Asset Integrity Management Market by Offering (Hardware, Services, Software), Methodologies (Condition Monitoring Studies, Damage Identification & Risk Assessment, Process System Integrity Studies), Industry - Global Forecast 2024-2030

Asset Integrity Management Market by Offering (Hardware, Services, Software), Methodologies (Condition Monitoring Studies, Damage Identification & Risk Assessment, Process System Integrity Studies), Industry - Global Forecast 2024-2030

The Asset Integrity Management Market size was estimated at USD 17.27 billion in 2023 and expected to reach USD 19.65 billion in 2024, at a CAGR 14.37% to reach USD 44.23 billion by 2030.

Asset Integrity Management (AIM) is a systematic process employed to ensure industrial assets' safety, reliability, and efficiency throughout their life cycle. AIM solutions' comprehensive approach encompasses all aspects of design, construction, commissioning, operation, maintenance, and decommissioning of various physical assets such as pipelines, process facilities, structures, and equipment in industries such as oil and gas, power generation, chemical processing, and mining. Increasing safety concerns and the need for efficient quality control, particularly across growing industries such as marine, industrial manufacturing, aerospace, and oil & gas, result in adopting asset integrity management solutions. However, high implementation costs pose a challenge for organizations considering adopting AIM solutions. Nevertheless, the convergence of cloud technology with AIM services and leveraging cloud technology can provide organizations access to real-time data about their assets, encouraging the adoption of asset integrity management systems and solutions.

Regional Insights

The asset integrity management market is witnessing significant growth in the Americas owing to the increasing demand for operational efficiency, stringent regulations, and the need to maintain an aging industrial infrastructure. Rapid industrialization and expansion of industries, including oil & gas, petrochemicals, and power generation, and emphasis on maintaining existing assets at optimum performance levels are leading to increased adoption of asset integrity management solutions in the APAC region. Moreover, growing awareness about environmental protection and safety measures and rising oil production with significant investments in critical infrastructures such as refineries and pipelines, have accelerated the adoption of asset integrity management solutions in the EMEA region. Additionally, integrating advanced technologies such as artificial intelligence (AI) and Internet of Things (IoT) into asset integrity management solutions can provide companies with better insights into their assets' performance.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Asset Integrity Management Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

• Increasing safety concerns and the need for efficient quality control
• Rising demand from the marine and industrial manufacturing sectors
• Potential of AIM in the aerospace and oil & gas industry

Market Restraints

• High cost of implementation of asset integrity management solutions

Market Opportunities

• Integration of advanced technologies in asset integrity management solutions
• Convergence of cloud technology in asset integrity management services

Market Challenges

• Dearth of skilled personnel coupled with and lack of standardization

Market Segmentation Analysis

• Offering: Increasing preference of softwares for improved asset tracking and maintenance
• Methodologies: Increasing demand of damage identification & risk assessment in corrosion-prone environments
• Industry: Increasing utilization across power industry for improving efficient and optimal working across power plants

Market Disruption Analysis

• Porter’s Five Forces Analysis
• Value Chain & Critical Path Analysis
• Pricing Analysis
• Technology Analysis
• Patent Analysis
• Trade Analysis
• Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Asset Integrity Management Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Asset Integrity Management Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

SKY-futures and flyability launch a fully integrated drone-based inspection software-hardware solution

Sky-Futures and Flyability partnered to create a fully integrated solution for industrial inspections utilizing drones. The Elios drone offers collision-tolerant capabilities, allowing access to difficult or hard-to-reach areas. The Expanse software provides comprehensive management of drone data, from capture to distribution. The Elios-Expanse package represents the most recent advancement in asset integrity management solutions.

Antea North America and Vysus Forge Partnership to Deliver End-to-End Asset Integrity Management and Risk Based Inspection Solutions

Antea North America, a provider of AIM software and 3D digital twin integration, formed a strategic partnership with Vysus Group. Their shared goal is to deliver an innovative asset integrity management solution to owners in the industries, including oil & gas, petrochemical, and power generation in Houston, Texas. This combined offering provided clients with real-time asset data through a comprehensive and readily available asset management solution. The collaboration between Antea and Vysus can effectively monitor ongoing maintenance and inspection operations, ensuring efficient asset management.

Saipem and MCS launch asset integrity management system

Saipem, an advanced technological and engineering platform for designing, constructing, and operating infrastructures and plants, partnered with MCS, a digital solutions company, to develop 'The PALM Suite' - a cutting-edge asset integrity management system for offshore energy operators. The PALM Suite is specifically designed to assist operators in managing asset data, conducting risk assessments, and planning inspections across various sectors, including oil and gas, renewables, power, and data networks. It offers advanced features, such as 3D reconstruction for subsea dimensional control and IoT data gathering.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Asset Integrity Management Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Asset Integrity Management Market, highlighting leading vendors and their innovative profiles. These include ABB Group, ABS Group of Companies, Inc., Aker Solutions ASA, Applus Services SA, Asset Integrity Engineering, Axess Group, Baker Hughes Company, Bureau Veritas SA, Dacon Inspection Technologies Co., Ltd., Det Norske Veritas Group, Dexon Technology PLC, DNV AS, EM Topco Limited, EM&I Ltd., Fluor Corporation, FORCE Technology Norway AS, Genesis Oil and Gas Consultants Ltd., Intertek Group PLC, John Wood Group PLC, LifeTech Engineering Ltd., Metegrity Inc., Oceaneering International, Inc., Rosen Swiss AG, SGS Société Générale de Surveillance SA, TechnipFMC plc, Tuv Nord Group, Twi Ltd., and Velosi Asset Integrity Ltd..

Market Segmentation & Coverage

This research report categorizes the Asset Integrity Management Market to forecast the revenues and analyze trends in each of the following sub-markets:

• Offering
• Hardware
• Services
• Software
• Methodologies
• Condition Monitoring Studies
• Damage Identification & Risk Assessment
• Process System Integrity Studies
• Reliability-centred Maintenance
• Risk-based Inspection
• Safety & Risk Management
• Safety Integrity Level Studies
• Industry
• Aerospace
• Mining
• Oil & Gas
• Power Generation
• Region
• Americas
• Argentina
• Brazil
• Canada
• Mexico
• United States
• California
• Florida
• Illinois
• New York
• Ohio
• Pennsylvania
• Texas
• Asia-Pacific
• Australia
• China
• India
• Indonesia
• Japan
• Malaysia
• Philippines
• Singapore
• South Korea
• Taiwan
• Thailand
• Vietnam
• Europe, Middle East & Africa
• Denmark
• Egypt
• Finland
• France
• Germany
• Israel
• Italy
• Netherlands
• Nigeria
• Norway
• Poland
• Qatar
• Russia
• Saudi Arabia
• South Africa
• Spain
• Sweden
• Switzerland
• Turkey
• United Arab Emirates
• United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year