The Oil and Gas Asset Integrity Management Services Market is significantly influenced by Aging Infrastructure.
The TechSci Research report “Global Oil and Gas Asset Integrity Management Services Market – By Region, Competition, Forecast & Opportunities, 2028,” the market is projected to grow at a CAGR of 7.74% during the forecast period. Safety, environmental responsibility, and regulatory compliance are key drivers in this market. The oil and gas industry operates under stringent regulations, where non-compliance can lead to severe consequences. Asset integrity management services play a crucial role in ensuring compliance, helping companies avoid penalties and safeguard their reputation.
Aging infrastructure is another important driver. Many oil and gas facilities worldwide are approaching the end of their design life, increasing the risk of equipment degradation and failures. Asset integrity management services provide a systematic approach to assess and maintain these aging assets, enabling companies to extend their operational life, mitigate risks, and ensure consistent 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.”
In the oil and gas industry, Asset Integrity Management (AIM) services are crucial for monitoring asset performance, conducting inspections, and enhancing equipment reliability, safety, and profitability. The downstream sector, particularly in refineries and process plants, dominates the market demand. Global refining capacity has increased by 7.25% from 2011 to 2020, driven by rising demand for refined products from the chemical and petrochemical industry. Investments in new projects are encouraged by higher margins, boosting profitability for oil refiners.
The forecast period anticipates further expansion in the downstream sector as natural gas usage grows for electricity generation, leading to increased gas refining capacity. Capacity upgrades are likely as infrastructure investments accommodate more crude oil. However, the complexity of plant structures poses challenges, with past accidents often attributed to delayed inspections, equipment overuse, inadequate maintenance, and improper repairs.
North America, with its aging midstream and upstream infrastructure, is poised to lead the oil and gas asset integrity management services market. The region boasts extensive pipeline networks, with many pipelines older than 40 years. Offshore structures, particularly in the Gulf of Mexico, require specialized asset integrity management due to safety concerns and harsh environmental conditions. Elaborate services are necessary for offshore platforms, underwater pipelines, and production systems to ensure compliance with stringent regulations and prolong operational lifespans.
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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Safety and regulatory compliance are driving the Oil and Gas Asset Integrity Management Services Market as companies focus on meeting stringent standards. Aging infrastructure is another factor, with many facilities nearing the end of their design life and facing issues like corrosion and wear. Asset integrity management services help assess and maintain these assets, extending their operational life. Technological advancements like IoT sensors and predictive maintenance tools enable proactive asset management, reducing downtime and enhancing safety. Mr. Karan Chechi, Research Director at TechSci Research, emphasized these points.
The report “Oil and Gas Asset Integrity Management Services Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028” assesses the market’s future growth potential. It offers valuable insights for decision-makers, highlighting emerging trends, drivers, challenges, and opportunities in the global market.
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