Blogs   -

Asset Integrity Management Market – Increase in Demand for Asset Integrity Management Solutions across Several Industries is expected to Lead Market Growth – Growing at a Compound Annual Growth Rate (CAGR) 4.7% from 2022 to 2028

As stated in our extensive report; the Global Asset Integrity Management Market accounted for USD 19.9 Billion in the year 2021. 

Asset Integrity Management involves various techniques, hardware, and software, which need to be operated and administered by skilled individuals. A specially trained and educated workforce must use the software and equipment to inspect asset 10;Labors should be trained specifically for these operations and require ample relevant experience. Moreover, the growth of the global Asset Integrity Management market is primarily driven by the demand for oil and gas and the increasing merger and acquisition activities that have increased investments in the regional energy sector. 

The Asset Integrity Management market expansion can be attributable to various aspects such as the strict safety regulations and quality control requirements laid down by governments and climatic changes that affect the operations of several industries. Climatic changes primarily affect the functions of the oil and gas and power 10;Various sectors and governments progressively recognize the need for climate adaptation planning and its inclusion in the overall risk management 10;It helps decision-makers to plan risk management strategies, thus decreasing the effects of climatic changes on plant operations. In June 2019, Penspen, a global provider of engineering and project management services to the energy industry, partnered with asset risk and integrity management and digital solutions services company Ankaa Consulting to bolster its asset integrity offering in Asia. 

North America holds the largest share in the Asset Integrity Management market and is likely to continue this trend in the forecast 160;North America leads the market due to increasing awareness regarding loT and automation. The products are also cost-effective in this region. The oil and gas business is one of the dominant consumers of Asset Integrity Management in this region. The global Asset Integrity Management market is expected to grow with a significant CAGR from 2021 to 10;The major drivers for this market are:

• Strict government safety and quality control regulations.
• The declining efficiency of aging assets.
• An increasing need for operational safety.