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Asset Integrity Management Market worth $31.5 billion by 2029 - Exclusive Report by MarketsandMarketstm


CHICAGO, April 16, 2024 /PRNewswire/ -- The global asset integrity management market is expected to be valued at USD 23.9 billion in 2024 and is projected to reach USD 31.5 billion by 2029; it is expected to grow at a CAGR of 5.7% from 2024 to 2029 according to a new report by MarketsandMarketstm. The asset integrity management market is driven by driven by regulatory compliance, technological advancements, and sector-specific demands.

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Browse in-depth TOC on "Asset Integrity Management Market"

120 ? Tables
70 ? Figures
230 ? Pages

Asset Integrity Management Market Report Scope:

Report Coverage

Details

Market Revenue in 2024

$ 23.9 billion

Estimated Value by 2029

$ 31.5 billion

Growth Rate

Poised to grow at a CAGR of 5.7%

Market Size Available for

2020?2029

Forecast Period

2024?2029

Forecast Units

Value (USD Million/Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Service Type, Industry and Region

Geographies Covered

North America, Europe, Asia Pacific, and Rest of World

Key Market Challenge

Harsh weather conditions to challenge inspection and monitoring of assets

Key Market Opportunities

Expansion of the power sector in emerging economies

Key Market Drivers

Increasing need to maintain aging assets in risk-based industries

 

Non-destructive testing (NDT) inspection service type in asset integrity management market to dominate during the forecast period.

Non-destructive testing (NDT) inspection commands the largest share in the market due to its fundamental role in ensuring the structural integrity and safety of assets across diverse industries. NDT techniques allow for thorough examination without causing damage to the material being inspected, making it a preferred choice for asset maintenance and evaluation. Its versatility enables the detection of flaws, defects, or weaknesses in materials, welds, and components, providing invaluable insights into asset condition without disrupting operations. As industries increasingly prioritize safety, regulatory compliance, and operational efficiency, the demand for NDT inspection services continues to surge, further solidifying its dominance in the asset integrity management market.

Oil & gas industry holds for the largest share in asset integrity management market.

Oil and gas industry holds the largest share in the asset integrity management market due to its critical reliance on maintaining the integrity of complex infrastructure and equipment. The sector operates in challenging environments such as offshore platforms, pipelines, and refineries, where asset failure can have severe safety, environmental, and financial consequences. With stringent regulatory requirements and increasing pressure to optimize production efficiency, oil and gas companies prioritize comprehensive asset integrity management solutions to ensure operational reliability, safety, and compliance. This emphasis on risk mitigation and the industry's substantial investment in asset maintenance and monitoring solidifies oil and gas as the dominant sector driving the demand for asset integrity management services.

Based on plant location offshore oil & gas plants to exhibit highest CAGR during the forecast period.

The offshore oil and gas industry is poised for the highest CAGR in asset integrity management due to its critical reliance on maintaining safety and reliability in harsh environments. Increasing exploration in deeper waters and remote locations amplifies the demand for advanced monitoring and maintenance solutions. Stringent regulatory standards and the potential consequences of asset failure drive the adoption of comprehensive integrity management practices. Furthermore, technological advancements facilitate more efficient monitoring and maintenance of offshore assets. These factors collectively contribute to the anticipated growth in the offshore sector's asset integrity management market.

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North America region dominates the asset integrity market during the forecast period.

Due to several key factors, North America is poised to dominate its market share during the forecast period. The region's significant concentration of industries like oil and gas, manufacturing, power generation, and aerospace necessitates robust asset integrity management practices for operational reliability and safety. Moreover, North America benefits from advanced technological capabilities and a strong regulatory framework, driving the adoption of sophisticated asset monitoring and maintenance solutions. Additionally, the region's commitment to innovation and investment in infrastructure modernization reinforces its leadership in the asset integrity management industry. Lastly, the increasing emphasis on sustainability and environmental stewardship further solidifies North America's dominance in the market.

Key Players

The asset integrity management companies includes major Tier I and II players like SGS Société Générale de Surveillance SA. (Switzerland), Bureau Veritas (France), Intertek Group plc (UK), TechnipFMC plc (UK), Aker Solutions (Norway), Applus+ (Spain), DNV AS (Norway), John Wood Group PLC (UK), Oceaneering International, Inc. (US), Fluor Corporation (US), Baker Hughes Company (US) and others. These players have a strong market presence of asset integrity management across various countries in North America, Europe, Asia Pacific and the Rest of the World (RoW).

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Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting

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NDT and Inspection Market by Technique (Ultrasonic Testing, Visual, Magnetic Particle, Liquid Penetration, Eddy-Current, Radiographic, Acoustic Emission), Service, Method, Vertical, Application and Region - Global Forecast to 2029

Testing, Inspection, and Certification Market by Service Type, Sourcing Type (In-house, Outsourced), Application (Consumer Goods & Retail, Agriculture & Food, Industrial & Manufacturing, Medical & Life Sciences) and Region - Global Forecast to 2029

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About MarketsandMarketstm

MarketsandMarketstm has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarketstm is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStoretm (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

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