Report Scope & Overview:
The Asset Integrity Management Market size was valued at USD 21.35 billion in 2022 and is expected to grow to USD 31.06 billion by 2030 and grow at a CAGR of 4.8 % over the forecast period of 2023-2030.
Asset integrity management (AIM) is a technique that makes it possible to efficiently manage an asset's capacity and potential to reduce and ultimately get rid of corrosion and fatigue crack degradation. It guarantees that throughout the life of the operation, a facility's assets are planned, manufactured, purchased, installed, and maintained adequately for their intended application. The management of asset integrity primarily depends on this strategy. The asset integrity management market is utilized by a number of different industries, including mining, aerospace, oil and gas, and power.
The regular maintenance of all physical assets is necessary to maximize productivity. Any industry's operational effectiveness, safety, and financial success are directly impacted by the selection, maintenance, inspection, and renewal of its physical assets. Keeping the integrity of engineered systems intact is management's challenge. Asset Integrity Management is essential in all industries.
The delivery of business requirements, maximizing return on assets while retaining stakeholder value, and minimizing business risks associated with accidents and loss of production are the goals of an Asset Integrity Management (AIM) system. Asset integrity is the capacity of an asset to carry out its necessary function effectively and efficiently while protecting human life and the environment. The associated management actions make sure that the assets' whole lifecycle is covered by people, systems, processes, and resources that deliver integrity. Infrastructure and equipment design, maintenance, inspection, process, operations, and management ideas are all included in an asset integrity management system.
Deterioration of aging assets in numerous industries requires urgent operational safety to drive the market.
Oil and gas prices are dropping, and boosting the need for company plants and assets maintained across various companies.
Climate changes over time have a substantial impact on the daily operations of the oil, gas, and power sectors. The necessity of preparing for climate adaptation and its inclusion in the overall risk management strategy is being increasingly recognized by a variety of industries and governments. Risk-based examination of the assets in oil and gas and power generation facilities enables one to comprehend the risks related to the projected climatic changes and the harm produced by such changes in the past. The consequences of climate variations on plant operations are lessened thanks to asset integrity management services, which assist decision-makers in planning risk management strategies.
Initial requirement of capital is high for the asset integrity management market.
Complexities in the installation of asset integrity management market.
Power sector is booming in developing nations.
There is having fewer skilled persons to operate asset integrity management.
Hardware and software are just a couple of the elements used in asset integrity management, all of which need to be monitored and managed by professionals. A team with specialized training and education is required to operate the software and machinery used to execute the asset integrity check. Workers must be carefully trained for these jobs and possess a wealth of specialized knowledge. Because of their training and expertise, they can operate the plants and make the appropriate judgements when they need to.
Impact Of covid-19
The Covid-19 pandemic has had an effect on a number of global industries, and the oil and gas sector are no exception. Travel restrictions and the global economic recession both drastically reduced the usage of petroleum products worldwide. The oil and gas sector crisis has had a significant impact on a few employees and towns that depend on its income. The industry's players must concentrate on creating a flexible business model that can result in long-term resilience as they struggle with the oil price war, diminishing demand, business stability, and employee safety.
The industrial sector's need for power has significantly diminished as a result of the COVID-19 Pandemic. Governments from all around the world were obliged to restrict company operations in response to the viral spread. The inspection and repair of all plant-wide assets have been put on hold, and only the most crucial production-related assets are being given priority. Due to the present COVID-19 mitigation strategy's focus on working from home and social isolation, there is a growing backlog of inspection and maintenance work. Additionally, the predicament is requiring asset inspection management service providers to handle crucial asset inspections with less staff. However, organizations are anticipated to benefit from the deployment of critical digital methods like remote inspection and remote cooperation.
Key Market Segmentation
The Asset Integrity Management Market is segmented into two types on the basis of by service type, and by industry.
By Service Type:
Non-Destructive Testing (NDT)
Risk-Based Inspection (RBI)
Pipeline Integrity Management
Hazard Identification (HAZID) Study
Structural Integrity Management
Reliability, Availability, And Maintainability (RAM) study
Oil & gas
The North American, European, Asian Pacific, Latin American, and Middle East & African regions make up the segments of the global asset integrity management market. Due to cost and IoT and automation knowledge, North America currently holds a monopoly in the asset integrity management sector. The oil and gas industry dominates the market for asset integrity management services in North America. Asset integrity management services powered by automation and the Internet of Things are predicted to increase steadily thanks to the oil and gas industry in the Middle East and OPEC. Asset integrity management market growth is anticipated to be significant as a result of Asia-Pacific nations like India, China, Vietnam, Bangladesh, etc., rapidly industrializing. Initiatives related to Industry 4.0 in China, Europe, and other countries are predicted to grow the asset integrity management industry.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of the Middle East & Africa
Rest of Latin America
Bureau Veritas and Veolia, a provider of energy services, entered into a deal in June 2021 to offer technical verifications at all sites. In a three-year deal, Bureau Veritas will also offer equipment inspection services, diagnostics, regulatory checks, and consultancy.
Aker Solutions was awarded a contract by the Brazilian energy firm Equinor in November 2020. In order to increase the lifespan of Equinor's assets, Aker Solutions will perform maintenance and modification services at Peregrino Field over a 4-year period.
Major players in the market are SGS, Rosen Swiss, Bureau Veritas, TWI, Intertek Group, TechnipFMC, Aker Solutions, LifeTech, EM&I, Metegrity, TÜV SÜD, and others in the final report.
|Market Size in 2022||US$ 21.35 Bn|
|Market Size by 2030||US$ 31.06 Bn|
|CAGR||CAGR of 4.8 % From 2023 to 2030|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|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, Reliability, Availability, And Maintainability (RAM) study, Others)
• By Industry, (Oil & gas, Power, Mining, Aerospace, Others)
|Regional Analysis/Coverage||North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Company Profiles||SGS, Rosen Swiss, Bureau Veritas, TWI, Intertek Group, TechnipFMC, Aker Solutions, LifeTech, EM&I, Metegrity, TÜV SÜD|
|Key Drivers||• Deterioration of aging assets in numerous industries requires urgent operational safety to drive the market.
• Oil and gas prices are dropping, and boosting the need for company plants and assets maintained across various companies.
|Market Opportunities||• Power sector is booming in developing nations.|
Growth rate of the Asset Integrity Management Market is CAGR 4.8 %.
The market is expected to grow to USD 31.06 billion by the forecast period of 2030.
The major players are SGS (Switzerland), Bureau Veritas (France), Intertek Group (UK), TechnipFMC (UK), Aker Solutions (Norway), Rosen Swiss (Switzerland), LifeTech (UK), EM&I (UK), Metegrity (Canada), TWI (UK), TÜV SÜD (Germany) and others in final report, etc.
North America is dominating region in the asset Integritiy management market.
The forecast period for the Asset Integrity Management Market is 2022-2030.
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Asset Integrity Management Market Segmentation, by Service Type
8.1 Non-Destructive Testing (NDT)
8.2 Risk-Based Inspection (RBI)
8.3 Corrosion Management
8.4 Pipeline Integrity Management
8.5 Hazard Identification (HAZID) Study
8.6 Structural Integrity Management
8.7 Reliability, Availability, And Maintainability (RAM) Study
9. Asset Integrity Management Market Segmentation, by Industry
9.1 Oil & gas
10. Regional Analysis
10.2 North America
10.2.1 North America Asset Integrity Management Market by Country
10.2.2North America Asset Integrity Management Market by Service Type
10.2.3 North America Asset Integrity Management Market by Industry
10.2.4.1 USA Asset Integrity Management Market by Service Type
10.2.4.2 USA Asset Integrity Management Market by Industry
10.2.5.1 Canada Asset Integrity Management Market by Service Type
10.2.5.2 Canada Asset Integrity Management Market by Industry
10.2.6.1 Mexico Asset Integrity Management Market by Service Type
10.2.6.2 Mexico Asset Integrity Management Market by Industry
10.3.1 Europe Asset Integrity Management Market by Country
10.3.2 Europe Asset Integrity Management Market by Service Type
10.3.3 Europe Asset Integrity Management Market by Industry
10.3.4.1 Germany Asset Integrity Management Market by Service Type
10.3.4.2 Germany Asset Integrity Management Market by Industry
10.3.5.1 UK Asset Integrity Management Market by Service Type
10.3.5.2 UK Asset Integrity Management Market by Industry
10.3.6.1 France Asset Integrity Management Market by Service Type
10.3.6.2 France Asset Integrity Management Market by Industry
10.3.7.1 Italy Asset Integrity Management Market by Service Type
10.3.7.2 Italy Asset Integrity Management Market by Industry
10.3.8.1 Spain Asset Integrity Management Market by Service Type
10.3.8.2 Spain Asset Integrity Management Market by Industry
10.3.9 The Netherlands
10.3.9.1 Netherlands Asset Integrity Management Market by Service Type
