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.
According to AMA, the Global Asset Integrity Management Systems market is expected to see growth rate of 8.35%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 estimates 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 that are part of study coverage. Additionally, the Manufacturers which are also part of the research are Metegrity Inc. (Canada) and KMAC Limited (India).
Segmentation Overview
The study have segmented the market of Global Asset Integrity Management Systems market and Region with country level break-up.
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).
Influencing Trend:
Increasing Popularity of Asset Integrity Management System due to Rising Advancement and Create Procedure
Market Growth Drivers:
Increasing Demand as High Requirement of Asset Integrity Management System from New Offshore Fields in Deep Waters and Growing Demand due to Strict Government Regulation for Quality Control Requirements
Challenges:
Complex Process for Asset Integrity Management System Installation and Lack of Skilled Manpower for Operating Asset Integrity Management System
Restraints:
Tough Environmental Conditions in Many Geographical Areas such as the Arctic and the Middle East Regions and Huge Initial Cost Associated with Asset Integrity Management System
Opportunities:
Decreasing Oil and Gas Prices Result in, Increasing Demand for Maintaining Asset and Plant, Increasing Oil and Gas Exploration Activities across the Globe and Integration of Cloud Technology in Asset Integrity Management System
Market Leaders and their Expansionary Development Strategies
In September 2022, WSP Completes acquired the environment and infrastructure business of John Wood Group plc. In line with our global strategic action plan, this acquisition, along with other recently announced deals, will help achieve our strategic ambitions while expanding our geographic reach and adding expertise in key sectors. This will create greater momentum while securing the future of cities and the environment.
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
Key Target Audience
Asset Integrity Management System Providers, Asset integrity software developers, Asset integrity management consultants, Private Research Organization, Government Associations and Agencies, Potential Investors and Others
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.