CHICAGO, April 16, 2024 /PRNewswire/ -- The global
asset integrity management market is expected to be valued at
USD 23.9 billion in 2024 and is
projected to reach USD 31.5 billion
by 2029; it is expected to grow at a CAGR of 5.7% from 2024 to 2029
according to a new report by MarketsandMarkets™. The asset
integrity management market is driven by driven by regulatory
compliance, technological advancements, and sector-specific
demands.
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Browse in-depth TOC on "Asset Integrity Management
Market"
120 – Tables
70 – Figures
230 – Pages
Asset Integrity Management Market Report Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$ 23.9 billion
|
Estimated Value by
2029
|
$ 31.5 billion
|
Growth Rate
|
Poised to grow at a
CAGR of 5.7%
|
Market Size Available
for
|
2020–2029
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Service Type,
Industry and Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and Rest of World
|
Key Market
Challenge
|
Harsh weather
conditions to challenge inspection and monitoring of
assets
|
Key Market
Opportunities
|
Expansion of the power
sector in emerging economies
|
Key Market
Drivers
|
Increasing need to
maintain aging assets in risk-based industries
|
Non-destructive testing (NDT) inspection service type in
asset integrity management market to dominate during the forecast
period.
Non-destructive testing (NDT) inspection commands the largest
share in the market due to its fundamental role in ensuring the
structural integrity and safety of assets across diverse
industries. NDT techniques allow for thorough examination without
causing damage to the material being inspected, making it a
preferred choice for asset maintenance and evaluation. Its
versatility enables the detection of flaws, defects, or weaknesses
in materials, welds, and components, providing invaluable insights
into asset condition without disrupting operations. As industries
increasingly prioritize safety, regulatory compliance, and
operational efficiency, the demand for NDT inspection services
continues to surge, further solidifying its dominance in the asset
integrity management market.
Oil & gas industry holds for the largest share in asset
integrity management market.
Oil and gas industry holds the largest share in the asset
integrity management market due to its critical reliance on
maintaining the integrity of complex infrastructure and equipment.
The sector operates in challenging environments such as offshore
platforms, pipelines, and refineries, where asset failure can have
severe safety, environmental, and financial consequences. With
stringent regulatory requirements and increasing pressure to
optimize production efficiency, oil and gas companies prioritize
comprehensive asset integrity management solutions to ensure
operational reliability, safety, and compliance. This emphasis on
risk mitigation and the industry's substantial investment in asset
maintenance and monitoring solidifies oil and gas as the dominant
sector driving the demand for asset integrity management
services.
Based on plant location offshore oil & gas plants to
exhibit highest CAGR during the forecast period.
The offshore oil and gas industry is poised for the highest CAGR
in asset integrity management due to its critical reliance on
maintaining safety and reliability in harsh environments.
Increasing exploration in deeper waters and remote locations
amplifies the demand for advanced monitoring and maintenance
solutions. Stringent regulatory standards and the potential
consequences of asset failure drive the adoption of comprehensive
integrity management practices. Furthermore, technological
advancements facilitate more efficient monitoring and maintenance
of offshore assets. These factors collectively contribute to the
anticipated growth in the offshore sector's asset integrity
management market.
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North America region
dominates the asset integrity market during the forecast
period.
Due to several key factors, North
America is poised to dominate its market share during the
forecast period. The region's significant concentration of
industries like oil and gas, manufacturing, power generation, and
aerospace necessitates robust asset integrity management practices
for operational reliability and safety. Moreover, North America benefits from advanced
technological capabilities and a strong regulatory framework,
driving the adoption of sophisticated asset monitoring and
maintenance solutions. Additionally, the region's commitment to
innovation and investment in infrastructure modernization
reinforces its leadership in the asset integrity management
industry. Lastly, the increasing emphasis on sustainability and
environmental stewardship further solidifies North America's dominance in the market.
Key Players
The asset integrity management companies includes major Tier I
and II players like SGS Société Générale de Surveillance SA.
(Switzerland), Bureau Veritas
(France), Intertek Group plc (UK),
TechnipFMC plc (UK), Aker Solutions (Norway), Applus+ (Spain), DNV AS (Norway), John Wood Group PLC (UK), Oceaneering
International, Inc. (US), Fluor Corporation (US), Baker Hughes
Company (US) and others. These players have a strong market
presence of asset integrity management across various countries in
North America, Europe, Asia
Pacific and the Rest of the World (RoW).
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