Asset Integrity Management Market by Service Type (NDT, Risk-based Inspection, Corrosion Management, Pipeline Integrity, Hazard Identification, Structural Integrity Management, Reliability Availability and Maintainability) - Global Forecast to 2029

Asset Integrity Management Market by Service Type (NDT, Risk-based Inspection, Corrosion Management, Pipeline Integrity, Hazard Identification, Structural Integrity Management, Reliability Availability and Maintainability) - Global Forecast to 2029

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. The asset integrity management market focuses on ensuring critical assets' reliability, safety, and efficiency across industries. The rising need to maintain aging assets in risk-based sectors is a crucial driver for the asset integrity management market. As infrastructure ages, the risk of deterioration increases, necessitating proactive maintenance strategies. Industries such as oil and gas prioritize asset integrity to mitigate risks and ensure regulatory compliance. Risk-based approaches help prioritize resources and interventions, minimizing downtime and maximizing asset value.

“Corrosion management services to exhibit highest CAGR in the asset integrity management market”

Corrosion management is anticipated to exhibit the highest market share during the forecast period due to its critical importance in ensuring the longevity and reliability of industrial assets across various sectors. Corrosion significantly threatens infrastructure, equipment, and facilities, leading to safety risks, environmental damage, and costly downtime. As industries increasingly prioritize asset integrity and regulatory compliance, the demand for comprehensive corrosion management solutions continues to surge. These solutions encompass corrosion monitoring, prevention, mitigation, and remediation techniques aimed at proactively identifying and addressing corrosion issues to extend asset lifespan and minimize operational disruptions. Moreover, with aging infrastructure and harsh operating environments prevalent in sectors such as oil and gas, manufacturing, and transportation, the need for effective corrosion management strategies becomes even more pronounced, driving its dominance in the asset integrity management market.

“Power industry to exhibit highest CAGR in asset integrity management market.”

Due to several key factors, the power industry is poised to exhibit the highest market share during the forecast period. The increasing adoption of renewable energy sources requires robust asset integrity management to ensure reliability and efficiency. Additionally, aging power infrastructure globally necessitates comprehensive asset monitoring and maintenance solutions for risk mitigation and regulatory compliance. Furthermore, the growing demand for electricity, particularly in emerging economies, drives investments in power generation and distribution infrastructure, thereby increasing the demand for asset integrity management services. Lastly, the industry's shift towards digitalization and smart grid technologies mandates advanced asset monitoring and predictive maintenance solutions, contributing to its dominance in the asset integrity management market.

“Offshore oil & gas plant in asset integrity management market to exhibit highest CAGR during the forecast period”

The offshore sub-segment within the oil and gas industry is anticipated to demonstrate the highest CAGR in the market due to several key factors. Offshore facilities face unique challenges, such as harsh environmental conditions and stringent regulatory standards, necessitating robust asset integrity management practices. With increasing global energy demand, there is a growing focus on exploring offshore reserves in deeper waters, driving the demand for advanced asset integrity management solutions. Additionally, the complexity of offshore operations and the potential consequences of asset failure further emphasize the need for comprehensive integrity management. Technological advancements enable more efficient monitoring and maintenance of offshore assets, contributing to the anticipated growth in this sub-segment's market share.

“North America region holds for largest share in asset integrity management market.”

Due to several pivotal factors, North America is positioned to lead the market share in the forecast period. The region's dense industrial presence across sectors like oil and gas, manufacturing, power generation, and aerospace underscores the necessity for robust asset integrity management practices to ensure operational reliability and safety. Additionally, North America benefits from advanced technological capabilities and stringent regulatory standards, fostering the adoption of sophisticated asset monitoring and maintenance solutions. Furthermore, the region's commitment to innovation and infrastructure modernization bolsters its asset integrity management market leadership.

The study contains insights from various industry experts, from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows:

By Company Type: Tier 1 – 26%, Tier 2 – 32%, and Tier 3 – 42%

By Designation: C-level Executives – 40%, Directors – 30%, and Others – 30%

By Region: North America – 35%, Europe – 30%, Asia Pacific – 25%, and RoW – 10%

The key players operating in the asset integrity management market are SGS Société Générale de Surveillance SA. (Switzerland), Bureau Veritas (France), TechnipFMC plc (UK), John Wood Group PLC (UK), Fluor Corporation (US), and Baker Hughes Company (US) among others.

Research Coverage:

The research reports the Asset Integrity Management Market, By Service Type (Risk-based Inspection (RBI), Non-Destructive Testing (NDT) Inspection, Corrosion Management, Pipeline Integrity Management, Hazard Identification (HAZID) Study, Structural Integrity Management, Reliability, Availability and Maintainability (RAM) Study, and Others), By Industry (Oil & Gas, Power, Mining, Aerospace, and Others), and Region (North America, Europe, Asia Pacific, and Rest of the world (RoW)). The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the asset integrity management market. A detailed analysis of the key industry players has been done to provide insights into their business overviews, products, key strategies, Contracts, partnerships, and agreements. New product & service launches, mergers and acquisitions, and recent asset integrity management market developments. This report covers a competitive analysis of upcoming startups in the asset integrity management market ecosystem.

Key Benefits of Buying the Report

Analysis of key drivers (Increasing need to maintain aging assets in risk-based industries, New discoveries of resources fueling demand of asset integrity globally, Rising importance of asset integrity management due to environmental disturbances affecting plant operations, Stringent safety regulations and quality control requirements), restraints (Complexity and high cost of system installation, Regulatory compliance burden within asset integrity management), opportunities (Rising demand for renewable energy, Expansion of Power Sector in Emerging Economies, Increasing integration of automation in the oil & gas industry, Increasing capacities of oil and gas-fired power plants to fuel asset integrity management), and challenges (Shortage of skilled workforce in asset integrity management, Harsh weather conditions posing challenges in inspection and monitoring) influencing the growth of the asset integrity management market.

Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the asset integrity management market

Market Development: Comprehensive information about lucrative markets – the report analyses the asset integrity management market across varied regions.

Market Diversification: Exhaustive information about new products/services, untapped geographies, recent developments, and investments in the asset integrity management market

Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like SGS Société Générale de Surveillance SA. (Switzerland), Bureau Veritas (France), TechnipFMC plc (UK), John Wood Group PLC (UK), Fluor Corporation (US), and Baker Hughes Company (US) among others in the asset integrity management market.