Abstract
Summary
The global asset integrity management market size is projected to grow from USD 20.3 billion in 2021 to USD 25.7 billion by 2026 at a CAGR of 4.9% from 2021–2026. The major factors driving the market growth include the growing demand for asset integrity management in new offshore fields in deep waters, declining efficiencies of aging assets, and the need for securing operational safety in various industries, such as oil and gas and power. However, factors such as lack of skilled personnel for operating asset integrity management systems and software pose challenges for market growth.
COVID-19 has affected the operations and financial condition of asset integrity management service providers. The pandemic has resulted in a widespread health crisis, which is adversely affecting the financial markets and economies of countries and end-user industries. This is expected to lead to an economic downturn and negatively affect the market for asset integrity management.
“The market for corrosion management to witness high-growth potential during the forecast period”
The market for corrosion management services is projected to grow at the highest CAGR from 2021 to 2026. Seawater environments are highly corrosive for offshore assets, and early detection, prevention, and treatment are vital to optimize life cycle costs, uptime, and safety. Negligence toward corrosion management leads to the loss of valuable resources and poses a threat to human life. Corroded pipelines and structures are prone to leakage leading to unscheduled breakdowns and immediate loss of the content to the surroundings. Increasing performance requirements, aging infrastructure, and the need to optimize cost and safety are driving the need for more comprehensive corrosion management services and solutions.
“The asset integrity management market for power industry to grow at highest CAGR during the forecast period”
Asset integrity management services are implemented in many segments of the power industry to enhance safety and productivity and maintain the integrity of valuable assets involved in this industry. NDT services are used to inspect the integrity of pipelines, turbines, other assets included in the power industry. The need to meet the escalating energy demand driven by rapid industrialization and growing population, especially in Asia Pacific, has led to an increase in the number of power plants, and consequently, the demand for asset integrity management services.
“North America to account for largest size of asset integrity management market during the forecast period”
North America has been a major contributor to the overall asset integrity management market since it is transforming into an important hub for the manufacturing and power generation sectors. The region has major players from the oil & gas and power industries, which are the prominent end-users of asset integrity management services. Both oil and gas plants and power plants in North America need to operate at optimum levels due to the increasing consumption of power, oil, & gas in the region. Optimum utilization of resources in the oil & gas industry requires continuously operating plants with minimal downtime and reduced energy consumption; efficient asset integrity management and monitoring systems can help achieve these conditions.
Break-up of the profiles of primary participants:
By Company Type – Tier 1 – 45%, Tier 2 – 30%, and Tier 3 – 25%
By Designation – C-level Executives – 35%, Directors – 45%, and Managers – 20%
By Region – North America - 30%, Europe – 25%, Asia Pacific – 35%, and RoW – 10%
SGS (Switzerland), Bureau Veritas (France), Intertek Group (UK), TechnipFMC (UK), Aker Solutions (Norway), Applus Services (Spain), DNV (Norway), John Wood Group (US), and Oceaneering International (US) are some of the major players in the asset integrity management market.
The global asset integrity management market is segmented on the basis of service type, industry, and geography. The asset integrity management market has been studied for North America, Europe, Asia Pacific, and the Rest of the World (RoW).
Reasons to buy the report:
• Illustrative segmentation, analysis, and forecast for markets based on service type, industry, and region have been conducted to give an overall view of the asset integrity management market.
• The value chain analysis has been performed to provide an in-depth insight into the asset integrity management market.
• The report includes pricing analysis, patent analysis, ecosystem analysis, technology and case study analysis and regulatory landscape pertaining to asset integrity management.
• The key drivers, restraints, opportunities, and challenges pertaining to the asset integrity management market have been detailed in this report.
• Detailed information regarding the COVID-19 impact and related updates on the asset integrity management market has been provided in the report.
• The report includes a detailed competitive landscape of the market, along with key players, as well as in-depth analysis of their revenues and market share.
Table of Contents
1 INTRODUCTION 30
1.1 STUDY OBJECTIVES 30
1.2 DEFINITION 30
1.2.1 INCLUSIONS AND EXCLUSIONS 31
1.3 STUDY SCOPE 31
1.3.1 MARKETS COVERED 31
1.3.2 GEOGRAPHIC SCOPE 32
1.3.3 YEARS CONSIDERED FOR THE STUDY 32
1.4 CURRENCY 32
1.5 STAKEHOLDERS 33
1.6 SUMMARY OF CHANGES 33
2 RESEARCH METHODOLOGY 34
2.1 RESEARCH DATA 34
2.1.1 SECONDARY DATA 35
- 2.1.1.1 Key data from secondary sources 35
2.1.2 PRIMARY DATA 36
- 2.1.2.1 Primary interviews with experts 36
- 2.1.2.2 Key data from primary sources 36
- 2.1.2.3 Key industry insights 37
- 2.1.2.4 Breakdown of primaries 37
2.2 MARKET SIZE ESTIMATION 37
2.2.1 BOTTOM-UP APPROACH 38
- 2.2.1.1 Approach for arriving at market size using bottom-up
2.2.2 TOP-DOWN APPROACH 39
- 2.2.2.1 Approach for arriving at market size using top-down
2.3 MARKET BREAKDOWN AND DATA TRIANGULATION 41
2.4 RESEARCH ASSUMPTIONS AND LIMITATIONS 41
2.4.1 ASSUMPTIONS 41
2.4.2 LIMITATIONS 42
2.4.3 RISK ASSESSMENT 42
3 EXECUTIVE SUMMARY 43
3.1 REALISTIC SCENARIO 44
3.2 PESSIMISTIC SCENARIO 44
3.3 OPTIMISTIC SCENARIO 45
4 PREMIUM INSIGHTS 48
4.1 ASIA PACIFIC TO PROVIDE LUCRATIVE OPPORTUNITIES FOR ASSET INTEGRITY MANAGEMENT MARKET 48
4.2 ASSET INTEGRITY MANAGEMENT MARKET, BY SERVICE TYPE 48
4.3 ASSET INTEGRITY MANAGEMENT MARKET, BY INDUSTRY AND REGION 49
4.4 ASSET INTEGRITY MANAGEMENT MARKET, BY REGION 49
5 MARKET OVERVIEW 50
5.1 INTRODUCTION 50
5.2 MARKET DYNAMICS 50
5.2.1 DRIVERS 51
- 5.2.1.1 Decreasing efficiencies of aging assets and requirement for operational safety 51
- 5.2.1.2 Recognition of new offshore fields and subsequent increase in demand for asset integrity management services 51
- 5.2.1.3 Climatic changes give rise to operational disturbances across industries 52
- 5.2.1.4 Strict safety regulations and quality control requirements 53
5.2.2 RESTRAINTS 54
- 5.2.2.1 High initial costs and complexities with installation 54
- 5.2.2.2 Adverse impact of harsh environmental conditions in the
5.2.3 OPPORTUNITIES 55
- 5.2.3.1 Increasing demand for renewable sources of energy 55
- 5.2.3.2 Growth of power sector in emerging nations 55
- 5.2.3.3 Confluence of cloud technology and asset integrity
5.2.4 CHALLENGES 57
- 5.2.4.1 Lack of skilled workforce to manage asset integrity
5.3 VALUE CHAIN ANALYSIS 58
5.4 ECOSYSTEM 59
5.5 TRENDS/DISRUPTIONS IMPACTING CUSTOMER’S BUSINESS 61
5.6 PORTER’S FIVE FORCES ANALYSIS 61
5.7 CASE STUDY ANALYSIS 62
5.8 PATENT ANALYSIS 65
5.9 TRADE ANALYSIS 67
5.9.1 IMPORT SCENARIO 67
5.9.2 EXPORT SCENARIO 68
5.10 TECHNOLOGY ANALYSIS 68
5.10.1 IOT, ROBOTICS, AND BIG DATA - DRIVING DIGITAL TRANSFORMATION
5.10.2 PHASED ARRAY ULTRASONIC TESTING AND 3D LASER SCANNING 68
5.10.3 GEOGRAPHIC INFORMATION SYSTEMS 69
5.10.4 MACHINE LEARNING AND ADVANCED ANALYTICS 69
5.11 PRICING ANALYSIS 69
5.12 REGULATORY LANDSCAPE 70
5.12.1 SAFETY STANDARDS FOR ASSET INTEGRITY MANAGEMENT 70
6 EQUIPMENT REQUIRING ASSET INTEGRITY MANAGEMENT 71
6.1 INTRODUCTION 71
6.2 VESSELS, PIPING, AND PRESSURE PLANTS 71
6.3 FIRE AND SAFETY SYSTEMS 71
6.4 ELECTRICAL SYSTEMS 72
6.5 ROTATING EQUIPMENT 72
