(IT-NEWSWIRE.COM, January 13, 2022 ) According to a research report "Asset Integrity Management Market with COVID-19 Impact Analysis by Service Type (NDT, RBI, Corrosion Management, Pipeline Integrity Management, HAZID Study, Structural Integrity Management, RAM Study), Industry and Region - Global Forecast to 2026" published by MarketsandMarkets, the global asset integrity management services market size is expected to grow from USD 20.3 billion in 2021 to USD 25.7 billion by 2026 at a CAGR of 4.9% during 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. 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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NDT segment to hold the largest size of asset integrity management market from 2021 to 2026
The NDT segment is expected to dominate the asset integrity management market over the forecast period. NDT plays an important role in various industries by assuring safe, reliable, and cost-efficient functioning of assets. These services are increasingly being used across the oil & gas sector by oil & gas exploration and production companies; offshore oil & gas structure fabrication contractors; onshore and offshore oil & gas pipeline operators, owners, and contractors.
The asset integrity management market for the power industry is projected to grow at the 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.
Asia Pacific to be the fastest-growing market for asset integrity management during the forecast period
The asset integrity management market in Asia Pacific is expected to grow at the highest CAGR from 2021 to 2026. 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. Advancements in terms of economic growth, infrastructural development, and construction of power plants boost the asset integrity management market in Asia Pacific.
The key players operating in the asset integrity management market include SGS (Switzerland), Bureau Veritas (France), Intertek Group (UK), TechnipFMC (UK), Aker Solutions (Norway), Applus Services (Spain), DNV (Norway), John Wood Group (US), Oceaneering International (US), and Fluor (US).
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