10.3.9.2 Netherlands Asset Integrity Management Market by Industry
10.3.10 Rest of Europe
10.3.10.1 Rest of Europe Asset Integrity Management Market by Service Type
10.3.10.2 Rest of Europe Asset Integrity Management Market by Industry
10.4.1 Asia Pacific Asset Integrity Management Market by Country
10.4.2 Asia Pacific Asset Integrity Management Market by Service Type
10.4.3 Asia Pacific Asset Integrity Management Market by Industry
10.4.4.1 Japan Asset Integrity Management Market by Service Type
10.4.4.2 Japan Asset Integrity Management Market by Industry
10.4.5 South Korea
10.4.5.1 South Korea Asset Integrity Management Market by Service Type
10.4.5.2 South Korea Asset Integrity Management Market by Industry
10.4.6.1 China Asset Integrity Management Market by Service Type
10.4.6.2 China Asset Integrity Management Market by Industry
10.4.7.1 India Asset Integrity Management Market by Service Type
10.4.7.2 India Asset Integrity Management Market by Industry
10.4.8.1 Australia Asset Integrity Management Market by Service Type
10.4.8.2 Australia Asset Integrity Management Market by Industry
10.4.9 Rest of Asia-Pacific
10.4.9.1 APAC Asset Integrity Management Market by Service Type
10.4.9.2 APAC Asset Integrity Management Market by Industry
10.5 The Middle East & Africa
10.5.1 The Middle East & Africa Asset Integrity Management Market by Country
10.5.2 The Middle East & Africa Asset Integrity Management Market by Service Type
10.5.3 The Middle East & Africa Asset Integrity Management Market by Industry
10.5.4.1 Israel Asset Integrity Management Market by Service Type
10.5.4.2 Israel Asset Integrity Management Market by Industry
10.5.5.1 UAE Asset Integrity Management Market by Service Type
10.5.5.2 UAE Asset Integrity Management Market by Industry
10.5.6 South Africa
10.5.6.1 South Africa Asset Integrity Management Market by Service Type
10.5.6.2 South Africa Asset Integrity Management Market by Industry
10.5.7 Rest of Middle East & Africa
10.5.7.1 Rest of Middle East & Asia Asset Integrity Management Market by Service Type
10.5.7.2 Rest of Middle East & Asia Asset Integrity Management Market by Industry
10.6 Latin America
10.6.1 Latin America Asset Integrity Management Market by Country
10.6.2 Latin America Asset Integrity Management Market by Service Type
10.6.3 Latin America Asset Integrity Management Market by Industry
10.6.4.1 Brazil Asset Integrity Management Market by Service Type
10.6.4.2 Brazil Africa Asset Integrity Management Market by Industry
10.6.5.1 Argentina Asset Integrity Management Market by Service Type
10.6.5.2 Argentina Asset Integrity Management Market by Industry
10.6.6 Rest of Latin America
10.6.6.1 Rest of Latin America Asset Integrity Management Market by Service Type
10.6.6.2 Rest of Latin America Asset Integrity Management Market by Industry
11. Company Profile
11.1 SGS (Switzerland)
11.1.1 Market Overview
11.1.4 SWOT Analysis
11.1.5 The SNS View
11.2 Intertek Group (UK)
11.2.1 Market Overview
11.2.4 SWOT Analysis
11.2.5 The SNS View
11.3 Bureau Veritas (France).
11.3.1 Market Overview
11.3.4 SWOT Analysis
11.3.5 The SNS View
11.4 TechnipFMC (UK).
11.4.1 Market Overview
11.4.4 SWOT Analysis
11.4.5 The SNS View
11.5 Aker Solutions (Norway)
11.5.1 Market Overview
11.5.4 SWOT Analysis
11.5.5 The SNS View
11.6 Rosen Swiss (Switzerland).
11.6.1 Market Overview
11.6.4 SWOT Analysis
11.6.5 The SNS View
11.7 LifeTech (UK)
11.7.1 Market Overview
11.7.4 SWOT Analysis
11.7.5 The SNS View
11.8 EM&I (UK)
11.8.1 Market Overview
11.8.4 SWOT Analysis
11.8.5 The SNS View
11.9 TWI (UK)
11.9.1 Market Overview
11.9.4 SWOT Analysis
11.9.5 The SNS View
11.10 TÜV SÜD (Germany).
11.10.1 Market Overview
11.10.4 SWOT Analysis
11.10.5 The SNS View
12. Competitive Landscape
12.1 Competitive Benchmarking
12.2 Market Share Analysis
12.3 Recent Developments
13. USE Cases and Best Practices
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