The global asset integrity management market size was US$ 22.1 billion in 2021. The global asset integrity management market is forecast to grow to US$ 51.3 billion by 2030 by registering a compound annual growth rate (CAGR) of 11.1% during the forecast period from 2022 to 2030.
Asset integrity management (AIM) guarantees that an asset’s planned performance is achieved in a cost-effective and efficient manner. It handles the risk of failures and occurrences during facility design, construction, and operation. In addition to human life, it encourages optimal production and environmental protection. Asset integrity management is used by a variety of industries, including oil and gas, mining, and electricity, to assure asset reliability, safety, regulatory compliance, and technical integrity.
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Factors Influencing the Market
The global asset integrity management market is expected to rise as oil and gas prices fall, which will surge the demand for the maintenance of company plants and assets across various industries.
New offshore fields that necessitate asset integrity management in deep waters could potentially boost industry growth. Non-destructive testing (NDT) inspection is predicted to become a major service in the next years, with a large market share. It has long been regarded as one of the most important methods for assessing and identifying subsurface and surface flaws.
Asset integrity management services could be quite useful in the industry for keeping track of maintenance standards and speeding up inspection processes. Asset integrity management may become more important in the near future as people become more aware of the importance of minimizing capital outlay in oil fields.
Despite the fact that some of the global asset integrity management market’s major competitors may face difficulties in their operations, particular strategies such as acquisitions, expansions, contracts, partnerships, and new releases are expected to benefit the market during the study period.
COVID-19 Impact Analysis
The COVID-19 pandemic has drastically lowered the demand for power in the industrial sector, which ultimately affected the global asset integrity management market. As a result of the viral spread, governments all over the world were forced to cut back on business activity, which halted the market growth. Asset inspection and repair work across the plant has been put on hold, with the exception of high-priority production-related assets.
Regional Analysis
North America is forecast to hold the highest market share in the asset integrity management market, owing to the region’s growing oil and energy sectors. Thus, it will offer several growth opportunities for the asset integrity management market. In addition to that, favourable government policies and regulations aimed at protecting the quality of assets and the environment will contribute to the growth of the asset integrity management market. Further, the rising demand for vision-guided robotic systems and the implementation of application-specific asset integrity management systems will also contribute to the growth of the asset integrity management market during the study period.
Competitors in the Market
• SGS AG
• Intertek Group Plc.
• Aker Solutions
• Bureau Veritas SA
• Flour Corporation
• DNV GL AS
• John Wood Group Plc.
• Oceaneering International, Inc.
• Rosen Group
• Cybernetics Ltd
• Other Prominent Players
The report furnishes an intricate comprehension of each segment, delivering potential estimations for principal applications and insights into emerging prospects. Every regional market is meticulously scrutinized to ascertain its potential for growth, development, and demand in the forthcoming years.
As of the end of 2022, the Asset Integrity Management industry experienced notable growth in its workforce. Starting in January, employment within the Asset Integrity Management sector exceeded its pre-COVID levels, resulting in an expansion of payrolls by over 15,000 employees throughout the course of the year. The global Asset Integrity Management output demonstrated a remarkable increase of 5.2% during 2021, primarily attributed to a widespread economic upswing and a surge in demand for commodities. However, the momentum shifted in 2022, with the global industrial sector’s production contracting. This reversal followed a robust expansion in 2021, fueled by altered consumer spending patterns and substantial fiscal support.
Forecasts indicate that the global Asset Integrity Management output is set to rise by approximately 2.9% in 2023. This projection is underpinned by the gradual recovery of production in Western Europe from its previous troughs, as well as a rebound in output across the Asia/Pacific region. Maintaining its dominant position, China, accounting for nearly 45% of the global Asset Integrity Management market, remains both its largest producer and consumer. Remarkably, China’s market share has surged since 2010, when it stood at around 26%. This ascent has led to a substantial contribution to the nation’s GDP. Notably excelling as a top exporter, China leads in various sectors, including silicon, PVC, and several specific segments of the Asset Integrity Management market.
Market Segmentation
The global asset integrity management market segmentation focuses on Service, Industry, and Region.
By Service Type:
• Non-Destructive Testing (NDT)
• 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 and gas
• Power
• Mining
• Aerospace
• Others
By Region
● North America
o The U.S.
o Canada
o Mexico
● Europe
Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
● Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
● Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
● South America
o Brazil
o Argentina
o Rest of South America
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