The asset integrity management market is estimated to be worth US$26.8 billion in 2024 and is projected to be valued at US$ 44.4 billion in 2034. Between 2024 and 2034, the industry is expected to register a CAGR of 5.2%. Asset integrity management demand is high in oil and gas, energy, manufacturing, aerospace, and infrastructure industries. Growth or expansion in these sectors drives the need for effective asset management solutions.
The market will rise throughout the projected period as a result of industries investing in AIM to improve asset performance in response to rising customer expectations for increased operational efficiency, safety, and dependability. Ageing assets in many industries, including manufacturing, energy, and oil and gas, necessitate constant monitoring and maintenance to ensure their longevity and dependability. This has increased demand for asset integrity management solutions to handle the difficulties associated with 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).
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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
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