asset integrity management services Market

The global asset integrity management service market accounted for US$ 17.95 Bn in 2018 and is expected to grow at a CAGR of 8.9% over the forecast period 2019-2027, to account for US$ 37.92 Bn in 2027.

The major influential factor for the asset integrity management service market to upsurge in the current market scenario and over the next couple of years are rising demand for operational safety of aging assets in risk-based industries and stringent rules and regulations imposed upon various industries related to environmental sustainability. However, the cost involved in non-value added maintenance and improper operation is a key deterrent to the asset integrity management service market growth. Nevertheless, the asset integrity management service market is poised to witness upswing in the coming years, owing to the constantly rising number of oil & gas companies across the globe is anticipated to stimulate the demand for various types of asset integrity management services, which is expected to create significant revenue generation stream in asset integrity management services market in the coming years.

Asset integrity management services market is anticipated to witness a high growth during the coming years. This is attributed to various factors including an increase in the need for operational safety of aging assets in risk-based industries and strict government safety regulations. Furthermore, the surge in the size of the oil & gas industry with an increase in demand for oil & gas is expected to provide substantial growth opportunity to the market players in near future. However, the cost involved in non-value added maintenance and improper operation is hampering the growth of asset integrity management services market to a certain extent. The global asset integrity management services market analysis to 2027 is a specialized and in-depth study of the asset integrity management services market with a focus on the global asset integrity management services market trend. The report aims to provide an overview of the global asset integrity management services market with detailed market segmentation by service type, industry, and geography. The global asset integrity management services market is expected to witness high growth during the forecast period. The report includes key statistics on the asset integrity management service market status of the leading market players and offers key trends and opportunities in the asset integrity management service market.

On basis of service type segment, the non-destructive (NDT) inspection segment led the global asset integrity management services market in 2018, and the same is anticipated to maintain its dominance throughout the forecast period from 2019 - 2027. On the other hand, corrosion management segment is foreseen to experience significant growth rate in the asset integrity management service market, owing to the fact that a large amount of the unforeseen incidents that occur in process plants are associated with either erosion or corrosion of the structure or equipment. Corrosion management is therefore essential in order to maintain the integrity of the facility, increasing the level of safety as well as improving cost-efficiency. Similarly, on basis of industry segment, the asset integrity management service market is categorized as oil & gas, power, marine, mining, aerospace, and others. The oil & gas segment accounted for the largest market share in 2018, and the same is expected to continue dominating the global asset integrity management service market throughout the forecast period from 2019 - 2027. However, the power segment is estimated to be the fastest growing segment from 2019 - 2027 in the global asset integrity management service market.

The key companies operating in the global asset integrity management service market are 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 among others. The asset integrity management service market is concentrated with various other players facilitating several industries to maintain their assets over the years, thereby, helping the asset integrity management service market to propel year on year.