Oil and Gas Asset Integrity Management Services Market (2018 – 2023) report provides the newest industry data and industry future trends, allowing you to identify the products and end users driving Revenue growth and profitability. The Oil and Gas Asset Integrity Management Services market report lists the leading competitors and provides the insights strategic industry Analysis of the key factors influencing the market.
“Oil and Gas Asset Integrity Management Services Market report is anticipated to register a CAGR of XX% over a five years forecast period (2018 – 2023).”
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List of Major Key players operating in the Global Oil and Gas Asset Integrity Management Services Market are –
- Aker Solutions ASA
- Bureau Veritas S A
- Genesis Oil & Gas Consultants Limited
- Intertek Group PLC
- Oceaneering International INC
- Fluor Corporation
- TechnipFMC
- Applus RTD Group
- ABS Consulting INC
- EM&I LTD
- Meridium INC
- WorleyParson Limited
Asset integrity management (AIM) services in the oil & gas industry include performance forecasting of equipment used in the upstream, midstream, and downstream sectors, by using reliability, ability, and maintainability (RAM), risk-based inspection (RBI), and reliability centered maintenance (RCM) analytics for regular inspection and measurement. AIM services improve the efficiency of the operations essential in the current lower for longer oil price scenario. Growing activity in the oil & gas sector in 2016-17, due to fairly sustainable oil prices, and increasing deployment of AIM services across the sectors are expected to drive the market during the forecast period.
Longer for Lower Oil Prices
AIM services help in optimizing operations, thus, reducing the operational costs in the upstream, midstream, and downstream sectors of the oil & gas industry. Fall in oil prices in mid-2014, reduced cash flow to the operating companies, thereby, putting them under severe financial pressure. Further, though stabilized at sustainable levels, oil prices during 2016-17 have remained lower compared to 2013 levels. After suffering from operating losses for two continuous fiscal years, the only way out for the operating companies is to emphasize on more efficient operations. During 2016-17 most of the oil majors resorted to AIM services, and improved efficiency of their operations by a fair margin, and the trend is expected to continue until 2023, thus, driving the AIM services market. On the contrary, the cost of implementation of effective AIM services, technical challenges, lack of common AIM standards, shortage of skilled labor, and conservative attitude of operators are some of the factors restraining significant growth of the market during the forecast period.
Growing Oil Demand
The global oil and gas supply is expected to fall behind global demand by 2020, if new oil & gas upstream projects are not initiated. The situation is expected to give rise to either of the two scenarios, or the mixture of these two scenarios. In the first scenario, with anticipation of such situation, the majority of operating companies take the risk of investing in new projects, even as low oil prices sustain; however, until the prices rise, the companies delay the production to prevent oversupply. In this scenario, the upstream exploration activities are expected to rise during 2018-2020; while upstream, midstream, and downstream activities are expected to increase after 2020. In the second scenario the majority of operating companies do not take the risk of investing in new projects, due to sustained low oil prices, and in turn, the supply of oil & gas is expected to fall behind the demand, leading to a drastic rise in oil and gas prices. In this case, the oil & gas activities are expected to rise substantially after 2020. Therefore, in either case, the investment in the oil & gas industry is expected to grow in next five years, which will, in turn, drive the AIM services market.
North America to Lead the Market
North America is expected to be the fastest-growing region in terms of AIM services market in the oil & gas industry. The United States is expected to experience substantial growth in oil & gas activity, due to growing production from Permian basin of Texas and the Gulf of Mexico. Canada, with stability in oil prices, is expected to experience increasing investments in the oil & gas industry, allowing private players to explore some of its most prominent oil sand reserves.
Growing Midstream and Downstream Sector in India
India accounts for about 6% of the global oil refining throughput, and 4.5% global oil consumption. During 2014-16, India’s oil consumption registered a CAGR of 8%. To meet this demand, the refining throughput also registered a substantial CAGR of about 5% during the same period. The oil consumption of the country is expected to retain this growth trend, due to growth in industrialization, growing population, urbanization, and increasing per capita income. To meet this demand, investment in midstream and downstream sector is expected to witness significant growth, which in turn is expected to drive AIM services market in the midstream and downstream industry in the country.
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Scope of the Report:
The report analyses Oil and Gas Asset Integrity Management Services market, which includes –
- Analysis of the growth of Oil and Gas Asset Integrity Management Services market in global and regional level including Asia-Pacific, Americas, and EMEA.
- The report provides Oil and Gas Asset Integrity Management Services market analysis for key countries including the US, Canada, Chile, China, India, Japan, the UK, Germany, France, and Italy.
- The report offers country level Oil and Gas Asset Integrity Management Services market volume and value by end-user segment for the period 2012-2023.
- Qualitative analysis of key market drivers and restraints, and analysis of their impacts on Oil and Gas Asset Integrity Management Services market are discussed.
- The report provides competitive landscape at country level for the year 2018. It also covers key policies and initiatives, key deals, and key upcoming projects.
Highlighted points of Oil and Gas Asset Integrity Management Services Market Report:
- Varying dynamics of the Oil and Gas Asset Integrity Management Services industry.
- Prospective changes in sales volumes and worldwide share growth in upcoming years (2018-2023).
- Oil and Gas Asset Integrity Management Services market report recognizes the key drivers of growth and challenges of the key industry players.
- Competitors profiles along with product description, overview, and business data.
- A complete analysis of market risks, opportunities, limitations, and growth of the market.
- Market driving and restraining factors.
- Delivers information on the historical and current market size and the future potential of the market.
- Oil and Gas Asset Integrity Management Services market report provides a comprehensive analysis of the market with respect to market dynamics, competitive analysis, and upcoming trends of the market.
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Reasons to Purchase Oil and Gas Asset Integrity Management Services Market Report:
- The report analyses how stringent emission control norms will drive the global Oil and Gas Asset Integrity Management Services market.
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
- Study on the product type that is expected to dominate the market.
- Study on the regions that are expected to witness the fastest growth during the forecast period.
- Identify the latest developments, market shares and strategies employed by the major Oil and Gas Asset Integrity Management Services market players.
- 3 months’ analyst support along with the Market Estimate sheet (in excel).
In this study, the years considered to estimate the market size of Oil and Gas Asset Integrity Management Services:
History Year: 2013-2017
Base Year: 2017
Estimated Year: 2018
Forecast Year 2018 to 2023
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