Asset Integrity Management Market With Covid-19 Impact - Global Forecast To 2025

By Author: Steve Stark
Total Articles: 138
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The global asset integrity management services market size is expected to grow from USD 19.4 billion in 2020 to USD 24.2 billion by 2025 at a CAGR of 4.5%. Factors such as stringent safety regulations and quality control requirements laid down by governments, and climatic changes affecting the operations of various industries, thereby driving the asset integrity management services market.

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COVID-19 impact on the Global Asset Integrity Management Services Market

The pandemic has impacted several industries across the world, and the oil & gas industry is no exception. The global petroleum product consumption decreased significantly due to travel restrictions and economic slowdown. The crisis in the oil & gas industry has substantially impacted several workers and communities who are dependent on its revenues. The industry players are struggling with the oil price war, declining demand, business stability, and employee safety, and need to focus on developing a flexible business model, which can lead to long-term ...
... resilience.

The demand for electricity from the industrial sector has been reduced significantly due to the COVID-19 pandemic. Governments across the world were compelled to reduce business activities in response to the virus outbreak. Plant-wide asset inspection and repair work is on hold and mostly in favor of high-priority production-related assets only. The current COVID-19 strategy of mitigation through working at home and social distancing is resulting in a growing backlog of inspection and maintenance work. Moreover, the situation is forcing asset inspection management services providers to perform critical asset inspections with fewer personnel. However, the adoption of key digital strategies such as remote inspection and remote collaboration is expected to help organizations to maintain safe and productive assets.

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The asset integrity management services market in APAC to grow at the highest CAGR during the forecast period

The growing oil & gas industry and the investments made in this industry are driving the asset integrity management services market in APAC. China is the largest market for asset integrity management services in Asia Pacific. The growth of the market is primarily driven by the increasing demand for oil and gas and the rise in merger and acquisition activities, which have increased investments in the regional energy sector. Moreover, India is experiencing a high demand for oil due to urbanization, industrialization, and rising population. The country is focusing on offshore exploration and development and is auctioning its offshore blocks through the New Exploration Licensing Policy (NELP) rounds. Such activities are likely to drive the demand for asset integrity management services in the country.

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