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Asset Integrity Management Market is expected to reach US$ 6.73 billion by 2030

The asset integrity management market likely to reach US$ 6.73 billion by 2030 | Study covers global and regional share analysis and forecast

By The Insight Partners

Expansion of Oil & Gas Industry to Create Opportunities in Asset Integrity Management Market During 2022–2030

According to our latest market study on "Asset Integrity Management Market Size and Forecast (2020–2030), Global and Regional Share, Trend, and Growth Opportunity Analysis – by Service Type and Industry," the market was valued at US$ 3.33 billion in 2022 and is expected to reach US$ 6.73 billion by 2030; it is estimated to record a CAGR of 9.2% from 2022 to 2030. The asset integrity management market report emphasizes the key factors driving the market and prominent players' developments. 

The global asset integrity management market is segmented into North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America. North America dominates with the largest asset integrity management market share. In North America, 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, in 2022, in the US, drillers established new oil rigs, reaching a total of 862. The US has a few of the oldest power generation systems across the globe. As a result, the oil & gas industry in this region must follow associated government policies and regulations such as protecting the environment, preserving cultural resources, and protecting worker's health & safety. In addition, the US has over 2.5 million km of oil and gas pipelines, while Canada has ~800,000 km of pipelines. Thus, the imposition of several government regulations and a rise in the number of gas pipelines will generate lucrative opportunities to fuel the North America asset integrity management market during the forecast period.

Asset Integrity Management Market — by Geography, 2022

 

To get free sample copy of the report, along with the TOC, Statistics, and Tables please visit @ https://www.theinsightpartners.com/brochure/TIPTE00002618

 

Source: The Insight Partners Analysis

In Europe, oil and gas pipelines are widely spread across the European Union. Pipelines include cross-border lines; international pipelines that originate or end in Europe; and domestic pipelines used for the supply of oil, gas, and various other materials. In terms of the length of pipelines laid, Europe is the second largest region after North America. For instance, the France government has built a sea-based pipeline to carry hydrogen and gas between Barcelona and Marseille, which requires asset integrity management software to monitor the maintenance of the pipelines. Thus, for the efficient operations of these pipelines, the adoption of asset integrity management solutions is expected to gain traction, facilitating the expansion of the Europe asset integrity management market share.

Sustainable development is a concept adopted by industries to address the way industrial assets must be exploited in order to receive an anticipated return on investment without damaging the natural environment and societal safety. Conventionally, the performance of industrial assets is evaluated based on financial returns. However, sole dependence on financial evaluation techniques might be suboptimal for determining industrial assets’ performance. Thus, the industries opt for asset integrity management solutions to ensure the equipment and other assets perform and operate as planned. The service support industries plan, design, develop, procure, execute, and maintain the operation without disrupting the operational functioning. Thus, the benefits of asset integrity management solutions play an important role in determining the asset integrity management market forecast. In addition, the integration of digital twin and IIoT with asset integrity management software and a rise in digitalization is expected to bring new asset integrity management market trends in the coming years.

Process manufacturing firms across the globe, including utilities, oil & gas, natural resource, mining, and chemical industries, highly depend upon proprietary infrastructure to run their operations. The majority of this infrastructure is aging rapidly, resulting in an increased threat of failure. This, in turn, is raising the adoption of asset integrity management systems. The subsequent disruptions in such conditions tend to harm the procedures and restrict the growth opportunities of these industries.

Industries across the globe are making considerable investments in upgrading the infrastructures, which is increasing the demand for asset integrity management solutions to understand the operability of equipment and assets, thereby bolstering the asset integrity management market growth. These solutions help control the increased expenditure by mitigating the risks associated with the industry’s infrastructure. Major industries contributing to the market growth include oil & gas, power, mining, marine, and aerospace. Other industries, such as chemical, transportation, and logistics, also hold a substantial share in the asset integrity management market.

SGS AG; Intertek Group plc; Aker Solutions ASA; Bureau Veritas SA; Fluor Corporation; DNV GL AS; John Wood Group PLC; Oceaneering International, Inc.; Rosen Group; and Cybernetix SA are among the prominent players profiled in the asset integrity management market study. In addition, several other players have been studied and analyzed during the study to get a holistic view of the market and its ecosystem. The asset integrity management market report provides detailed market insights, which help the key players strategize their growth.

According to the asset integrity management market analysis, APAC is expected to record the highest CAGR over the forecast period. 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 amounts of energy and power. To maintain the productivity and lifespan of these assets, the local regulatory bodies and agencies across the region are taking numerous initiatives, which is one of the major factors driving the asset integrity management 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. Furthermore, the rise in operations of the refineries across the region and the incorporation of numerous novel systems and equipment in these refineries are a few factors expected to increase the demand for asset integrity management services. This demand must be fulfilled in order to ensure environmental sustainability and the overall security of their operating premises. All these factors are contributing to the growth of the asset integrity management market.

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, propelling the asset integrity management market. Various entities across Asia Pacific are adopting digitalization at their facilities. For instance, several asset integrity management market players in Australia are involved in the development of new solutions. In July 2021, Applus+ in Australia partnered with Next Advanced Solutions to expand its 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 asset integrity management market.

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