Asset Integrity Management Market to Witness the Highest Growth in APAC Region

Northbrook, USA, 2021-Oct-12 — /EPR Network/ —

The report “Asset Integrity Management Market with COVID-19 impact by Service (NDT, RBI, Corrosion Management, Pipeline Integrity Management, HAZID Study, Structural Integrity Management, RAM Study), Industry, and Geography – Global Forecast to 2025″, size is projected to reach USD  24.2 billion by 2025 from USD  19.4 billion in 2020 at a CAGR of 4.5%. 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. Additionally, the growth of the market can also be attributed to the increasing adoption of asset integrity management services to tackle the disruptions brought in by climatic conditions.

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The market for corrosion management to grow at the highest CAGR from 2020 to 2025

Corrosion management involves cathodic protection, protective coating, chemical injection, and corrosion monitoring. Failure to manage corrosion properly imparts a huge impact on assets. Hence, it is imperative to indulge in effective corrosion management and recognize and mitigate corrosion problems as they become evident. The amplifying need to protect aging infrastructure across industries is driving the demand for corrosion management services. Use of advanced data analytics, the internet of things (IoT), and data visualization tools are set to transform corrosion management services and solutions from costly and presumptive to predictive and data-driven.

Asset integrity management services market for the power industry to exhibit high growth during the forecast period

The asset integrity management services in the power industry are used for ensuring the efficient and optimal working of power plants. Since a number of complex equipment and components are involved in the industry, the chances of their failure and unplanned shutdown also increase. Unplanned shutdown of a power plant can have disastrous effects for end-user industries and organizations. Thus, the implementation of asset integrity management services is a must to keep the power plants running. The need to meet the demand for energy due to rapid industrialization and growing population especially in Asia Pacific have led to an increase in the number of power plants and, consequently, the demand for asset integrity management services.

APAC to be the fastest-growing market for asset integrity management services during the forecast period

The asset integrity management services market in APAC is expected to grow at the highest CAGR from 2020 to 2025. APAC comprises China, Japan, India, and the Rest of APAC (RoAPAC). China is the largest market for asset integrity management services in Asia Pacific. The growth of the market is primarily driven by the increasing demand for oil and gas and the rise in merger and acquisition activities, which have increased investments in the regional energy sector. Moreover, India is focusing on offshore exploration and development and is auctioning its offshore blocks through the New Exploration Licensing Policy (NELP) rounds. Such activities are likely to drive the demand for asset integrity management services in the country. The implementation of lockdowns in several countries to contain the spread of COVID-19 has significantly affected the operations of end-user industries such as oil & gas, power, mining, and aerospace due to which the market for asset integrity management services is expected slowdown in 2020 in the Asia Pacific.

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The key players operating in the asset integrity management services market include SGS SA (Switzerland), Bureau Veritas SA (France), Intertek Group plc (UK), TechnipFMC plc (UK), Aker Solutions ASA (Norway), Applus+ (Spain), DNV GL (Norway), John Wood Group PLC (US), Oceaneering International, Inc. (US), and Fluor Corporation (US).

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