Asset Integrity Management Market - Forecasts from 2019 to 2024
The asset integrity management market is projected to grow at a CAGR of 9.41% to reach US$36.079 billion by 2024, from US$21.031 billion in 2018. The asset integrity management services are majorly utilized by the firms operating in the oil & gas and energy & power industry, however, its gaining popularity in other industry verticals as well. Since, the offshore exploration activity witnessed a downturn recently, the firms in the industry started strategizing their operations to deliver optimal performance from existing assets and equipment using technical services which led to the growth of the asset integrity management market. Basically, the ability of these services to significantly drive down the cost of inspection, maintenance, and repair while simultaneously improving the overall reliability and safety of a facility led to its growing popularity. However, unavailability of the required pool of skilled resources is impacting the growth of the market substantially.
This research study examines the current market trends related to the demand, supply, and sales, in addition to the recent developments. Major drivers, restraints, and opportunities have been covered to provide an exhaustive picture of the market. The analysis presents in-depth information regarding the development, trends, and industry policies and regulations implemented in each of the geographical regions. Further, the overall regulatory framework of the market has been exhaustively covered to offer stakeholders a better understanding of the key factors affecting the overall market environment.
Identification of key industry players in the industry and their revenue contribution to the overall business or relevant segment aligned to the study have been covered as a part of competitive intelligence done through extensive secondary research. Various studies and data published by industry associations, analyst reports, investor presentations, press releases and journals among others have been taken into consideration while conducting the secondary research. Both bottom-up and top down approaches have been utilized to determine the market size of the overall market and key segments. The values obtained are correlated with the primary inputs of the key stakeholders in the asset integrity management chain. The last step involves complete market engineering which includes analyzing the data from different sources and existing proprietary datasets while using various data triangulation methods for market breakdown and forecasting.
Market intelligence is presented in the form of analysis, charts, and graphics to help the clients in gaining faster and efficient understanding of the asset integrity management market.
Major industry players profiled as part of the report are SGS SA, Bureau Veritas, Force Technology, and TÜV Rheinland among others.
The asset integrity management market has been analyzed through following segments:
Pipeline Integrity Management
Structural Integrity Management
By Industry Vertical
Oil & Gas
Energy & Power
Middle East and Africa
Intertek Group plc
TÜV NORD GROUP
DNV GL AS