Asset Integrity Management Market Forecasts to 2028 – Global Analysis By Service Type (Corrosion Management, Hazard Identification (HAZID) Study), End User (Aerospace, Mining, Power), and By Geography

Asset Integrity Management Market Forecasts to 2028 – Global Analysis By Service Type (Corrosion Management, Hazard Identification (HAZID) Study), End User (Aerospace, Mining, Power), and By Geography

According to Stratistics MRC, the Global Asset Integrity Management Market is accounted for $21.08 billion in 2021 and is expected to reach $33.63 billion by 2028 growing at a CAGR of 6.9% during the forecast period. Asset integrity management (AIM) denotes the software and services utilized in systematic and coordinated activities to ensure the availability of critical assets and systems while protecting health, safety, and the environment. Also, asset integrity management (AIM) is a term used to describe the practice of managing an asset to ensure its ability to perform its function effectively and efficiently is maintained.

Market Dynamics:

Driver:

Rising need for operational safety

Due to the degradation of old assets in several industries, there is a vital necessity for operational safety is one of the key driving factors of the market. Also, climate change affects the integrity of several assets, namely, oil & gas infrastructures, vessels, tanks, and pipelines. Improper maintenance of asset integrity not only disturbs human life and the environment but also impacts the financial aspect of the entire industry. Hence, governments of numerous countries are putting forward strict quality control standards and safety rules for the industries to safely undertake processes. These rules would also aid in causing less impairment to the environment.

Restraint:

Complexity of System

As this services helps to make decisions concerning to maintenance activities to avoid breakdowns and disastrous events. Installation of the systems required for asset integrity management services is complex and involves careful consideration of certain trade-offs flanked by short-term and long-term benefits. A fundamental review of the expectations of stakeholders is considered while implementing these solutions, which is supported by a consistent and scalable method for determining the criticality and value of assets.

Opportunity:

Booming power sector in emerging nations

The power industry is expected to generate the maximum demand for asset integrity management services in the future. Emerging countries are undergoing infrastructure development on a large scale, especially in the power generation sector. Most of this growth is focused in provinces where strong economic growth is driving demand, particularly in Asia. An increase in the number of nuclear power plants and the subsequent rise in the demand for machines used in these plants would present opportunities for the market.

Threat:

Lack of skilled personnel

For the operation of these services comprise numerous hardware, software and techniques, which need to be operated and administered by skilled individuals. Specially trained and educated workforce is necessary for operating software and equipment carrying out the inspection of asset integrity. Labours have to be trained specifically for these operations and require ample of relevant experience. Experience and training deliver them the ability to operate and make appropriate and timely decisions for ensuring the smooth operation of the plants.

Nondestructive Testing (NDT) Inspection segment is expected to be the largest during the forecast period

The Non-Destructive Testing (NDT) segment accounted for the leading share in the industry. As it plays vital role in several industries by ensuring assets’ safe, dependable, and cost-effective operation. These offerings are progressively being used by oil & gas exploration and production houses, offshore oil & gas framework manufacturing contractors, and onshore and offshore oil & gas pipeline companies, owners, and construction companies throughout the oil and gas industry.

The corrosion management segment is expected to have the highest CAGR during the forecast period

Corrosion management comprises chemical injection, protective coating, cathodic protection, and corrosion monitoring. Failure to manage corrosion properly imparts a huge impact on assets. Hence, it is imperative to indulge in effective corrosion management and recognize and mitigate corrosion problems as they become evident. The intensifying need to guard aging infrastructure across industries is driving the demand for corrosion management services. The use of advanced data analytics, the internet of things (IoT), and data visualization tools are set to transform corrosion management services and solutions from costly and presumptive to predictive and data-driven.

Region with highest share:

The Asia Pacific is projected to hold the highest market share, owing to the rising industrialization. The growth of the market is primarily driven by the increasing demand for oil and gas and the rise in merger and acquisition activities, which have increased investments in the regional energy sector. Advancements in terms of economic growth, infrastructural development, and construction of power plants boost the market in the Asia Pacific. Exhibitions and associations in Asia Pacific countries support the adoption of asset integrity management services.

Region with highest CAGR:

North America is projected to have the highest CAGR owing to increasing awareness programs regarding IoT and automation. The products are also cost-effective in this province. Additionally, the oil and gas industry is one of the dominant consumers of asset integrity management services in this province.

Key players in the market:

Some of the key players profiled in the Asset Integrity Management Market include Aker Solutions ASA, Applus+ Servicios Tecnológicos, S.L, Bureau Veritas SA, DNV GL AS, EM&I Ltd Fluor Corporation, Genesis Oil and Gas Consultants Ltd., Intertek Group PLC, John Wood Group PLC, Lifetech Engineering Ltd., Meridium Inc., Metegrity Inc, Oceaneering International Inc, ROSEN Swiss AG, SGS SA, TechnipFMC plc, Cenosco.

Key developments:

In June 2021: Bureau Veritas signed an agreement with the Veolia group, which also implements water, waste, and power administration solutions worldwide and aspires to be the standard company for ecological transformation. The three-year contract calls for Bureau Veritas to be listed as a leading supplier for regulatory and non-regulatory verifications and certification of Veolia group sites.
In December 2020: Cenosco announced a provider of integrity management solutions has developed integrity management software to optimize maintenance and risk management of assets in heavy industry plants such as energy, oil, and gas, utilities space, and chemicals.

In August 2020: SGS partnered with Oilfield Production Enhancement Consulting Services Ltd. (OPECS) – a consultancy company based in Aberdeen, UK, to jointly deliver SGS ARPIN workflow consultancy services. They will also provide consultancy for hydraulic fracturing, well stimulation and geomechanics to support energy companies in optimizing their drilling and stimulation work.

Service Types Covered:
• Corrosion Management
• Hazard Identification (HAZID) Study
• Reliability, Availability, and Maintainability (RAM) Study
• Pipeline Integrity Management
• Nondestructive Testing (NDT) Inspection
• Risk-Based Inspection (RBI)
• Structural Integrity Management

End Users Covered:
• Aerospace
• Mining
• Power
• Oil and Gas

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances