Oil and Gas Asset Integrity Management Services Study, Competitive Strategies, Key Manufacturers, New Project Investment by 2025

 The oil and gas industry's assets, including as offshore platforms, drilling rigs, and pipelines, have been used well past their design lives. A majority of the assets are likely to be utilised more during the projected period owing to an ongoing increase in production demand. Severe ocean currents, corrosive saltwater, and frequent hurricanes are all factors that affect offshore gas sites. Platforms, unlike drilling rigs, are not transportable and cannot be transported to shore for repairs. The maintenance data for several of the platforms are either missing or untrustworthy. The demand for asset integrity management services in the gas sector is predicted to rise as infrastructure ages, to extend the life of these assets. This can be accounted as a key driver of growth for the global Oil and Gas Asset Integrity Management Services Market.

 

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Moreover, climate change is expected to have a significant impact on the oil, gas, and power industries' operations over the coming period. Climate adaption planning and its integration into overall risk management strategies are being increasingly supported by international companies and governments.

 

Businesses in the Oil & Gas Industry are Likely to Invest Heavily in Asset Integrity Management Services, Fuelling Market Expansion

 

In the Oil & gas refinery industry, asset integrity management (AIM) services are used to track asset performance, conduct inspections, as well as increase equipment reliability, plant safety, and profitability. The chemical and petrochemical industries are driving up demand for refined goods in the worldwide refining business. The crack spread, which is a critical component for gas refiner profitability, has accelerated as a result of the increased margins. This aspect is expected to push investment towards new initiatives, subsequently benefitting the overall market growth. 

 

Moreover, corrosion management failure has a significant impact on assets. cathodic protection, protective coatings, chemical injection, and corrosion monitoring are all part of corrosion management. These services are in high demand due to the growing need to protect aging infrastructure across the gas industry. Corrosion management services and solutions are in the process of being transformed from costly and presumptive to predictive and data-driven with the application of improved data analytics, the internet of things (IoT), and data visualization tools.

 

North America Encompasses Oldest Midstream Infrastructures Globally, Projected to Dominate the Oil and Gas Asset Integrity Management Services Market

 

North America is likely to lead the oil and gas asset integrity management services market during the forecast period due to its huge and aging infrastructure. In Asia Pacific, the asset integrity management services industry is predicted to grow at a rapid pace. The market's expansion is primarily driven by rising oil and gas demand, as well as an increase in merger and acquisition activity, which has resulted in greater investments in the regional energy industry.

 

The market for asset integrity management services in the gas industry is moderately fragmented. Aker Solutions ASA, Bureau Veritas S A, Oceaneering International Inc, Fluor Corporation, and Technip FMC plc are just a few of the main players.

 

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