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In order to maximize productivity, all physical assets need to be maintained regularly. The management of physical assets – selection, maintenance, inspection, and renewal – plays a crucial role in determining the operational performance, safety, and profitability of any industry. The challenge to management is to ensure that the integrity of engineered systems. Asset Integrity Management plays a crucial role in all sectors.
The objectives of an Asset Integrity Management (AIM) system are the delivery of business requirements maximizing return on assets while maintaining stakeholder value and minimizing business risks associated with accidents and loss of production. Asset Integrity is the ability of an asset to perform its required function effectively and efficiently while safeguarding life and the environment.
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The related management activities ensure that the people, systems, processes, and resources which deliver integrity, are in place, in use and fit for purpose over the whole lifecycle of the asset. An Asset Integrity Management system incorporates design, maintenance, inspection, process, operations, and management concepts of infrastructure and equipment.
Asset Integrity Management offers the following solutions: Risk-Based Inspection (RBI), Pipeline Integrity Management, Hazard Identification Study, Non-Destructive Testing (NDT) Services, Structural Integrity Management, Corrosion Management, among other notable services. By industry verticals, asset integrity management is segmented in oil & gas, aerospace, mining, power, marine, and others.
The key market driver for asset integrity management is the push towards automation of asset integrity management and integration of IoT in asset management. Automation increases the reliability of equipment and infrastructure. Use of artificial intelligence for asset integrity management will provide a fast momentum for asset integrity management market. The critical market restraint is the high capital cost required for modern asset integrity management
Some of the notable companies in the global asset integrity management market are Intertek, SGS, Bureau Veritas Group, Genesis Oil and Gas Consultants, FORCE Technology, TÜV SÜD, DNV GL, Lloyd's Register, RINA, Asset Integrity Engineering (AIE), Aker Solutions, MISTRAS Group Inc. and Element Materials Technology.
· Risk-Based Inspection (RBI)
· Pipeline Integrity Management
· Hazard Identification Study
· Non-Destructive Testing (NDT) Services
· Structural Integrity Management
· Corrosion Management
By End-User Industry
· Oil and Gas
· North America (the USA and Canada)
· Europe (UK, Germany, France, Italy, Spain and Rest of Europe)
· Asia Pacific (China, India, Japan, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico and Rest of Latin America)
· Middle East & Africa (GCC, South Africa, and Rest of the Middle East & Africa)
The global asset integrity management market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominates the asset integrity management market due to affordability and awareness about automation & IoT. Oil and Gas industry in North America is a dominant consumer of asset integrity management services. Oil and Gas industry in Middle-East and OPEC is expected to provide steady growth for automated and IoT based asset integrity management services. Rapid industrialization in Asia-Pacific countries like India, China, Vietnam, Bangladesh, etc. are expected to provide substantial growth for asset integrity management market. Industry 4.0 initiatives in Europe, USA, China, etc. is expected to boost the asset integrity management market.
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