Asset Integrity Management Market - Forecasts from 2024 to 2029

Asset Integrity Management Market - Forecasts from 2024 to 2029

The Asset integrity management market is evaluated at US$24.416 billion for the year 2022 and is projected to grow at a CAGR of 9.10% to reach a market size of US$44.924 billion by the year 2029.

Asset integrity management (AIM) refers to the services and software used in systematic and coordinated activities to confirm the availability of significant assets and systems while protecting health, security, and the environment. Many factories that perform precarious processes have begun to give more consideration to asset integrity for its purpose of assuring safety.

End users in multiple businesses are establishing security practices. Several conventional bodies have also ascertained new measures to implement a better-defined structure for end-users. The threat of an industrial accident in the wake of various high-profile misfortunes has also advanced regulatory authorities to inflict more stringent safety ordinances as well as advance efforts to better implement these regulations.

MARKET TRENDS:

AIM (asset integrity management) is driven by many major factors. Various companies are forced by strict regulations to invest in AIM solutions to guarantee adherence to safety and environmental norms. To prolong asset lifecycles and avert breakdowns, proactive maintenance measures are required due to the aging infrastructure across several industries. By maximizing maintenance schedules and lowering downtime expenses, AIM techniques provide chances for cost savings and operational effectiveness.

Furthermore, to properly manage assets, advanced AIM technologies like digital twins and predictive maintenance are required due to the growing complexity of industrial assets. Additionally, the use of AIM solutions to reduce operational risks and improve safety measures is motivated by the focus on safety and risk management.

MARKET DRIVERS:

A rise in oil and gas prices is anticipated to drive the market’s growth.

The main factor driving the growth of the asset integrity management market is the plunge in oil and gas prices, which is increasing the requirement for the maintenance of company plants and assets across multiple businesses. New offshore fields demanding asset integrity management in deep waters could additionally be a significant determinant of the growing market. Asset integrity management services could be profoundly employed to keep a record of maintenance protocols and lift inspection processes in the industry.

The requirement for asset integrity management is forecasted to increase due to the growing realization of a moderating capital outlay in oil fields. One of the important driving determinants of the asset integrity management market is the dire necessity for operational safety because of the deterioration of old assets in multiple industries. Besides, climate variation influences the solidarity of several assets, such as oil and gas infrastructure, tanks, pipelines, and vessels. Incorrect sustenance of asset integrity disrupts human life and the environment and additionally affects the financial aspect of the whole industry. Therefore, the governments of many countries are introducing severe quality control measures and safety laws for industries to securely engage in processes.
Aging infrastructure is predicted to impact the asset integrity management market growth.

The asset integrity management market, or AIM, is expanding as a result of the aging infrastructure. To maintain the dependability, safety, and regulatory compliance of vital infrastructure assets across a range of industries, including transportation, power generation, and oil and gas, proactive management is becoming more and more important. Corrosion, wear and tear, and other types of degradation can cause asset failures, safety accidents, and expensive downtime in infrastructure that is getting older. As a result, sectors are realizing how crucial it is to put strong AIM plans and technologies in place to track asset health, anticipate any breakdowns, and order maintenance tasks.

MARKET RESTRAINTS:

Severe operating circumstances, growing operating costs, unpredictable climatic conditions, and lack of skilled laborers are key factors that act as restraints for the growth of the asset integrity management market.

Frequently, complicated infrastructure and deteriorating assets add to the total cost of the industry. Adding to this, the upstream oil and gas industry suffers from high functioning costs and low oil prices, which are regarded as significant hindrances to the asset integrity management market. Likewise, the downstream oil and gas industry operates at its optimal potential owing to the huge demand for its commodities and the availability of reasonable feedstock. As a consequence, the downstream oil and gas industry fights to bear the production uptime of its aging assets.

Under these conditions, asset integrity management is expected to increase the operating cost of the company. Also, the growing demand for energy from developing countries and power-intensive industries has forced oil and gas exploration companies functioning in the upstream sector to explore deeper and farther offshore into the ocean, and this leads to water pressure and the limit of environmental conditions. The Middle East and Arctic regions already have severe weather situations, and the Arctic region has a sensitive environment with substantial year-round fluctuations, which pose hurdles for investigation devices and types of equipment to accumulate the needed data over some time as the conditions continue shifting. Therefore, severe functioning circumstances affect the performance of asset integrity management services, which acts as a fundamental factor that limits the growth of the market.

North America is anticipated to be the major regional market.

The growth of the market in the North American region can also be attributed to the initiatives by the government on the maintenance of the integrity of assets, ensuring safety, and environmental preservation. The growing awareness programs about IoT and automation, and the cost-effectiveness of the products, add to the growth of the market in North America.

Several important aspects are the main drivers of the asset integrity management (AIM) industry in North America. For instance, enterprises are forced to invest in AIM solutions to guarantee adherence to safety, environmental, and quality requirements by means of the strict regulatory frameworks established by agencies like the American Petroleum Institute (API) and the Occupational Safety and Health Administration (OSHA). Furthermore, proactive maintenance measures are required to reduce the risks of asset degradation, failures, and safety events due to the ageing infrastructure in the area, especially in the oil and gas, power generating, and transportation sectors which in turn fuels the market expansion.

Key Developments:

In November 2023, the infrastructure engineering software company Bentley Systems, Incorporated announced that BP has chosen to manage engineering information for projects and operations to help ensure global asset integrity management using Bentley's AssetWise Asset Lifecycle Information Management (ALIM) and AssetWise Reliability (AR), both of which are part of Bentley Infrastructure Cloud.
In August 2022, InnetiQs GmbH (IQ) and Oceaneering International established a partnership agreement to investigate and develop innovative inspection solutions for the offshore and onshore energy industries. Through this joint partnership, Oceaneering's worldwide operations and cost-effective, in-depth inspection and cleaning processes that reduce worker exposure hazards are combined with IQ's cutting-edge inspection technology for subsea pipelines, risers, and structural assets.

Segmentation:

By Service
RBI
RAM Study
Corrosion Management
Pipeline Integrity Management
Hazid Study
Structural Integrity Management
NDT
Others
By Industry
Oil & Gas
Energy & Power
Mining
Chemical
Aerospace
Others
By Geography
North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
United Kingdom
Germany
France
Spain
Others
Middle East and Africa
Saudi Arabia
UAE
Israel
Others
Asia Pacific
China
Japan
India
South Korea
Taiwan
Thailand
Indonesia
Others