The "Global Asset Integrity Management Market with COVID-19 Impact by Service (NDT, RBI, Corrosion Management, Pipeline Integrity Management, HAZID Study, Structural Integrity Management, RAM Study), Industry, and Geography - Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global asset integrity management services market size is estimated at US$19.4 billion in 2020. It is projected to reach US$24.2 billion by 2025; it is expected to grow at a CAGR of 4.5% from 2020 to 2025.
The major factors driving the market growth include the growing demand for asset integrity management in new offshore fields in deep waters, declining efficiencies of aging assets, and the need for securing operational safety in various industries, such as oil and gas and power. However, factors such as lack of skilled personnel for operating asset integrity management systems and software pose challenges for market growth.
COVID-19 has affected the operations and financial condition of asset integrity management service providers. The pandemic has resulted in a widespread health crisis, which is adversely affecting the financial markets and economies of countries and end-user industries. This is expected to lead to an economic downturn and negatively affect the market for asset integrity management services.