The Global Asset Integrity Management Conference 2021
Asset Integrity Management Services MarketDynamics,
Driver: Discoveries of new offshore fields and subsequent rise in demand for asset integrity management services
The oil & gas industry contributes the majority shares to the asset integrity management services market. Asset integrity management services ensure smooth functioning of oil & gas plants and optimum utilization of their resources. With the discovery of new offshore fields in deep waters, the implementation of asset integrity management services is likely to escalate in the coming years. Oil fields in deep waters operate under extreme geographic conditions; shifts in tectonic plates cause changes in marine currents and climatic conditions; hence, it is necessary to conduct periodic inspection of assets in such plants to ensure integrity and flawless functioning. The Mako, Uaru, Yellowtail-2, and Redtail wells in Stabroek block by ExxonMobil Corporation (US), and a new gas deposit discovery by Gazprom (Russia) at Leningradskoye field off the northwest coast of the Yamal peninsula are among the new offshore fields being discovered across the world.
Restraint: Adverse impact of harsh environmental conditions in Middle East and Arctic regions on performance of ASIM services
The increasing demand for energy from developing countries and power-intensive industries has pushed oil and gas exploring companies operating in the upstream sector to explore deeper and farther offshore into the ocean. Water pressure and the extremity of environmental conditions increase significantly in case of distant offshore locations. The Middle East and Arctic regions already have harsh weather conditions. The Arctic region has a sensitive environment with considerable year-round variations, pose challenges for inspection devices and equipment to collect the required data over a period of time as the conditions keep changing. Thus, harsh operating conditions impact the performance of asset integrity management services, which is a key factor restraining the growth of the market.
