Asset Integrity Management Market Research Report Information By Service Type (Risk-based Inspection (RBI), Non-Destructive Testing (NDT) Inspection, Corrosion Management, Pipeline Integrity Management, Hazard Identification (HAZID) Study, Structural Integrity Management, Reliability, Availability and Maintainability (RAM) Study, and Others), By Industry (Oil & Gas, Power, Mining, Aerospace, and Others), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Industry Forecast Till 2032

Global Asset Integrity Management Market Overview

Asset Integrity Management Market Size was valued at USD 24.3 Billion in 2023. The asset integrity management market industry is projected to grow from USD 25.8 Billion in 2024 to USD 39.3 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.20% during the forecast period (2024 - 2032). Aging infrastructure, cost optimization, and safety and environmental concerns are the key market drivers enhancing market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Asset Integrity Management Market Trends

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  Aging infrastructure is driving the market growth

  
  

Market CAGR for asset integrity management is propelled by the pressing challenges posed by aging infrastructure. As infrastructure matures, industries encounter heightened vulnerabilities to asset deterioration, corrosion, and mechanical breakdowns. This sparks a surge in the need for holistic asset integrity management solutions to alleviate risks and uphold operational dependability. Entities prioritize allocating resources towards innovative technologies and services facilitating preemptive maintenance, ongoing surveillance, and predictive analysis, aiming to elongate asset longevity and enhance functionality. The mounting acknowledgment of the economic and safety advantages linked with proactive asset oversight propels market advancement. Consequently, the aging infrastructure emerges as a pivotal force propelling the expansion of the asset integrity management market.

Technological progress significantly drives the expansion of sales in asset integrity management. Novel approaches in inspection methods, data analysis, and predictive maintenance enable industries to transform their asset oversight practices. Employing cutting-edge tools like drones, sensors, and AI, companies bolster the precision, effectiveness, and breadth of their monitoring endeavors. This enables the timely identification of potential issues, streamlining maintenance tasks, and reducing costly downtimes. Framing these technological advancements as indispensable solutions for optimizing asset efficiency, managing risks, and ensuring compliance with regulations resonates deeply with clients seeking to stay competitive, thus fostering sales growth in a dynamic marketplace.

Safety and environmental considerations play crucial roles in driving heightened sales in asset integrity management. Increased awareness of the potential dangers associated with asset failures highlights the urgent necessity for proactive risk management strategies. By highlighting the importance of asset integrity management in protecting individuals, communities, and the environment, businesses can connect with customers, aiming to fulfill their moral and regulatory obligations. Demonstrating how comprehensive asset integrity solutions mitigate safety risks, prevent environmental incidents, and ensure regulatory adherence fosters trust and confidence. This resonates with the growing focus on corporate social responsibility and sustainable business practices, prompting organizations to invest in robust asset integrity management solutions. Thus, driving the asset integrity management market revenue.

Asset Integrity Management Market Segment Insights

Asset integrity management Service Type Insights

The Asset Integrity Management Market segmentation, based on service type, includes Risk-based Inspection (RBI), Non-Destructive Testing (NDT) Inspection, Corrosion Management, Pipeline Integrity Management, Hazard Identification (HAZID) Study, Structural Integrity Management, Reliability, Availability and Maintainability (RAM) Study, and Others. In 2023, the Non-Destructive Testing (NDT) Inspection segment dominated the market, accounting for 35% of market revenue (8.5 Billion). Sales of Non-Destructive Testing (NDT) Inspection are poised to increase due to its critical role in ensuring asset integrity without causing damage. As industries prioritize preventive maintenance, NDT emerges as a cost-effective solution for comprehensive and accurate assessment of structural integrity.

Asset Integrity Management Industry Insights

The Asset Integrity Management Market segmentation, based on industry, includes oil & gas, power, mining, aerospace, and others. In 2023, oil & gas generated the most income (27%). Sales in the Oil & Gas sector are forecasted to rise owing to increased exploration activities, expanding production capacities, and the demand for energy. Additionally, technological advancements in extraction techniques and rising global energy consumption further drive market growth.

Figure 1: Asset Integrity Management Market, by Industry, 2023 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Asset integrity management Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and the Rest of the World. North America is poised to dominate the asset integrity management market due to several factors. North America stands on the brink of commanding authority in the asset integrity management market, propelled by its sturdy industrial infrastructure, rigorous regulatory structures, and significant allocations toward cutting-edge technologies. Furthermore, the region's mature oil and gas sector, combined with burgeoning renewable energy endeavors, spurs the necessity for asset integrity solutions. Additionally, an unwavering commitment to safety and environmental welfare, alongside a proficient workforce, situates North America as a pivotal force in fostering innovation and assuming market supremacy in asset integrity management.

Further, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, and South Korea.

Figure 2: Asset Integrity Management Market Share By Region 2023 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe's asset integrity management market accounts for the second-largest market share due to cost optimization and asset performance optimization. Further, the German asset integrity management market held the largest market share, and the UK asset integrity management market was the fastest growing market in the European region.

The Asia-Pacific Asset Integrity Management Market is expected to grow at the fastest CAGR from 2024 to 2032. This is due to increasing complexity and market expansion. Moreover, China’s asset integrity management market held the largest market share, and the Indian asset integrity management market was the fastest growing market in the Asia-Pacific region.

Asset integrity management Key Market Players & Competitive Insights

Leading market players in the asset integrity management industry drive innovation and competitiveness through strategic initiatives and technological advancements. Drawing upon their vast knowledge and skill, they provide tailor-made solutions across various industry sectors. Market developments such as mergers, acquisitions, and partnerships are key strategies employed by these players to strengthen their market presence and expand their service offerings. With the global asset integrity management industry experiencing consistent growth, competition intensifies, prompting a heightened emphasis on excellence, dependability, and client-centered approaches. These leading players play a crucial role in shaping the future landscape of the asset integrity management industry by investing in research and development and remaining attuned to emerging trends and technologies to meet evolving client needs and industry standards.

Major players in the asset integrity management market, including SGS Société Générale de Surveillance SA, Bureau Veritas, TechnipFMC plc, John Wood Group PLC, Fluor Corporation, Baker Hughes Company, and others, are attempting to increase market demand by investing in research and development operations.

Bureau Veritas SA offers a diverse array of services spanning testing, inspection, and certification across numerous industries. Their extensive portfolio encompasses asset management, certification, consulting, inspection, remote audits, testing, analysis, cybersecurity, wealth management, safety training, and business restart services. Serving a diverse array of industries, including automotive, transportation, construction, and more, they operate on a global scale with facilities and labs spanning across continents. Bureau Veritas' headquarters in Neuilly-sur-Seine, Ile-de-France, France, underscores its extensive reach and diverse service portfolio.

Baker Hughes Co, a leading energy technology enterprise, excels in providing state-of-the-art energy and industrial solutions on a global scale. Their extensive array of offerings encompasses drilling equipment, subsea production systems, compressors, piping systems, generators, energy storage solutions, regulators, control systems, pumps, valves, and process control technologies. Additionally, they provide digital solutions such as non-destructive testing, sensor-based process measurement, plant controls, and pipeline integrity solutions. Serving both independent and national oil and gas corporations, Baker Hughes operates extensively across the Americas, Europe, the Middle East, Africa, and Asia. With its headquarters based in Houston, Texas, USA, the company underscores its worldwide presence and dedication to advancing energy technologies to meet diverse industry requirements.

Key Companies in the Asset integrity management Market Include

• SGS Société Générale de Surveillance SA


• Bureau Veritas


• TechnipFMC plc


• John Wood Group PLC


• Fluor Corporation


• Baker Hughes Company

Asset integrity management Industry Developments

January 2023: Bureau Veritas unveiled its new regional headquarters in Riyadh, marking a strengthened commitment to support the Kingdom of Saudi Arabia's Vision 2030. The expanded presence reinforces their dedication to assisting clients in managing and mitigating risks related to health, safety, quality, and environmental concerns.

August 2022: Baker Hughes completed the acquisition of Quest Integrity, enhancing its portfolio of asset inspection solutions for the energy and industrial sectors. This acquisition strengthens Baker Hughes' capabilities in inspecting "difficult to inspect" pipelines and expands its scope to include furnace tubes, loading terminals, jet fuel lines, and other industrial markets.

Asset Integrity Management Market Segmentation

Asset integrity management Service Type Outlook

• Risk-based Inspection (RBI)


• Non-Destructive Testing (NDT) Inspection


• Corrosion Management


• Pipeline Integrity Management


• Hazard Identification (HAZID) Study


• Structural Integrity Management


• Reliability, Availability, and Maintainability (RAM) Study


• Others

Asset Integrity Management Industry Outlook

• Oil & Gas


• Power


• Mining


• Aerospace


• Others

Asset Integrity Management Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America