6.6 RELIEF AND VENT SYSTEMS 73
6.7 INSTRUMENTATION AND CONTROL SYSTEMS 73
7 ASSET INTEGRITY MANAGEMENT IN VARIOUS OIL & GAS SECTORS 74
7.1 INTRODUCTION 74
7.2 UPSTREAM SECTOR 75
7.2.1 US UPSTREAM OPERATOR OPTS FOR INTEGRITY MANAGEMENT PROGRAM 75
7.3 MIDSTREAM SECTOR 76
7.3.1 PIPELINES: PRIMARY MEDIUM OF TRANSPORT OF OIL 76
7.3.2 USE OF SHIPS FOR OIL TRANSPORTATION 76
7.3.3 ON APP DIGITAL TRANSFORMATION SUPPORT FOR US-BASED
7.4 DOWNSTREAM SECTOR 77
7.4.1 TAILORED RISK MANAGEMENT APPLICATION FOR MOL GROUP 77
8 OFFERINGS IN ASSET INTEGRITY MANAGEMENT MARKET 78
8.1 INTRODUCTION 78
8.2 HARDWARE 78
8.3 SOFTWARE 79
8.4 SERVICES 80
9 ASSET INTEGRITY MANAGEMENT METHODOLOGIES 81
9.1 INTRODUCTION 81
9.2 RELIABILITY-CENTERED MAINTENANCE 81
9.3 ROOT CAUSE ANALYSIS 81
9.4 RELIABILITY ANALYTICS 81
9.5 LIFE CYCLE ASSESSMENT/EXTENSION 82
9.6 FITNESS FOR SERVICE 82
9.7 FAILURE MODES, EFFECTS & CRITICALITY ANALYSIS 82
9.8 FINITE ELEMENT ANALYSIS 83
9.9 SAFETY INTEGRITY LEVEL STUDY 83
10 ASSET INTEGRITY MANAGEMENT MARKET, BY SERVICE TYPE 84
10.1 INTRODUCTION 85
10.2 NON-DESTRUCTIVE TESTING (NDT) 87
10.2.1 NDT CONTRIBUTES SIGNIFICANT SHARE TO THE MARKET 87
10.3 RISK-BASED INSPECTION (RBI) 90
10.3.1 RBI ENABLES SIGNIFICANT COST OPTIMIZATION AND SAFETY
10.4 CORROSION MANAGEMENT 94
10.4.1 CORROSION MANAGEMENT ENABLES PROTECTION AGAINST AGING INFRASTRUCTURE OF PLANTS 94
10.5 PIPELINE INTEGRITY MANAGEMENT 97
10.5.1 PIPELINE INTEGRITY MANAGEMENT SYSTEMS HELP DETERMINE
10.6 HAZARD IDENTIFICATION (HAZID) STUDY 99
10.6.1 HAZID STUDY SIGNIFICANTLY USED IN OIL & GAS INDUSTRY
10.7 STRUCTURAL INTEGRITY MANAGEMENT (SIM) 101
10.7.1 SIM ENHANCES OPERATIONAL EFFECTIVENESS BY IMPROVED HSE PERFORMANCE 101
10.8 RELIABILITY, AVAILABILITY AND MAINTAINABILITY (RAM) STUDY 104
10.8.1 RAM STUDY HELPS IN DETERMINING PROBABLE CAUSES
10.9 OTHERS 106
11 ASSET INTEGRITY MANAGEMENT MARKET, BY INDUSTRY 108
11.1 INTRODUCTION 109
11.2 OIL & GAS 111
11.2.1 PLANT LOCATION OF OIL & GAS INDUSTRY 114
- 11.2.1.1 Onshore 116
- 11.2.1.1.1 Robotic systems benefit onshore oil storage tank inspection 116
- 11.2.1.2 Offshore 117
- 11.2.1.2.1 Asset integrity management imperative in offshore plants for smooth working operation 117
- 11.2.1.3 Subsea 118
- 11.2.1.3.1 Digital twin technology used to reduce cost of asset ownership at subsea locations 118
- 11.2.1.1 Onshore 116
11.3 POWER 118
11.3.1 RENEWABLE ENERGY 121
- 11.3.1.1 Continuous investments in renewable energy widens scope
11.4 MINING 123
11.4.1 GROWING DEMAND FOR PREVENTIVE MAINTENANCE IN MINING DUE
11.5 AEROSPACE 125
11.5.1 NDT TO BE CRUCIAL FOR SAFETY IN AEROSPACE INDUSTRY 125
11.6 OTHERS 127
12 GEOGRAPHIC ANALYSIS 130
12.1 INTRODUCTION 131
12.2 NORTH AMERICA 133
12.2.1 US 136
- 12.2.1.1 US projected to contribute largest share to North American
12.2.2 CANADA 137
- 12.2.2.1 Market growth in Canada supported by growth in oil
12.2.3 MEXICO 138
- 12.2.3.1 Increasing oil production aids growth of market in Mexico 138
12.3 EUROPE 138
12.3.1 UK 142
- 12.3.1.1 Energy transition deal in UK to create new market opportunities 142
12.3.2 GERMANY 143
