The global asset integrity management market size is projected to grow from USD 20.3 billion in 2021 to USD 25.7 billion by 2026 at a CAGR of 4.9% from 2021–2026. The major factors driving the market growth include the growing demand for asset integrity management in new offshore fields in deep waters, declining efficiencies of aging assets, and the need for securing operational safety in various industries, such as oil and gas and power. However, factors such as lack of skilled personnel for operating asset integrity management systems and software pose challenges for market growth.
COVID-19 has affected the operations and financial condition of asset integrity management service providers. The pandemic has resulted in a widespread health crisis, which is adversely affecting the financial markets and economies of countries and end-user industries. This is expected to lead to an economic downturn and negatively affect the market for asset integrity management.
“The market for corrosion management to witness high-growth potential during the forecast period”
The market for corrosion management services is projected to grow at the highest CAGR from 2021 to 2026. Seawater environments are highly corrosive for offshore assets, and early detection, prevention, and treatment are vital to optimize life cycle costs, uptime, and safety. Negligence toward corrosion management leads to the loss of valuable resources and poses a threat to human life. Corroded pipelines and structures are prone to leakage leading to unscheduled breakdowns and immediate loss of the content to the surroundings. Increasing performance requirements, aging infrastructure, and the need to optimize cost and safety are driving the need for more comprehensive corrosion management services and solutions.
“The asset integrity management market for power industry to grow at highest CAGR during the forecast period”
Asset integrity management services are implemented in many segments of the power industry to enhance safety and productivity and maintain the integrity of valuable assets involved in this industry. NDT services are used to inspect the integrity of pipelines, turbines, other assets included in the power industry. The need to meet the escalating energy demand driven by rapid industrialization and growing population, especially in Asia Pacific, has led to an increase in the number of power plants, and consequently, the demand for asset integrity management services.
“North America to account for largest size of asset integrity management market during the forecast period”
North America has been a major contributor to the overall asset integrity management market since it is transforming into an important hub for the manufacturing and power generation sectors. The region has major players from the oil & gas and power industries, which are the prominent end-users of asset integrity management services. Both oil and gas plants and power plants in North America need to operate at optimum levels due to the increasing consumption of power, oil, & gas in the region. Optimum utilization of resources in the oil & gas industry requires continuously operating plants with minimal downtime and reduced energy consumption; efficient asset integrity management and monitoring systems can help achieve these conditions.
Break-up of the profiles of primary participants:
- By Company Type – Tier 1 – 45%, Tier 2 – 30%, and Tier 3 – 25%
- By Designation – C-level Executives – 35%, Directors – 45%, and Managers – 20%
- By Region – North America - 30%, Europe – 25%, Asia Pacific – 35%, and RoW – 10%
SGS (Switzerland), Bureau Veritas (France), Intertek Group (UK), TechnipFMC (UK), Aker Solutions (Norway), Applus Services (Spain), DNV (Norway), John Wood Group (US), and Oceaneering International (US) are some of the major players in the asset integrity management market.
The global asset integrity management market is segmented on the basis of service type, industry, and geography. The asset integrity management market has been studied for North America, Europe, Asia Pacific, and the Rest of the World (RoW).
Reasons To Buy the report:
- Illustrative segmentation, analysis, and forecast for markets based on service type, industry, and region have been conducted to give an overall view of the asset integrity management market.
- The value chain analysis has been performed to provide an in-depth insight into the asset integrity management market.
- The report includes pricing analysis, patent analysis, ecosystem analysis, technology and case study analysis and regulatory landscape pertaining to asset integrity management.
- The key drivers, restraints, opportunities, and challenges pertaining to the asset integrity management market have been detailed in this report.
- Detailed information regarding the COVID-19 impact and related updates on the asset integrity management market has been provided in the report.
- The report includes a detailed competitive landscape of the market, along with key players, as well as in-depth analysis of their revenues and market share.