As per Zion Market research, the global asset integrity management market is predicted observe high development by the end of 2025. The global market is predicted to cross USD 40.28 Billion by 2026 with a CAGR of more than 8.70% by 2025. The development of this market is powered by the dropping efficiencies of growing assets and the requirement for operational security; requirement of asset integrity management in new offshore areas in deep waters; climatic alterations impacting the processes of different sectors; strict government security laws and quality control needs; and dropping oil and gas costs rising the requirement for maintaining the plants and assets.
The major companies in the global market for asset integrity management are ROSEN Swiss AG, SGS SA, Intertek Group plc, Bureau Veritas SA, Aker Solutions ASA, Fluor Corporation, DNV GL AS, Applus+ Servicios Technológicos, S.L., Oceaneering International Inc., John Wood Group PLC, and TechnipFMC plc.
NDT Is Predicted To Have Biggest Market Share In The Coming Years Based On Service Type
The global market for NDT is predicted to have the biggest market share by 2025. NDT has an essential role in different sectors, assuring the reliable, safe, and cost-effective working of assets. NDT is essential in the plants in which operation shut down for inspection reasons is non-profitable and which cannot pay for any assets’ destruction. The most often employed test techniques for NDT comprise PT (liquid penetrant testing), MT (magnetic particle testing), UT (ultrasonic testing), RT (radiographic testing), VT (visual testing), and ET (electromagnetic testing).
Oil & Gas Sector To Possess Biggest Market Share In All The Sectors
The global market for the oil & gas sector is predicted to have the biggest market share by 2025. The sector is related to a great amount of risk owing to its complication and involvement of big finances and natural reserves. Almost every sector in this globe is impacted by the oil & gas sector, either indirectly or directly, to some level. Hence, the dangers comprised in this sector related to unplanned downtime and plant breakdowns are predicted to result in big losses to the general economy. Hence, these services have a primary role in the oil & gas sector.
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Asia Pacific Is Predicted To Display Most Lucrative Development Prospects By 2025
Asia Pacific is predicted to develop at the max CAGR by 2025 owing to the increasing attendance of sectors such as power, oil and gas, and mining in the area. Different exhibitions and associations power the acceptance of these services in particular areas in Asia Pacific such as Malaysia and Singapore.
This review is based on a report by Zion Market Research, titled “Asset Integrity Management Market by Service (Ram Study, RBI, Pipeline Integrity Management, Corrosion Management, Structural Integrity Management, Hazid Study, NDT), Industry, and Geography – Global Industry Perspective, Comprehensive Analysis, and Forecast, 2019 – 2025”
