Asset Integrity Management Systems Market Scope
An increasing need for asset integrity management system from new offshore fields in deep waters has been fueling the market. Also, there is various government regulation from different countries for quality control requirements have been supplementing the growth of the market. Additionally, increasing use of IOT for industrial automation and integration of cloud technology in asset integrity management system is considered as a driver for the market. However, high-cost association with asset integrity management system due to high initial investment and complex installation process associated with asset integrity management system are limiting the growth of the market.
The market study is being classified and major geographies with country level break-up. According to AMA, the Global Asset Integrity Management Systems market is expected to see growth rate of 8.35% and may see market size of USD32.91 Million by 2024.
The Manufacturers having a strong hold in the market are Aker Solutions ASA, Asset Integrity Solutions, Bell Energy Services, Bureau Veritas SA, Fluor Corporation. Research Analyst at AMA predicts that European Manufacturers will contribute to the maximum growth of Global Asset Integrity Management Systems market throughout the predicted period.
Aker Solutions ASA (Norway), Asset Integrity Solutions (Poland), Bell Energy Services UK Limited (United Kingdom), Bureau Veritas SA (France), Fluor Corporation (United States), Intertek Group plc (United Kingdom), SGS SA (Switzerland), John Wood Group PLC (United Kingdom), MISTRAS Group Inc. (United States) and The Welding Institute (United Kingdom) are some of the key players profiled in the study. Additionally, the Manufacturers which are also part of the research are Metegrity Inc. (Canada) and KMAC Limited (India).
AdvanceMarketAnalytics has segmented the market of Global Asset Integrity Management Systems market by Type, Application and Region.
On the basis of geography, the market of Asset Integrity Management Systems has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by End User Industry, the sub-segment i.e. Oil and Gas will boost the Asset Integrity Management Systems market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Component , the sub-segment i.e. Service will boost the Asset Integrity Management Systems market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Service Type, the sub-segment i.e. Risk-Based Inspection (RBI) will boost the Asset Integrity Management Systems market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
On May 9, 2017, Bureau Veritas has announced the launch of its new asset integrity management solution. The key features of the new asset integrity management solution include offshore asset with smart data in a collaborative environment, better visibility of actual asset condition and performance and others. The new of the company can create new opportunities in the operating market
- Increasing Popularity of Asset Integrity Management System due to Rising Advancement and Create Procedure
- Increasing Demand as High Requirement of Asset Integrity Management System from New Offshore Fields in Deep Waters
- Growing Demand due to Strict Government Regulation for Quality Control Requirements
- Decreasing Oil and Gas Prices Result in, Increasing Demand for Maintaining Asset and Plant
- Increasing Oil and Gas Exploration Activities across the Globe
- Integration of Cloud Technology in Asset Integrity Management System
- Tough Environmental Conditions in Many Geographical Areas such as the Arctic and the Middle East Regions
- Huge Initial Cost Associated with Asset Integrity Management System
- Complex Process for Asset Integrity Management System Installation
- Lack of Skilled Manpower for Operating Asset Integrity Management System
Key Target AudienceAsset Integrity Management System Providers, Asset integrity software developers, Asset integrity management consultants, Private Research Organization, Government Associations and Agencies, Potential Investors and Others
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