Asia Pacific Asset Integrity Management Market Forecast to 2030 - Regional Analysis - by Service Type (Non-Destructive Testing Inspection, Corrosion Management, Pipeline Integrity Management, Structural Integrity Management, Risk-Based Inspection, and Oth

Asia Pacific Asset Integrity Management Market Forecast to 2030 - Regional Analysis - by Service Type (Non-Destructive Testing Inspection, Corrosion Management, Pipeline Integrity Management, Structural Integrity Management, Risk-Based Inspection, and Others) and End User (Oil & Gas, Power, Marine, Mining, Aerospace, and Others)

The Asia Pacific asset integrity management market was valued at US$ 746.13 million in 2022 and is expected to reach US$ 1,752.77 million by 2030; it is estimated to record a CAGR of 11.3% from 2022 to 2030.

Expansion of Oil & Gas Industry Boosts Asia Pacific Asset Integrity Management Market

With the rise in digital transformation in a wide range of industries, the oil & gas industry plays a key role in this industrial revolution and the economic growth of the world. The major factor driving the evolution of this industry is the high demand for electricity, power, automobiles, and aircraft to the rapidly growing population. Moreover, the oil & gas industry accounted for the largest share of global consumed energy resources. In terms of usage, natural gas is estimated to become the fastest-depleting fossil fuel in the coming years. Globally, oil supply is expected to increase rapidly in order to meet the rise in energy demand owing to the depletion of existing oil reserves. According to the International Energy Agency (IEA), as of June 2023, worldwide oil demand is anticipated to increase by 6% between 2022 and 2028 and reach 105.7 million barrels per day (mb/d) due to tremendous demand from the petrochemical and aviation industries. Hence, an increased demand for oil and gas in the petrochemicals and aviation sectors is also propelling the growth of the oil & gas industry. Oil & gas operations involve a diverse set of complex assets, such as pipes and drilling equipment, which are exposed to extremely harsh environments that make manual maintenance difficult. Hence, it is challenging for oil & gas companies to manage every asset efficiently, where assets are heavily regulated and expensive. Thus, it creates a need for companies to opt for asset management services that provide custom-fit strategies and plans, estimate the time of failure, and forecast equipment lifecycles. Moreover, oil and gas companies are deploying new technologies to attain greater efficiency to meet the world's increasing demand for energy. Simultaneously, many companies are forcing engineering and maintenance divisions to reduce operating costs, budget, and labor while maintaining high production levels. Hence, it is necessary for oil and gas companies to establish inclusive policies regarding discharge of harmful pollutant from oil & gas plant and practices to manage security and risk violations cost-effectively. Thus, the expansion of the oil & gas industry with an increase in demand for oil & gas from petrochemical and aviation industries is expected to provide substantial growth opportunities to the market players during the forecast period.

Asia Pacific Asset Integrity Management Market Overview

Asia Pacific consists of developed countries, including India, China, South Korea, and Japan. As per the International Monetary Fund (IMF), China is among the rapidly developing economies across the globe. The country is also a manufacturing center for numerous industries, such as aerospace, oil & gas, and electronics, whose production activities demand extensive energy and power. In order to maintain the productivity and lifespan of these assets, the local regulatory bodies and agencies across the region are taking numerous initiatives that have significantly contributed to the growth of the overall market. For instance, the Asset Management Association of China (AMAC), which was established in June 2012, has the principal objective of providing services to major industries by leveraging innovation, communication, competitiveness, and professionalism. The agency also aims to provide a communication platform between industries and the government. In December 2022, the Asset Management Association of China issued an exposure draft of the measures for the registration and record of private investment funds and their accompanying guidelines. The release of these drafts aims to improve the AMAC's self-regulatory rules system and lay a foundation for the formulation of subsequent complementary rules in the future. Among the other economically evolving economies, India is recognized as the third-largest energy consumer worldwide after China. As the domestic production in India is relatively lower and imports are higher, refining the crude oil commodities in the most optimum way becomes extremely important. Furthermore, the constant operations of the refineries present across the region and the incorporation of numerous novel systems and equipment in these refineries are expected to increase the demand for asset integrity management services in order to ensure environmental sustainability and overall security of the premises they operate in. Moreover, there is an increase in digitalization in manufacturing in APAC, which is creating a demand for asset integrity management software to comply with regulations related to the environment. Various entities across Asia Pacific are adopting digitalization at their facilities. Various market players in Australia are indulging in the development of new solutions. For example, in July 2021, Applus+ in Australia partnered with Next Advanced Solutions to expand portfolio by adding value to clients for asset and facility integrity management solutions. The company's asset integrity is supported by its non-intrusive inspection (NII) software, NIIPRO. NIIPRO offers a consistent approach to setting up and managing NII requirements in a 3D environment. Moreover, the presence of several major players, including Atteris Pty Ltd. and Applus+, propels the growth of the asset integrity management software market.

Asia Pacific Asset Integrity Management Market Revenue and Forecast to 2030 (US$ Million)

Asia Pacific Asset Integrity Management Market Segmentation

The Asia Pacific asset integrity management market is segmented into service type, end user, and country.

Based on service type, the Asia Pacific asset integrity management market is categorized into non-destructive testing inspection, corrosion management, pipeline integrity management, structural integrity management, risk-based inspection, and others. The non-destructive testing inspection segment held the largest market share in 2022.

In terms of end user, the Asia Pacific asset integrity management market is categorized into oil & gas, power, marine, mining, aerospace, and others. The oil & gas segment held the largest market share in 2022.

By country, the Asia Pacific asset integrity management market is segmented into China, Japan, South Korea, India, Australia, and the Rest of Asia Pacific. China dominated the Asia Pacific asset integrity management market share in 2022.

SGS SA, Intertek Group Plc, Aker Solutions SA, Bureau Veritas SA, Fluor Corp, DNV Group AS, John Wood Group Plc, Rosen Group, TechnipFMC Plc, and Oceaneering International Inc are some of the leading companies operating in the Asia Pacific asset integrity management market.

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