Target Audience of Oil and Gas Asset Integrity Management Services Market: Manufacturer / Potential Investors, Traders, Distributors, Wholesalers, Retailers, Importers and Exporters, Association and government bodies.
Oil and Gas Asset Integrity Management Services Market Report provides key statistics on the market status of the Oil and Gas Asset Integrity Management Services Key-players/Manufacturers and is a valuable source of guidance and direction for companies and individuals interested in the Industry
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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Major companies covered in this Report:
- Aker Solutions ASA
- Bureau Veritas S A
- Genesis Oil & Gas Consultants Limited
- Intertek Group PLC
- Oceaneering International INC
- Fluor Corporation
- Applus RTD Group
- ABS Consulting INC
- EM&I LTD
- Meridium INC
- WorleyParson Limited
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This Oil and Gas Asset Integrity Management Services market report offers an overview of the market trends, drivers, and barriers with respect to the market. A detailed analysis of key players, along with key growth strategies adopted by them is also covered in this report on Oil and Gas Asset Integrity Management Services market.