According to estimates, the asset integrity management market will be worth USD 26.8 billion in 2024 and USD 44.4 billion in 2034. The sector is anticipated to grow at a compound annual growth rate (CAGR) of 5.2% between 2024 and 2034. The oil and gas, energy, manufacturing, aerospace, and infrastructure sectors have a strong demand for asset integrity management. The need for efficient solutions for managing assets is fueled by growth or expansion in these industries.
The growing client demands for improved reliability, safety, and efficiency in operations push industries to invest in AIM for enhanced asset performance, driving the market growth during the forecast period. Many industries, such as oil and gas, energy, and manufacturing, are dealing with aging assets that require continuous monitoring and maintenance to ensure their reliability and longevity, driving the demand for asset integrity management solutions to address the challenges of maintaining older infrastructure
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AIM assists in identifying and mitigating risks associated with asset failure, safety hazards, and environmental impacts. Proactively managing these risks reduces the likelihood of incidents leading to financial losses or reputational damage. Integrating AIM with digital platforms allows remote monitoring, data-driven insights, and centralized asset management.
This digitalization trend is driving the adoption of AIM across industries. The stringent regulations governing industries’ safety, environmental protection, and infrastructure maintenance fuel the demand for asset integrity management solutions.
Key Takeaways:
- From 2019 to 2023, the asset integrity management market was valued at a CAGR of 3.8%
- Based on end-use, the power segment is expected to account for a share of 24% in 2024.
- Global asset integrity management demand in China is predicted to account for a CAGR of 5.7% in 2024.
- In the United States, the asset integrity management industry is expected to account for a CAGR of 3.0% in 2024.
- Germany is projected to expand by a value CAGR of 6% between 2024 and 2034.
- Asset integrity management market in Japan is anticipated to record a CAGR of 6.4% in 2024.
“The increasing technological innovations and growing regulatory compliance in various end-use industries are anticipated to drive the asset integrity management market growth during the forecast period,” – says Sudip Saha, Managing Director and Co-Founder at Future Market Insights.
Competitive Landscape:
Key players focus on strategies like collaborations and partnerships. Key players are acquiring niche players are critical systems followed by leading players in the asset integrity management market.
Recent Developments in the Market
- Intertek Group plc offers asset integrity management services, including asset performance management, corrosion management, and inspection services. They cater to industries like oil and gas, chemicals, and manufacturing.
- Aker Solutions provides engineering, procurement, construction, and maintenance services, emphasizing asset integrity management solutions for the energy sector, particularly in oil and gas.
- Oceaneering International, Inc. specializes in providing offshore engineering and inspection services, including asset integrity management for subsea assets, remotely operated vehicles (ROVs), and inspection solutions for various industries.
Valuable Insights Available:
Future Market Insights offers an unbiased analysis of the global asset integrity management market, providing historical data from 2019 to 2023 and forecast statistics between 2024 and 2034.
To understand opportunities in the asset integrity management industry, the industry is segmented based on Service Type (Non- Destructive Testing (NDT), Risk- Based Inspection (RBI), Corrosion Management, Pipeline Integrity Management, Hazard Identification (HAZID) Study, Structural Integrity Management) By End-use (Oil and Gas, Power, Mining, Aerospace) Region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, the Middle East, and Africa).
Asset Integrity Management Market Key Segments:
By Service Type:
- Non- Destructive Testing (NDT)
- Risk- Based Inspection (RBI)
- Corrosion Management
- Pipeline Integrity Management
- Hazard Identification (HAZID) Study
- Structural Integrity Management
By End Use:
- Oil and Gas
- Power
- Mining
- Aerospace
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries. Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.
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