The offshore segment is expected to dominate the Global Oil and Gas Asset Integrity Management Services Market in the forecast period.
One of the most compelling
drivers behind the rise of the Oil and Gas Asset Integrity Management Services
Market is the Aging Infrastructure.
According to
TechSci Research report, “Global Oil and Gas Asset
Integrity Management Services Market - By Region, Competition, Forecast &
Opportunities, 2028”. The Global Oil and Gas Asset Integrity Management
Services Market is expected to grow with a CAGR of 7.74% during the forecast
period. A prominent driver of the Oil and Gas Asset Integrity Management
Services Market is the industry's growing emphasis on safety, environmental
responsibility, and regulatory compliance. The oil and gas sector operates in a
highly regulated environment with strict safety and environmental standards.
Non-compliance can result in hefty fines, legal consequences, and damage to a
company's reputation. Asset integrity management services are essential for
ensuring that facilities adhere to these regulations, helping companies avoid
costly penalties and maintain their social license to operate.
Aging infrastructure is
another compelling driver. Many oil and gas facilities around the world are
reaching the end of their design life, increasing the risk of equipment
degradation, corrosion, and failures. Asset integrity management services offer
a systematic approach to assess, monitor, and maintain these aging assets,
enabling companies to extend their operational life, reduce risks, and ensure
reliable performance.
Browse over xx market data Figures
spread through 180 Pages and an in-depth TOC on " Global
Oil and Gas Asset Integrity Management Services Market.”
Downstream Sector
to Dominate the Market, Asset integrity management (AIM) services are deployed
in the oil and gas refinery sector and other process plants in order to help
track the performance of assets, carry out inspections, and improve the
reliability of equipment, plant safety, and profitability. The global refining
sector is witnessing an increased demand for refined products from the chemical
and petrochemical industry. The higher margins have propelled the crack spread,
which is a crucial factor for the profitability of oil refiners. This factor
also encouraged investments in new projects.
The global crude
oil refining capacity in 2020 was 101,947 thousand Barrels per day (TBPD),
which rose by 7.25% from 95,054 TBPD in 2011. Also, with the increase in
natural gas usage in the energy sector to generate electricity, the refining or
processing capacity for gases is expected to increase during the forecast
period, thus expanding the downstream sector for asset integrity management. Capacity
upgrades may lead the way as industry players invest in infrastructure that can
handle more crude oil. The structure and the design of plants are becoming
complex day by day. In the past two decades, many major accidents have been
witnessed in the process plants worldwide, owing to factors like delay in
handing equipment for inspection, overstretching equipment run, improper
maintenance practices, not undertaking proper inspection upon repair, etc.
North America has
one of the oldest midstream infrastructures, with many oil and gas pipelines
older than 40 years. The upstream infrastructure in the region is also aging.
Most of the active platforms in the Gulf of Mexico are older than 25 years. Apart
from that, the existing upstream and midstream infrastructure in the region is
vast in nature. The United States has about 2.5 million km of oil and gas
pipeline, while Canada has about 800,000 km of pipeline. As a result of the
large and aging infrastructure, North America is expected to lead the oil and
gas asset integrity management services market during the forecast period. On
the upstream front, offshore structures are a major attraction for asset
integrity management service providers due to their operation in a much harsher
environment than their onshore counterparts in the region. Offshore oil and gas
platforms require intrinsic asset integrity management services due to safety
factors and the harsh environment they are exposed to. Underwater oil and gas
pipelines, production systems, gathering systems, and offshore platforms have
to go through some of the harshest rules and regulations due to safety factors
and hence require elaborate and vast asset integrity management services,
especially during the latter part of their operating period.
Key market players
in the Global Oil and Gas Asset Integrity Management Services Market include:
- Aker Solutions ASA
- Bureau
Veritas SA
- Fluor
Corporation
- Oceaneering
International Inc.
- Fluor
Corporation
- Technip
FMC PLC
- Applus
Services SA
- ABS
Group
- EMI
Group
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“A key driver of
the Oil and Gas Asset Integrity Management Services Market is the industry's
increasing focus on safety and regulatory compliance. With stringent safety and
environmental regulations in place, oil and gas companies are compelled to
ensure the integrity of their critical assets. Asset integrity management
services play a pivotal role in helping these companies meet these stringent
standards. The aging infrastructure within the industry is another significant
driver. Many facilities are reaching the end of their design life, making them
susceptible to corrosion, wear, and equipment failures. Asset integrity
management services provide the means to assess, monitor, and maintain these
aging assets, extending their operational life and ensuring safe and efficient
operations. Furthermore, technological advancements, such as IoT sensors, data
analytics, and predictive maintenance tools, are enabling more proactive and
cost-effective asset management strategies. These technologies are increasingly
integrated into asset integrity management solutions, driving their adoption as
companies seek to optimize operations, reduce downtime, and improve safety and
compliance.,” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management consulting firm.
“Oil and Gas Asset Integrity Management Services Market –
Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented
By Location of Deployment (Offshore and Onshore), Sector (Upstream, Midstream,
and Downstream), By Region, Competition”, has evaluated the future growth potential of Global Oil and Gas Asset
Integrity Management Services Market and provides statistics and information on
market structure, size, share, and future growth. The report is intended to
provide cutting-edge market intelligence and help decision-makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities
present in the Global Oil and Gas Asset Integrity Management Services Market.
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