New York, NY -- (SBWIRE) -- 09/19/2018 -- Asset Integrated Management Systems (AIMS) can be defined as an item, thing or entity that has potential or actual value to an organization. The value will vary between different organizations and their stakeholders, and can be tangible or intangible, financial or non-financial. It includes several activities such as planning, control and monitoring activities, to exploit opportunities and to reduce risks.

The goal is to make sure that a system is in place to maintain asset integrity when needed, throughout the entire life cycle. Control measures include personnel, physical resources, procedures, process control systems and emergency plans dedicated to this task.

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The implementation of AIMS helps in reducing the probability of catastrophic events, limit the exposure to risk, in terms of health, safety, environment, reputation and business continuity. It also help the Companies' turnaround from "maintenance after fault", reacting to events, to preventive and predictive maintenance schemes that proactively prevent faults.

The Asset Integrated Management Systems (AIMS) market size is expected to grow from USD XX Million in 2017 to USD XX Million by 2025, at a Compound Annual Growth Rate (CAGR) of XX% over the forecast period.

The different segment of AIMS market are by type, application, and region.

Market segmented on the basis of service Type

- Risk-Based Inspection (RBI),
- Reliability,
- Availability,
- Maintainability (RAM),
- Corrosion Management,
- Pipeline Integrity Management,
- Hazard Identification (HAZID) Study,
- Structural Integrity Management,
- Nondestructive Testing (NDT) Inspection

Nondestructive Testing (NDT) Inspection is a major service type that is expected to hold largest market share among the other services. This process is broadly applied in numerous in-service application and manufacturing industries. Oil and gas industry is heavily uses asset integrity managed services to mitigate risk and minimize operating costs.

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Market segmented on the basis of deployment (Oil & Gas, Power, Mining, Aerospace and others): Oil and gas industry will hold the largest market in the AIMS market owing to the increasing deep-water drilling activities by oil and gas companies. The global oil and gas supply is expected to fall behind global demand by 2020, if new oil & gas upstream projects are not initiated. Therefore, the investment in the oil & gas industry is expected to grow in next five years, which will, in turn, drive the AIM services market.

Market segmented on the basis of region (North America, Europe, Asia-Pacific and Rest of the world): North America held the largest share in terms of AIMS services market in 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 stable 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.

The major market players of the global Asset Integrated Management Systems (AIMS) market are:

- ABB
- Applus+
- Bureau Veritas
- Fluor
- General Electric
- Intertek
- Aker Solutions
- Asset Integrity Engineering
- Element Materials Technology
- EM&I
- Factory IQ
- Geanti Marine Limited
- Oceaneering International
- Penspen
- SGS
- STAT Marine
- Viper Innovations
- Others

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These companies using various strategies such as merger & acquisition, collaboration, partnership and product launch. Whereas, merger & acquisition is the key strategy adopted by the companies in the market.

The drivers of AIMS market is due to emphasis on keeping minimum operational expenses, robust development in energy and power sectors, growing explorations of latest deep water oil fields, stringent government regulations, governments across the world are emphasizing on maintaining safety requirements and on environmental impacts as well as decreasing efficiency of assets with increasing age. However, lack of skilled labors and unpredictable climate changes occurring across the world are key factors of the market that are restricting the AIMS market to grow at full fledge.

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