Asset Integrity Management Market to Reach Valuation of USD 26.1 Billion by 2028 – Increasing Development of the Energy & Power Industries Drives the Market

In terms of revenue, the Global Asset Integrity Management Market is expected to reach USD 26.1 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 4.60% from 2022 to 2028.

The climatic changes affecting the operations of various industries and stringent safety regulations & quality control requirements laid down by governments are expected to propel the growth of the Asset Integrity Management Market during the projected period.

Key Highlights from Report:

· The Non-Destructive Testing (NDT), from the service Type segment, is anticipated to have the potential growth of the Asset Integrity Management Market during the forecast period. NDT is crucial to many businesses because it ensures assets' cost-effective, dependable, and safe operation.

· The Power, from the Industrysegment, is accounted to have the largest share in the Asset Integrity Management Market in 2021. Asset Integrity Management in the power sector, ensure that power plants run effectively and optimally. Thus, it is responsible for the segmental growth of the Asset Integrity Management Market.

· North America is expected to dominate the growth of Asset Integrity Management Market in 2021. The market growth in the region is attributed to the increasing demand for oil and gas and the rise in merger and acquisition activities, which have increased investments in the regional energy sector.

Market Dynamics:

Climatic changes over a period primarily affect the operations of the oil & gas, and power industries. This resulted in several industries and governments increasingly recognizing the necessity for climate adaptation planning and its inclusion in the overall risk management strategy. Understanding the risks associated with the anticipated climatic changes and the damage caused by such changes in the past is made possible by risk-based inspection of the assets in oil & gas and power production facilities, which in turn, propels the Asset Integrity Management Market expansion. In addition, the power industry is expected to generate the maximum demand for the Asset Integrity Management Market in upcoming years, owing to the development of large-scale infrastructure in developing nations like China, India, and Mexico, particularly in the field of electricity generation. Most of this expansion is concentrated in areas where the demand is driven by rapid economic growth, notably in Asia.

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 in developing countries like India, China, Vietnam, Bangladesh, etc. In addition, the surge in merger & acquisition activity and the rising demand for oil & gas are accelerating the growth of the Asset Integrity Management Market in this region. Furthermore, the Asset Integrity Management Market is boosted by developments in economic growth, infrastructure building, and the building of power plants.

The Global Asset Integrity Management Market is Segmented as follows:

• Service Type
  • 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
  • Other Service Types
• Industry
  • Oil & Gas
  • Power
  • Mining
  • Aerospace
  • Other Industries
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

A list of the Key Players of the Global Asset Integrity Management Market is:

SGS (Switzerland), Bureau Veritas (France), Intertek Group (UK), TechnipFMC (UK), Aker Solutions (Norway), Rosen Swiss (Switzerland), LifeTech (UK), EM&I (UK), Metegrity (Canada), TWI (UK), TÜV SÜD (Germany)

The Global Asset Integrity Management Market Scope can be tabulated as below: