DUBLIN--(BUSINESS WIRE)--The "Oil and Gas Asset Integrity Management Services Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The oil and gas asset integrity management services market is expected to register a CAGR of about 8.67% during the forecast period.
The demand for oil is expected to increase by of 1.2 mb/d per year during 2020-2025 (the demand is expected to reach 104.7 mb/d by 2023, increasing by 6.9 mb/d from 2018). India and China are expected to account for around 50% of the global demand for oil, by 2025. The assets of the oil and gas industry, such as the offshore platforms, rigs, and pipelines, have been used by the industry beyond their design life.
With the continued increase in the demand for production, a majority of the assets are expected to be further used during the forecast period. Moreover, the offshore oil and gas platforms are subjected to severe ocean currents, corrosive saltwater, and frequent hurricanes. Unlike drilling rigs, which are mobile, platforms cannot be brought to shore for repairs. Many of the platforms are very old and the maintenance records are either missing or unreliable.
With the aging infrastructure, the demand for asset integrity management services in the oil and gas sector is expected to increase, in order to prolong the life of these assets. However, the lower prices of oil and gas led to reduced expenditure on CAPEX and OPEX by several major operators globally. This factor is expected hinder the growth of the market.
The downstream sector is expected to dominate the oil and gas asset integrity management services market during forecast period.
The aging oil and gas infrastructure in the Asia-Pacific region is expected to create business opportunities for then companies involved in asset integrity management services in the region.
North America is expected to continue to be a dominant market, due to the aging infrastructure, mainly in the upstream and midstream sectors.
Key Market Trends
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.
- Capacity upgrades may lead the way, as industry players invest in infrastructure that can handle more crude oil. In addition, the structure and the design of plants are becoming complex day-by-day.
- Furthermore, in the past two decades, many major accidents were witnessed in the process plants, worldwide, owing to the factors, like delay in handing equipment for inspection, overstretching equipment run, improper maintenance practices, not undertaking proper inspection upon repair, and others.
- Due to the aforementioned factors, the refining businesses and companies are now actively investing in asset integrity management services, in order to increase their productivity and reduce costs. Hence, the downstream sector is expected to witness a significant growth during the forecast period.
The global oil and gas asset integrity management services market is fragmented. Some of the major companies include Aker Solutions ASA, Bureau Veritas S A, Fluor Corporation, and Technip FMC.
Key Topics Covered:
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET OVERVIEW
4.2 Market Size and Demand Forecast in USD billion, till 2025
4.3 Recent Trends and Developments
4.4 Market Dynamics
4.5 Government Policies and Regulations
4.6 Supply Chain Analysis
5 MARKET SEGMENTATION
5.1 Location of Deployment
5.3.1 North America
5.3.4 South America
5.3.5 Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Aker Solutions ASA
6.3.2 Bureau Veritas S A
6.3.3 Genesis Oil & Gas Consultants Limited
6.3.4 Intertek Group PLC
6.3.5 Oceaneering International Inc.
6.3.6 Fluor Corporation
6.3.7 Technip FMC
6.3.8 Applus RTD Group
6.3.9 ABS Consulting Inc.
6.3.10 EM&I Ltd
6.3.11 Meridium Inc.
6.3.12 Worley Parson Limited
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/7v1rc5.
Laura Wood, Senior Press Manager
For E.S.T. Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900