A recent study published by The Insight Partners revealed that the asset integrity management services market size accounted for $16.85 Bn in 2017. It is anticipated to grow at a CAGR of 8.9% to account for $37.92 Bn by 2027.
The leading companies are focusing on expanding and diversifying their market presence by acquiring a new customer base. Therefore, making the most of prevailing business opportunities. Among the key players in the global asset integrity services market are Aker Solutions ASA; Bureau Veritas SA; Oceaneering International, Inc.; and Cybernatix SA.
Moreover, the asset integrity management services market anticipates witnessing high growth in the coming years. This is due to the strict government safety regulations as well as the growing need for operational safety of aging assets in risk-based industries. Nevertheless, the cost involved in non-value added maintenance and improper operation is standing in the way of the market growth.
Asset integrity management services importance
Asset integrity management processes enhance the capability of an asset to perform its necessary functions. It provides different services in which auditing, inspections, and overall quality processes are the tools that make an integrity management system effective.
These services ensure improved reliability, productivity, and safety of the equipment to achieve performance sustainability. In addition, this system reduces the overall repair cost of the equipment with increased plant reliability. Hence, It is a cost-effective, safe, and reliable solution to maintain the company’s assets and help extend the lifetime of the equipment.
COVID-19 repercussions
The COVID-19 outbreak was unprecedented, leading most governments across the world to impose lockdown. Also, they allowed industries to either work with minimum workforce or shut down the production units temporarily. Resulting in a hard hit for the businesses of asset integrity management service market players.
However, since the end of the second quarter of 2020, several countries have uplifted the lockdown imposition and are allowing the industries to operate with an increased workforce. Thus, the studied market is likely to propel as the market situation returns to normalcy.
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Government regulations to propel growth
Finally, the current increase of industrialization is leading a wide range of companies to operate for advanced solutions; in order to improve overall efficiency of operation. Asset integrity management services play a vital role in minimizing risk during manufacturing operations. Specifically in oil & gas, power, chemical, and mining industries which are associated with several government and environmental regulations.
