Asset Integrity Management Market

Market Synopsis:

The Global Asset Integrity Management Market was valued at USD 19.9 Billion in 2021 and is forecast to reach a value of USD 26.1 Billion by 2028. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 4.60% over the forecast period.

Asset Integrity Management is a form of operating standard for assets that primarily focuses on protecting peoples health, safety, property, and the environment. To provide dependable operation for attaining goals, it functions effectively and efficiently. It has many benefits, including fewer risks, better dependability, increased safety, and enhanced environmental performance. This is extensively used in mining, oil and gas, aerospace, and other industries. The primary factor contributing to the growth of the Asset Integrity Management Market is the drop in oil and gas prices, which is ramping up the need for company plants and assets to be maintained across various companies.

New offshore fields necessitating Asset Integrity Management in deep waters may also play a significant role in the markets expansion. The oil and gas sectors thriving size is expected to work out pretty well for the Global Asset Integrity Management Market. The urgent need for operational safety due to the deterioration of aging assets in numerous industries is one of the key driving factors of the Asset Integrity Management industry. Additionally, climate change affects the durability of many assets, including tanks, pipelines, vessels, and Oil & Gas infrastructure.

The risks associated with this asset management are anticipated climatic changes and the harm caused by such changes in the past is better understood with the help of risk-based inspections of the assets in oil, gas, and power producing plants. The primary market issues preventing the market from expanding at its full potential are a lack of skilled personnel and unpredictable climate shifts that take place on a global scale. As a result, difficult operating conditions impact the efficiency of the Asset Integrity Management industry, which is a significant issue limiting market expansion.

Market Segmentation:

The Asset Integrity Management Market is segmented based on

Service Type,

Industry,

and

Region

. Based on service type, the market is segmented as Non-Destructive Testing (NDT), Risk-Based Inspection (RBI), Corrosion Management, Pipeline Integrity Management, Hazard Identification (HAZID) Study, Structural Integrity Management, Reliability, Availability, & Maintainability (RAM) Study, and Other Types. Based on Industry, the market is further segmented into Oil & gas, Power, Mining, Aerospace, and Other Industries.

Based on Service Type:

The Non-Destructive Testing (NDT) sector ruled the market in 2021 and is expected to continue to rule the Asset Integrity Management Market throughout the forecast. Non-Destructive Testing (NDT) is crucial to many businesses because it ensures assets' cost-effective, dependable, and safe operation. Oil & Gas exploration and producing firms, offshore oil and gas structure construction companies, and onshore and offshore oil and gas pipeline operators, owners, and contractors are all increasingly using these services throughout the oil and gas sector.

Based on Industry:

The Power segment is assumed to contribute the most revenue to the worldwide market. Asset Integrity Management in the Power sector, ensures that the power plants run effectively and optimally. The chance of failure and unscheduled shutdown rises in the industry due to the numerous complicated equipment and components. Unexpected power plant shutdowns can have a catastrophic impact on end-user businesses and organizations. Asset Integrity Management must be put in place, as a result, to keep power plants running.

Asia Pacific is projected to grow at the highest CAGR during the forecast period

Asia Pacific is accounted to grow at the highest Compound Annual Growth Rate (CAGR) during the forecast period. Asset Integrity Management is estimated to grow significantly due to the swift industrialization of Asia-Pacific nations like India, China, Vietnam, and Bangladesh, to name a few. Additionally, the markets expansion is fueled by the surge in merger and acquisition activity and the rising demand for oil and gas, both of which have raised investments in the local energy sector. Furthermore, Asset Integrity Management in the Asia Pacific is boosted by developments in economic growth, infrastructure building, and the building of power plants.

Competitive Landscape:

The key players in the Global Asset Integrity Management Market include- SGS (Switzerland) and others.

Segmentation of the Global Asset Integrity Management Market: