Asset Integrity Management Market Size

Updated on : Oct 22, 2024

The global asset integrity management market size is expected to be valued at USD 23.9 billion in 2024 and is projected to reach USD 31.5 billion by 2029; growing at a CAGR of 5.7% during the forecast period from 2024 to 2029. 

The asset integrity management industry is witnessing steady growth globally, driven by increasing emphasis on regulatory compliance, safety, and operational efficiency across industries.

Factors such as aging infrastructure, stringent regulatory requirements, and technological advancements contribute to market expansion. Industries such as oil and gas, power generation, manufacturing, and aerospace are primary drivers of demand for asset integrity management solutions.

Adopting digitalization and IoT technologies is also reshaping the market landscape, enabling real-time monitoring and predictive maintenance strategies. However, challenges such as high installation costs and the complexity of integration hinder widespread adoption.

Asset Integrity Management Market Forecast to 2029

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Asset Integrity Management Market Trends

Driver: Increasing need to maintain aging assets in risk-based industries

The increasing need to maintain aging assets in risk-based industries is a critical driver for asset integrity management. As infrastructure and equipment age, they become more susceptible to deterioration, posing heightened risks to operational reliability and safety. Effective asset integrity management is essential to mitigate risks and ensure regulatory compliance in industries such as oil and gas, petrochemicals, and power generation, where assets are subject to harsh operating conditions.

The imperative to prolong asset lifespan and optimize performance necessitates proactive maintenance strategies, leveraging risk-based approaches to prioritize resources and interventions based on asset criticality and potential failure modes. As organizations strive to minimize downtime, enhance safety, and maximize asset value, the increasing focus on maintaining aging assets underscores the significance of asset integrity management solutions in risk-based industries.

Restraint: Complexity and high cost of system installation

The complexity and high installation cost are significant restraints in the asset integrity management market. Implementing asset integrity management systems often involves intricate integration processes, requiring expertise and resources, which can be time-consuming and costly for organizations.

Additionally, the initial investment required for installation, including software, hardware, and training, presents financial barriers for some companies and significantly smaller enterprises with limited budgets. As a result, the complexity and expense associated with installation hinder the widespread adoption of asset integrity management solutions, particularly among organizations facing budget constraints or resource limitations.

Opportunity: Expansion of the power sector in emerging economies

Expanding the power sector in emerging nations presents a significant asset integrity management market opportunity. As developing countries undergo rapid industrialization and urbanization, there is a growing demand for reliable and efficient power generation and distribution infrastructure.

This expansion necessitates robust asset integrity management practices to ensure the reliability, safety, and regulatory compliance of critical assets such as power plants, transmission lines, and substations. Additionally, emerging economies often lack established asset management frameworks, creating opportunities for asset integrity management providers to offer tailored solutions and expertise to support the development and optimization of power infrastructure in these regions. Asset integrity management companies can leverage growth opportunities and expand their market presence by capitalizing on expanding the power sector in emerging nations.

Challenge: Harsh weather conditions to challenge inspection and monitoring of assets

The challenge of harsh weather conditions poses significant obstacles to inspecting and monitoring assets in the asset integrity management market. In industries such as oil and gas, offshore wind, and maritime, assets are often located in environments characterized by extreme temperatures, high winds, corrosive saltwater, and other adverse weather conditions.

These conditions increase the risk of asset degradation and pose challenges for inspection and monitoring activities, as they can impede access to assets and compromise the effectiveness of monitoring equipment. As a result, asset integrity management providers must develop robust strategies and technologies capable of withstanding harsh weather conditions while ensuring accurate and reliable asset assessment to mitigate risks and ensure operational reliability and safety.

Asset Integrity Management Market Ecosystem

The asset integrity management market is dominated by established and financially sound manufacturers with extensive experience in the industry. These companies have diversified product portfolios, cutting-edge technologies, and strong global sales and marketing networks. Leading players in the market include SGS Société Générale de Surveillance SA. (Switzerland), Bureau Veritas (France), TechnipFMC plc (UK), John Wood Group PLC (UK), Fluor Corporation (US) and Baker Hughes Company (US) among others.

The Non-destructive testing (NDT) inspection segment by service type is expected to account for the largest asset integrity management market share during the forecast period.

Non-destructive testing (NDT) inspection is expected to dominate the market share during the forecast period due to its critical role in ensuring industrial assets' safety, reliability, and compliance across various sectors. Unlike traditional testing methods that require dismantling or damaging the material being inspected, NDT techniques allow for thorough examination without causing harm, making it a preferred choice for asset evaluation.

Its versatility enables the detection of flaws, defects, or weaknesses in materials, welds, and components, providing valuable 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, solidifying its position as the leading service type in the asset integrity management market.

The power industry in asset inetegrity management is to hold the largest market share during the forecast period.

The power industry is expected to have the highest market share in the upcoming years due to several reasons. As renewable energy sources are becoming more popular, there's a need for strong asset management to ensure reliability and efficiency.

Also, since power infrastructure is aging globally, there's a growing demand for monitoring and maintenance solutions to comply with regulations and reduce risks. Additionally, the increasing need for electricity, especially in emerging economies, leads to investments in power infrastructure, further boosting demand for asset management services. Moreover, the industry's adoption of digitalization and smart grid technologies requires advanced monitoring and maintenance solutions, solidifying its position in the asset management market.

Based on plant location offshore oil & gas segment to hold the highest growth rate in the asset integrity management market.

The offshore sub-segment within the oil and gas industry is projected to witness the highest CAGR in the market due to various factors. Offshore facilities, including platforms and subsea infrastructure, face unique challenges such as corrosion and extreme environmental conditions, necessitating robust asset integrity management practices.

With increasing global energy demand, there's a growing focus on exploring offshore reserves in deeper waters, driving the demand for advanced asset integrity management solutions. Stringent regulatory requirements governing offshore operations further emphasize the need for effective asset management practices.

Additionally, the industry's commitment to risk mitigation and operational efficiency reinforces the importance of asset integrity management in the offshore sector, contributing to its anticipated high CAGR in the market.

Asset Integrity Management Market - Regional Analysis

The asset integrity management market in the Asia Pacific region will exhibit the highest CAGR during the forecast period.

Asia Pacific is anticipated to demonstrate the highest CAGR in the market due to several key factors. The region's rapid industrialization and infrastructure development are fueling demand for reliable asset integrity management solutions to ensure operational safety and reliability across diverse sectors.

Furthermore, the rising adoption of advanced technologies like IoT and AI in industries such as oil and gas, manufacturing, and power generation presents opportunities for real-time monitoring and predictive maintenance, driving further growth in the market.

Moreover, the expanding energy demand in emerging economies within Asia Pacific and investments in renewable energy sources stimulate the need for comprehensive asset integrity management services. Lastly, stringent regulatory requirements and a growing awareness of the importance of asset optimization and safety contribute to the region's expected high CAGR in the asset integrity management market.

Asset Integrity Management Market by Region

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Top Asset Integrity Management Companies - Key Market Players

The asset integrity management companies is dominated by players such as

• SGS Société Générale de Surveillance SA. (Switzerland),
• Bureau Veritas (France),
• TechnipFMC plc (UK),
• John Wood Group PLC (UK),
• Fluor Corporation (US) and
• Baker Hughes Company (US) and others.

Asset Integrity Management Market Report Scope

Asset Integrity Management Highlights

The study categorizes the asset integrity management market based on the following segments:

Recent Developments in Asset Integrity Management Industry

• In October 2023, Applus+ in Italy secures a 3-year Master Agreement for inspection and expediting services with a key Oil & Gas industry player, covering global operations. The agreement involves Applus+ professionals supporting the client, specializing in oil and gas drilling and production solutions. Additionally, Applus+ will provide asset integrity services to ensure compliance with regulatory and voluntary standards for enhanced safety and performance.
• In May 2023, Fluor Corporation's subsidiary, Stork, secures a five-year contract with Harbour Energy, extending asset integrity services in the North Sea for the AELE hub (Armada, Everest, Lomond, and Erskine) and expanding services to Solan, the J-Area, and the Great Britannia Area. This partnership reinforces Stork's commitment to providing comprehensive asset integrity services in the offshore oil and gas industry.
• In March 2023, Baker Hughes and BP p.l.c. are collaborating to refine further and develop CordantTM, an integrated suite of solutions for asset performance management and process optimization, emphasizing asset integrity management. This collaboration aims to leverage technology and expertise to enhance the reliability and efficiency of energy infrastructure while minimizing risks associated with asset integrity.
• In January 2023, Bureau Veritas officially opened its new regional headquarters in Riyadh, solidifying its 30-year presence in Saudi Arabia and emphasizing its dedication to the Middle East's growth, especially in Saudi Arabia and the UAE. The new regional headquarters in Riyadh positions Bureau Veritas to enhance its asset integrity portfolio, facilitating further expansion and development opportunities in the Middle East.
• In March 2022, Baker Hughes collaborated with C3.ai, Inc., Accenture, and Microsoft, aiming to develop industrial asset management (IAM) solutions leveraging digital technologies to enhance safety, efficiency, and emissions profiles of physical assets in the energy and industrial sectors. This collaboration focuses on optimizing plant equipment, operational processes, and business operations, ultimately contributing to improved uptime, flexibility, capital planning, and energy efficiency management, thereby enhancing asset integrity management practices.

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