business and have been challenged by deregulation, globalization, restructuring, and new environmental policies. Power industries increase their adoption of asset integrity management services to allow power plants to work efficiently and optimally. The industry deals with several complex equipment and components that have chances of failure and unplanned shutdowns. Moreover, unplanned shutdowns of a power plant are disastrously affecting power industries. This increases the need for asset integrity management services for monitoring and controlling power plants by keeping them running, further driving oil and gas segment asset integrity management market share.
The "asset integrity management market analysis" has been carried out by considering the following segments: service type and industry. Based on service type, the asset integrity management market is segmented into non-destructive testing (NDT) inspection, corrosion management, pipeline integrity management, structural integrity management, risk-based inspection (RBI), and others. Based on industry, the asset integrity management market is segmented into oil & gas, power, marine, mining, aerospace, and others.
The scope of the asset integrity management market report is primarily divided into North America (the US, Canada, and Mexico), Europe (Spain, the UK, Germany, France, Italy, and the Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and the Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America). Increase in need for operational safety of aging assets in risk-based industries, stringent government safety regulations, and rising adoption of growth strategies by market players are some of the major driving factors, which play an important role in determining the asset integrity management market forecast.
The asset integrity management market analysis" is carried out by identifying and evaluating key players in the market across different regions. SGS AG; Intertek Group plc; Aker Solutions ASA; Bureau Veritas SA; Fluor Corporation; DNV GL AS; John Wood Group PLC; Oceaneering International, Inc.; Rosen Group; and Cybernetix SA, and various other prominent players profiled in asset integrity management market report.
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