RIG & BARGE WORLD ities .
The global oil and gas industry asset integrity management services market had an estimated valuation of USD 19 billion in 2021 . It is expected to reach a value of USD 38 billion by 2030 , growing at a CAGR of 7.9 % from 2022 to 2030 . The basic aim of AIM is to ameliorate asset performance , minimize downtime , increase asset life , and keep the company safe while at the same time effectively managing risks and complying with the regulations . Achieving these could be a combination of data-driven decision-making , predictive maintenance , real-time monitoring , and thorough assessments .
Asset Integrity Management ( AIM ) is a critical approach in the oil and gas industry to determine the functional capability of different components and equipment . The market growth globally is caused by the maturation of assets such as those offshore platforms , rigs , and pipelines that have been used beyond their designed life because of increasing output demand . These assets are also prone to mid-ocean currents , the corrosive saline water environment , and routine hurricanes as hazards .
With advances in corrosion management , the average lifespan of pipelines in the industry has been significantly increased ; Gulf of Mexico ( GoM ) pipelines are around 23 years old now . Pipeline systems typically age over time ; therefore , ensuring proper inspection and maintenance procedures is essential for safe and reliable production .
The momentum of many countries switching from coal to natural gas as the most common source of energy is driving the global natural gas sector . In 2019 , natural gas production across the globe reached 3989.3 billion cubic meters , compared to 3146.2 bcm in 2010 . Countries like India and China have already increased their natural gas consumption as part of their long-term plans to reduce greenhouse gas emissions .
Wider exploration and production of gas reserves became apparent as there are demands from the refining , petrochemical , specialty chemicals , and fertilizer industries . The market for gas-based power generation on the east coast of India is expected to see an increase due to the Indian government ’ s announcement that it would spend over USD 60 billion in 2020 on developing gas infrastructure and raise the share of gas in the energy mix from 6 % to 15 % by 2030 . The increasing demand for natural gas trade worldwide is set to increase demand for natural gas pipeline networks , with an imminent opportunity for pipeline integrity management .
The global oil and gas asset integrity management services market is hindered by the high volatility of crude oil prices , which have been the main influencer of the industry ’ s growth . The sector has had three significantly rapid declines in oil price over the last twelve years , which were primarily induced by both supply-demand imbalances and geopolitical conflicts . The increased volatility has worsened the financial state for oil and gas companies ; therefore , they have had to decrease their revenue . The Oceaneering Integrity Management and Digital Solution division ’ s revenue declined from USD 266.9 million in 2019 to USD 226.08 million in 2020 .
Still , there are prospects for offshore decommissioning activities in the offshore area especially in the highly developed and mature Outer Continental Shelf ( OCS ) region of the GoM . The “ lower for longer ” oil price setting has led to the surge in asset decommissioning as operators simply have to delay decommissioning structures to use them for future well drilling activities or as a supplement to their infrastructure . This development has caused a significant buildup of the amount of the idle iron , contributing to the growth of both shallow water and deepwater assets decommissioning activities in the GoM OCS region .
The Asia-Pacific region , which holds the position of the leading natural gas and crude oil producer in China , is expected to see considerable demand for AIM services on account of the extensive pipeline network that includes the new as well as old pipelines . Upstream oil and gas infrastructure like onshore and offshore drilling rigs or platforms is projected to contribute to the anticipated increase in the demand for AIM services in China .
With regards to location , the global oil and gas asset integrity management services market is classified into onshore and offshore . The onshore segment is the dominant as it enjoys low capital expenditures and is easier to exploit given accessibility for the exploration and production activities . The onshore oil and gas industry is anticipated to flourish in a low-price environment , with asset integrity management services ensuring higher well efficiencies in addressing supply chain systems ’ complexity .
Second , to the onshore market , comprising about 30 % of the crude oil production across the globe , lies offshore . The Middle East , North Sea , Brazil , Gulf of Mexico , and Caspian Sea constitute the major offshore oil and gas producing regions . The offshore asset integrity management services market will take advantage of enormous activities to recover oil and gas from deepwater and ultra-deepwater regions .
The global refining sector is witnessing high demand growth due to rising demand for refined products from the chemical and petrochemical sectors . Crack spreads have narrowed due to greater margins applying pressure on oil refinery profit margins , thereby fostering investments in new projects . Refinery operators are focused on commands like predictive and preventive asset integrity assessments : oil testing typically through vibration testing , thermal imaging , pressure testing , and craft competency training .
The capacity for refining or processing gases is expected to grow due to the use of natural gas in the energy sector to produce electricity , further expanding the downstream sector for asset integrity management .
These AIM providers help operators follow strict environmental rules , make assets last longer , and lower operational risks . By using cutting-edge tech and practices that focus on sustainability , AIM services play a key role in helping the oil and gas sector become safer more efficient , and less harmful to the environment .
www . rigsbargeworld . com | January-February 2025 | 11