- 12.3.2.1 Energy transition and oil imports aid market growth in Germany 143
12.3.3 FRANCE 143
- 12.3.3.1 Substantial growth of renewable energy expected to fuel
12.3.4 NORWAY 144
- 12.3.4.1 Increasing oil exports from Norway to propel asset integrity management market growth 144
12.3.5 REST OF EUROPE 144
12.4 ASIA PACIFIC 145
12.4.1 CHINA 148
- 12.4.1.1 Asia Pacific market to get stronger due to China being largest
12.4.2 JAPAN 148
- 12.4.2.1 Japanese market driven by major dependency on oil & natural
12.4.3 INDIA 149
- 12.4.3.1 Doubling of pipeline networks in next 5 years to fuel market in India 149
12.4.4 REST OF ASIA PACIFIC 149
12.5 REST OF THE WORLD 150
12.5.1 SOUTH AMERICA 153
- 12.5.1.1 Foreign investments in energy sector to propel market
12.5.2 MIDDLE EAST 153
- 12.5.2.1 Saudi Arabia 154
- 12.5.2.1.1 Saudi Arabia positioned as key contributor for market growth in Middle East 154
- 12.5.2.2 UAE 155
- 12.5.2.2.1 Presence of major oil & gas companies in UAE to
- 12.5.2.3 Rest of Middle East 155
- 12.5.2.1 Saudi Arabia 154
12.5.3 AFRICA 155
- 12.5.3.1 Mining industry in Africa to push asset integrity management market 155
13 COMPETITIVE LANDSCAPE 156
13.1 OVERVIEW 156
13.2 KEY PLAYER STRATEGIES/RIGHT-TO-WIN 156
13.3 REVENUE ANALYSIS OF TOP FIVE COMPANIES 158
13.4 MARKET SHARE ANALYSIS (2020) 159
13.5 COMPANY EVALUATION QUADRANT, 2020 160
13.5.1 STAR 160
13.5.2 PERVASIVE 160
13.5.3 EMERGING LEADER 160
13.5.4 PARTICIPANT 160
13.6 SMALL AND MEDIUM ENTERPRISES (SME) EVALUATION QUADRANT, 2020 161
13.6.1 PROGRESSIVE 161
13.6.2 RESPONSIVE 162
13.6.3 DYNAMIC 162
13.6.4 STARTING BLOCK 162
13.7 ASSET INTEGRITY MANAGEMENT MARKET: COMPANY FOOTPRINT 163
13.8 COMPETITIVE SCENARIO 167
14 COMPANY PROFILES 170
14.1 KEY PLAYERS 170
14.1.1 SGS 170
14.1.2 BUREAU VERITAS 175
14.1.3 INTERTEK GROUP 179
14.1.4 TECHNIPFMC 183
14.1.5 AKER SOLUTIONS 187
14.1.6 APPLUS SERVICES 191
14.1.7 DNV 195
14.1.8 JOHN WOOD GROUP 199
14.1.9 OCEANEERING INTERNATIONAL 202
14.1.10 FLUOR 205
14.2 OTHER PLAYERS 208
14.2.1 ROSEN SWISS 208
14.2.2 LIFETECH ENGINEERING 209
14.2.3 EM&I 210
14.2.4 METEGRITY 211
14.2.5 DACON INSPECTION TECHNOLOGIES 212
14.2.6 FORCE TECHNOLOGY NORWAY 213
14.2.7 TWI 214
14.2.8 TÜV SÜD 215
14.2.9 OES 216
14.2.10 BELL ENERGY SERVICES UK 217
14.2.11 ABS GROUP 218
14.2.12 VELOSI ASSET INTEGRITY 219
14.2.13 AXESS GROUP 220
14.2.14 ELEMENT MATERIALS TECHNOLOGY 221
14.2.15 RINA 222
14.2.16 ASSET INTEGRITY ENGINEERING 223
15 ADJACENT AND RELATED MARKET 224
15.1 MACHINE CONDITION MONITORING MARKET 224
15.2 INTRODUCTION 224
15.3 ONLINE CONDITION MONITORING 226
15.3.1 ONLINE CONDITION MONITORING SYSTEMS DELIVER REAL-TIME MACHINERY HEALTH INFORMATION TO PLANT OPERATORS 226
15.4 PORTABLE CONDITION MONITORING 230
15.4.1 EMERGENCE OF PORTABLE CONDITION MONITORING AS COST-EFFECTIVE CONDITION MONITORING PROCESS 230
16 APPENDIX 234
16.1 INSIGHTS OF INDUSTRY EXPERTS 234
16.2 DISCUSSION GUIDE 235
16.3 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 238
16.4 AVAILABLE CUSTOMIZATIONS 240
16.5 RELATED REPORTS 240
16.6 AUTHOR DETAILS 241