Global Asset Integrity Management Market: Snapshot

The global asset integrity management market is foreseen to gain growth due to the decline in oil and gas prices raising the demand for the maintenance of company plants and assets across various industries. New offshore fields requiring asset integrity management in deep waters could also be a major factor augmenting market growth. Nondestructive testing (NDT) inspection is expected to be a significant type of service garnering a massive share in the coming years. It has been considered to be one of the most vital techniques of quantifying and identifying subsurface and surface defects. Over the last decades, NDT has evolved substantially and benefited a number of industries on the part of the inspection and testing of several devices.

The burgeoning size of the oil and gas industry is prognosticated to augur well for the global asset integrity management market. Asset integrity management services could be highly used to keep track of maintenance protocols and ease up inspection processes in the industry. The need for asset integrity management could increase in the near future due to the rising awareness about mitigating capital outlay in oil fields. The rise of the aerospace industry could also prove to be crucial for the growth of the market as overhaul, repair, and maintenance providers continue to increase in regions such as Asia Pacific that carry a growing inclination toward air travel.

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Although some of the key players of the global asset integrity management market could face challenges during their operation, specific strategies such as acquisitions, expansions, contracts, agreements, and product launches are envisaged to save the day. These could prove to be essential for expanding their business and improving their regional presence in the market. Adoption of new technologies and the rapid growth in the power industry could also be focused upon to cash in on lucrative prospects in the market.

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Asset integrity management (AIM) ensures the desired performance of an asset effectively and efficiently at every stage of its lifecycle. It manages the risk of failures as well as events in design, construction, and during operation of facilities. It ensures optimal production and protection of the environment in addition to human life. Different industries including oil & gas, mining, and power are handling assets through asset integrity management in order to ensure reliability, safety, regulatory compliance, and technical integrity of their assets. The significance of effective asset integrity management increases as the assets of an industry grow in age. Asset integrity management programs focus on structural integrity, mechanical & machine integrity, and control systems integrity, owing to which, the asset owner’s uptime is increased, operating expense (OPEX) is reduced, and business performance is improved.