Pune, India, Aug. 31, 2021 (GLOBE NEWSWIRE) — The global asset integrity management market is projected to gain momentum from the increasing usage of artificial intelligence. This information is published in an upcoming report by Fortune Business Insights, titled, “Asset Integrity Management Market Size, Share and Global Trend By Solutions (Risk-Based Inspection (RBI), Pipeline Integrity Management, Hazard Identification Study, Non-Destructive Testing (NDT) Services, Structural Integrity Management, Corrosion Management, Others), By End-User Industry (Oil and Gas, Mining, Aerospace, Power, Marine, Others) and Geography Forecast till 2026.” The report mentions that integration of IoT and a rapid inclination towards the automation technology are likely to drive the asset integrity management market growth during the forecast period.
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The report provides elaborate information regarding the asset integrity management market trends, future prospects, growth drivers, regions, and obstacles. Besides these, it highlights all the segments of the market and states the leading ones separately. It further pin-points the competition dynamics to offer comprehensive data about the competitive edge.
The other highlights of the report include:
- Detailed individual and collective study of all the market segments;
- Thorough analysis of the factors driving and retarding market growth;
- Comprehensive assessment of the regional developments influencing the market; and
- In-depth profiling and examination of the key market players and their dominant strategies.
“Increasing Need for Operational Safety Likely to Drive Market Growth”
One of the major driving factors of the asset integrity management market is the urgent requirement for operational safety due to the degradation of old assets in various industries. Moreover, climate change affects the integrity of several assets, namely, oil & gas infrastructures, vessels, tanks, and pipelines. Improper maintenance of asset integrity not only disturbs the human life and environment but also impacts the financial aspect of the entire industry. Hence, governments of numerous countries are putting forward strict quality control standards and safety rules for the industries to safely undertake processes. These rules would also aid in causing less impairment to the environment.
“Rising Awareness Programs About Automaton & IoT to Favor Growth in North America”
Geographically, the asset integrity management market is fragmented into the Middle East & Africa, Europe, Latin America, North America, and Asia Pacific. Out of these regions, North America leads the market due to increasing awareness programs regarding IoT and automation. The products are also cost-effective in this region. Additionally, the oil and gas industry is one of the dominant consumers of asset integrity management services in this region.
In Asia Pacific, on the other hand, emerging nations, such as Bangladesh, India, Vietnam, and China are anticipated to boost the market growth in the coming years due to the rising industrialization. In OPEC and the Middle East, the oil and gas industry is likely to exhibit a steady growth for IoT and automated asset integrity management services. Furthermore, Industry 4.0, a recent initiative by the German government to transform industrial manufacturing process through digitization, would propel the asset integrity management market size in Europe.
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Regional Analysis for Asset Integrity Management Market:
- North America (the USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
“WFS Technologies to Expand into Brazil and Houston to Meet its Growth Objectives”
WFS Technologies, a renowned provider of subsea cloud computing networks (SCCNs), subsea Internet of Things (SIoT), and subsea wireless automation, headquartered in the U.K., announced its expansion into Brazil and Houston in July 2019. They are persistently trying to meet their goals to grow in the upcoming years. The company stated that energy industry sales director, Molly Reyes, joined the senior leadership team to explore new opportunities and lead the new office in North America and the Gulf of Mexico. The energy industry in the U.S. is undergoing digital transformation at present. Information nowadays has become a prized possession. The team of WFS blends cutting edge cloud computing with innovative hardware to resolve few of the toughest challenges that are faced at offshore locations.
Fortune Business Insights profiles some of the most prominent companies operating in the global asset integrity management market. They are as follows:
- Bureau Veritas Group
- Genesis Oil and Gas Consultants
- FORCE Technology
- TÜV SÜD
- DNV GL
- Lloyd’s Register
- Asset Integrity Engineering (AIE)
- Aker Solutions
- MISTRAS Group Inc.
- Element Materials Technology
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Some of the Key Questions Answered in this Report:
- Detailed Overview of Asset Integrity Management Market will help deliver clients and businesses making strategies.
- Influencing factors that are thriving demand and latest trends running in the market.
- Asset Integrity Management Market forecast for global market split into segments like region, product, applications, end-user, technology, etc.
- What trends, challenges and barriers will impact the development and sizing of the Global Asset Integrity Management Market?
- SWOT Analysis of each defined key player along with its profile and Porter’s five forces analysis to complement the same.
- What is the Asset Integrity Management Market growth momentum or market carries during the forecast period?
- Which region may tap the highest market share in the coming era?
- Which application/end-user category or Product Type may seek incremental growth prospects?
- What focused approach and constraints are holding the Asset Integrity Management Market demand?
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