Pune, July 25, 2024 (GLOBE NEWSWIRE) -- Asset Integrity Management Market Size Analysis:
“According to this SNS Insider Research, The Asset Integrity Management Market size was valued at US$ 22.37 billion in 2023. It is projected to grow to US$ 34.11 billion by 2032, marking a compound annual growth rate (CAGR) of 4.8% during the forecast period from 2024 to 2032.”
Market Drivers and Trends
Widespread safety regulations, concerns, and the need for operational efficiency as enforced by international regulators are expanding the global Asset Integrity Management (AIM) market. The aging infrastructure as well as the developing technology has forced industries to turn to a more advanced AIM solution, for them to secure asset reliability and even compliance. Power generation, oil and gas, manufacturing, and aerospace are the major sectors driving AIM services demand. The drive towards digitalization and the adoption of IoT technologies are changing how they function, bringing in new schemes like real-time asset tracking and predictive maintenance combined with an improved risk management strategy. The adoption of AIM solutions is also bolstered by advancements in cloud technologies, which support new offshore areas and enhance operational efficiency.
The US Department of Energy has allocated $75 million for AIM projects, and the new US Infrastructure Investment and Jobs Act is expected to invest as much as $500 billion toward infrastructure modernization. GE and other companies such as Baker Hughes are investing heavily in AIM technologies that use artificial intelligence solutions to increase asset reliability and efficiency. However, it still faces some challenges to growth such as rising costs and difficulties in managing new technologies with existing deployments. The rising need to manage risk and adhere to regulations is encouraging companies to invest in Asset Integrity Management which is crucial for maintaining the integrity and performance of critical assets.
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Major Players Analysis Listed in this Report are:
- SGS
- Rosen Swiss
- Bureau Veritas
- MISTRAS Group Inc.
- TWI
- Intertek Group
- TechnipFMC
- Aker Solutions
- LifeTech
- Genesis Oil and Gas Consultants
- EM&I
- Metegrity
- FORCE Technology
- Lloyd's Register
- RINA
- TÜV SÜD
- Other Players
Asset Integrity Management Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 22.37 billion |
| Market Size by 2032 | US$ 34.11 Billion |
| CAGR | CAGR of 4.8% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Growth Drivers | • Increasing need to maintain and upgrade aging infrastructure in industries such as oil & gas, power, and chemical. • Integration of advanced technologies such as IoT, AI, and big data analytics for real-time monitoring and predictive maintenance. |
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Recent Developments
Applus+ secured a three-year Master Agreement with the major Oil & Gas companies in Italy for global operations, in October 2023. Such a deal incorporates inspection and expediting services which would ensure compliance with safety & performance level standards.
Fluor Corporation's subsidiary, Stork, was awarded a five-year contract by Harbour Energy to extend asset integrity services in the North Sea In May 2023. This contract covers various areas, highlighting Stork's commitment to comprehensive asset management in the offshore oil and gas sector.
Collaborating in 2023, Baker Hughes and BP p.l.c. are co-developing CordantTM an integrated asset performance management solution driving to improve higher levels of asset reliability and utilization.
Bureau Veritas also increased its footprint in the Middle East at the beginning of 2023, opening a new regional headquarters in Riyadh to strengthen its asset integrity services offering throughout the region.
Segment Analysis
The asset integrity management market by service type was led by the non-destructive testing (NDT) inspection segment in 2023 and accounted for a share of more than 29%. The NDT methods play an important role in ensuring safety, reliability, and regulatory compliance across all industries. They offer a non-intrusive solution to conducting a full asset investigation without causing harm to equipment, which is important for detecting flaws and ensuring operational continuity. The increasing requirement for safety and cost saving is the positive aspect that boosts the demand for NDT inspection services to maintain its leading position in the market.
Based on the industry, the power sector is dominating in asset integrity management market and holds a substantial revenue share of more than 23.5%, due to the increasing acceptance of renewable energy sources and the need for efficient asset management tools. The globalization of power infrastructure and technological advancements in the form of digital technology drive the demand for enhanced monitoring and maintenance solutions. The growing need for electricity and investments in infrastructure especially in developing countries also supports the growth of a segment in the market.
Asset Integrity Management Market Key Segmentation:
By Service Type
- Non-Destructive Testing (NDT) Inspection
- Risk-Based Inspection (RBI)
- Corrosion Management
- Pipeline Integrity Management
- Hazard Identification (HAZID) Study
- Structural Integrity Management
- Reliability, Availability, And Maintainability (RAM) study
- Others
By Industry
- Oil & gas
- Power
- Mining
- Aerospace
- Others
Regional analysis
North America is leading the Asset Integrity Management market and accounted revenue share exceeding 34% in 2023. The dominance of the region is due to a high presence of key industries such as oil & gas, manufacturing, and power generation led to higher demand for advanced AIM services. North America continues to lead in the market thanks to a combination of advanced technological capabilities, more developed regulations, and an emphasis on innovation & modernizing infrastructure.
The Asia Pacific region is expected to have the fastest growth in the AIM Market due to rapid industrialization and infrastructure development. Market growth can be attributed to the increasing energy consumption and investment in renewable projects along with various technological advancements like IoT, Artificial Intelligence, etc. The large number of government initiatives and investments in digital technology has also assisted the region in attaining its high growth potential.
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Key Takeaways
- The report covers the key drivers that drive market growth, such as industry demand, and technological innovations.
- The report also provides a detailed analysis of Market Trends, and segmental analysis of AIM solutions by type of government retail healthcare IT manufacturing telecom others.
- Regional developments Latest updates about the AI market ecosystem for enabling informed decisions and smart investments into solutions.
- The report aims to outline the growth prospects, challenges, and opportunities within the AIM market, providing a clear understanding of the factors influencing market expansion and the competitive landscape.
- The market is led by industries like Oil & Gas, Power Generation, Manufacturing, and Aerospace with North America and Asia Pacific as one of the most significant regions in terms of adoption.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Asset Integrity Management Market Segmentation, By Service Type
8. Asset Integrity Management Market Segmentation, By Industry
9. Regional Analysis
10. Company Profiles
11. Competitive Landscape
12. USE Cases and Best Practices
13. Conclusion
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