North America 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 Ot

North America 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 North America asset integrity management market was valued at US$ 1,128.52 million in 2022 and is expected to reach US$ 1,995.41 million by 2030; it is estimated to record a CAGR of 7.4% from 2022 to 2030. Increase in Need for Operational Safety of Aging Assets in Risk-Based Industries Fuel North America Asset Integrity Management Market Asset integrity management software protects the capability of an asset to perform its functions effectively, as well as manages corporate assets in order to gain profitability. Asset integrity management software offers various services, including design, inspection, maintenance, and operations, which highly impact the integrity of infrastructure and equipment. It also provides auditing, inspections, overall quality processes, and other tools for the effective integrity management of assets. Industries such as petrochemicals, oil & gas, renewable energy, power, and infrastructure opt for these services in order to achieve increased productivity while meeting environmental and safety concerns. These industries are risk-based and highly asset-based; hence, maintenance and inspection of such assets are essential. In oil & gas industry, performance and operational risk levels are dependent upon the integrity of the assets, such as subsea equipment, platform topsides, structures, gas processing plants, pipelines, refineries, compressors, and gas distribution networks, throughout the value chain. Operational efficiency for assets is highly necessary in oil & gas, mining, and power industries; thus, regular maintenance of these assets is important to gain maximum productivity. Chemicals and oil & gas products are corrosive and flammable in nature and require continuous inspection and maintenance of the equipment for overall operational efficiency and safety. The asset integrity management services ensure improved reliability, productivity, and safety of the equipment to achieve quality performance in a sustainable manner. Also, this system reduces the overall repair cost of the equipment with increased plant reliability. It is a cost-effective and reliable solution to maintain the company's assets, which helps extend the lifetime of aging assets reliably and improve operational safety. Various market players across the globe are providing asset integrity management software in order to manage performance and operational risk. For example, DNV Group AS provides the Synergi asset integrity software suite, which offers a core platform to support effective risk-based integrity management in risk-based industries such as oil & gas. Thus, the need for operational safety of aging assets in risk-based industries drives the asset integrity management market. North America Asset Integrity Management Market Overview North America includes countries such as the US, Canada, and Mexico. All three countries in the area are witnessing increased adoption of asset integrity management services during the last few years. Oil & gas, chemical, power, and natural resource industries rely on proprietary infrastructure to run their operation, and this infrastructure is rapidly aging, which increases the risk of failure. Companies in this sector are facing an infrastructure crisis and working in decade-old structures that create a risk of breakdown. Further, North America is expected to remain the largest regional provider of new unconventional onshore oil production capacity. In the oil & gas industry, the infrastructure of the majority of mature oil fields is old, which leads to corrosion, scaling, and failed well equipment and causes other well-integrity problems. These issues increase the operational risk for companies and utilities, requiring more capital in infrastructure upgrade projects. The oil & gas industry in North America needs to follow several government policies and regulations to protect the environment, preserve cultural resources, and protect workers' health and safety. The region's upstream and midstream infrastructure is enormous. The US is the largest producer of oil and natural gas, which involves the exploration, refining, and transportation of a large quantity of oil. Also, US drillers added new oil rigs, which brought the total number of oil rigs in the US to 862. The US has over 2.5 million kilometers of oil and gas pipelines, whereas Canada has ~800,000 kilometers of pipeline. As a result of its massive and aging infrastructure, North America is likely to dominate the oil and gas asset integrity management market. Further, the US has a few of the oldest power generation systems in the world. The US is the world's leading energy producer, and hydraulic fracturing and horizontal drilling are technologies that helped increase energy production in this country. Thus, strict government regulations and the presence of a huge gas pipeline network are expected to generate a tremendous growth opportunity for asset integrity management software market players during the forecast period. North America Asset Integrity Management Market Revenue and Forecast to 2030 (US$ Million) North America Asset Integrity Management Market Segmentation The North America asset integrity management market is segmented into service type, end user, and country. Based on service type, the North America 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 North America 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 North America asset integrity management market is segmented into the US, Canada, and Mexico. The US dominated the North America 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 North America asset integrity management market.

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