Global Asset Integrity Management Market Size, Share & Industry Trends Analysis Report By Industry (Oil & Gas, Power, Mining, Aerospace and Others), By Service Type, By Regional Outlook and Forecast, 2022 - 2028
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Get in-depth analysis of the COVID-19 impact on the Asset Integrity Management Market
Market Report Description
The Global Asset Integrity Management Market size is expected to reach $28.3 billion by 2028, rising at a market growth of 5.1% CAGR during the forecast period.
Asset integrity management is the process of overseeing an asset (such as a power plant, oil rig, refinery, etc.) to make sure that it maintains the ability to fulfill its function successfully and efficiently (AIM). Effective AIM plans ensure that, while adhering to environmental and health requirements, the people, processes, systems, and resources required for an asset to fulfill its function are available at all times.
AIM applies to the decommissioning, design, and replacement phases of an asset's operation. The primary industry sector that AIM supports is upstream oil and gas. This is a result of the growth in oil and gas industry investment in this area brought on by the rising energy demand, which has increased the operational service life of existing rigs. However, any high-value asset, such as oil refineries, energy-producing facilities, and chemical processing facilities, can be implemented using the AIM technique.
Asset integrity management (AIM) is the term used to describe the software and services used in systematic and coordinated operations to guarantee the availability of vital assets and systems while preserving safety, health, and the environment. Asset integrity management assists in ensuring that the individuals, organizations, procedures, and tools that deliver integrity are available, operational, and capable of performing as needed.
The importance of asset integrity in guaranteeing safety has caused many facilities that run risky processes to start paying more attention to it. A variety of industries are developing best practices for safety. In addition, several standard groups are developing standards to give end users a clearer understanding of what safety means. Investment is being driven by end-users in the oil & gas, refining, petrochemical, and mining industries due to compliance with increasingly strict safety and environmental laws.
COVID-19 Impact Analysis
The COVID-19 pandemic has drastically decreased the industrial sector's need for power. In response to the virus pandemic, governments all around the world were forced to curtail corporate operations. Plant-wide asset inspection and repair work has been put on hold, with a focus only on high-priority assets connected to production. There is a rising backlog of inspection and maintenance work as a result of the current COVID-19 mitigation approach, which involves working from home and social isolation.
Market Growth Factors
Operations In Various Industries Are Disrupted By Climate Changes
The oil and gas and power sectors' daily operations are significantly impacted by climatic variations throughout time. The necessity of preparing for climate adaptation and its integration into the overall risk management plan is being increasingly recognized by a variety of industries and governments. To prevent significant setbacks or dangerous mishaps, climatic fluctuations must be considered when risk management is being done.
The Power Sector In Emerging Countries Is Thriving
Large-scale infrastructure development is taking place in developing nations like China, India, and Mexico, particularly in the field of power generation. The majority of this expansion is concentrated in areas where the demand is being driven by rapid economic growth, particularly in Asia. Data from the World Nuclear Association (as of September 2020) show that Asia's capacity for energy generation, specifically nuclear power generation, is expanding significantly.
Marketing Restraining Factor:
Insufficient Individuals With The Necessary Skills To Operate Asset Integrity Management Systems And Software
Asset integrity management uses a variety of tools, including hardware and software, that must be controlled and managed by experts. For running software and equipment used to perform the asset integrity examination, a team with specialized training and education is needed. For these tasks, workers need to be specially trained, and they also need a lot of relevant expertise. They have the skills to operate the plants and make the proper decisions at the right moment with the help of their experience and training.
Service Type Outlook
On the basis of Service Type, the Asset Integrity Management Market is divided into 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, and Others. The Risk-Based Inspection (RBI) segment witnessed a significant revenue share in the assist integrity management market in 2021. The process of creating an inspection plan based on an understanding of the risk of failure is known as risk-based inspection. A risk analysis is a crucial step.
Based on the Industry, the Asset Integrity Management Market is segmented into Oil & gas, Power, Mining, Aerospace, and Others. The oil & gas segment procured the largest revenue share in the assist integrity management market in 2021. The asset integrity management market is anticipated to benefit from the oil and gas sector's expanding size. Asset integrity management systems might be widely employed in the industry to monitor maintenance procedures and streamline inspection processes.
|Market size value in 2021||USD 20.3 Billion|
|Market size forecast in 2028||USD 28.3 Billion|
|Historical Period||2018 to 2020|
|Forecast Period||2022 to 2028|
|Revenue Growth Rate||CAGR of 5.1% from 2022 to 2028|
|Number of Pages||222|
|Number of Tables||329|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling|
|Segments covered||Service Type, Industry, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Region-wise, the Asset Integrity Management Market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia pacific region acquired a promising revenue share in the assist integrity management market in 2021. The market is expanding primarily as a result of rising oil and gas demand as well as an increase in merger and acquisition activity, which has led to higher investments in the local energy sector. The asset integrity management market in the Asia Pacific is growing as a result of developments in economic development, infrastructure building, and the development of power plants.
Free Valuable Insights: Global Asset Integrity Management Market size to reach USD 28.3 Billion by 2028
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Bureau Veritas S.A., SGS S.A., Intertek Group PLC, TechnipFMC plc, Applus+ Group, Aker Solutions ASA, ROSEN Swiss AG, LifeTech Engineering Ltd., EM&I Group, and Metegrity, Inc.
Strategies deployed in Asset Integrity Management Market
- Jul-2022: Applus+ completed the acquisition of K2 Ingeniería S.A.S, a supplier of environmental conferring and monitoring services. Through this partnership, the company aimed to experience the evolution of restrictions to protect and enhance the environment.
- Apr-2022: Applus+ signed an agreement with Indoor Climate Management, a supplier of energy management and efficiency services. This agreement aimed to reinforce Applus+ service offering with high-value-added assistance in appealing markets with superior technology.
- Jan-2022: Bureau Veritas completed the acquisition of PreScience, a US-based leader in Project Management / Construction management assistance. This acquisition would play a key role in a positive US Infrastructure market, and lead to a safe, endurable, and environmentally appreciative infrastructure for the transportation of goods and people.
- Nov-2021: SGS signed an agreement with Supply Chain Tracking (SCT) Technology, a multinational supplier of shipment and asset tracking software. Through this agreement, SCT would deliver Consignment Management Application 'tag, track and trace' to control the SGS OMNIS Electronic Cargo Tracking service. Additionally, CMA 3T, as an update to the SGS OMNIS platform, is a crucial stage in SGS's continuous expansion of this real-time tracking ability.
- Jul-2021: Applus+ came into a partnership with Next Advanced Solutions, specializes in asset integrity management. Together, the companies aimed to integrate with Advanced NDT services, working with NIIPRO authorizes Applus+ to reinforce its offering of end-to-end asset life cycle management, add value to customers and decrease their costs.
- May-2021: Metegrity signed an MoU with ABB, a multinational corporation. Through this agreement, the companies aimed to introduce a new solution to the market that would reduce asset downtime by optimizing asset strategy and improving the transparency of equipment performance in real-time to enhance management processes and interventions. Additionally, the agreement integrates expertise to sustain operators' increased asset productivity whilst decreasing risk.
- Apr-2021: Metegrity came into a partnership with ABSG Consulting, a worldwide operational risk management business. Through this partnership, the companies aimed to integrate Metegrity’s industry-leading Visions Enterprise and recently released Asset Integrity Process Safety Management software solutions within ABS Consulting’s robust history and engineering experience in process safety management (PSM), asset integrity management (AIM), and dependability. Additionally, the alliance would deliver customers endurable asset management programs that improve adherence and optimize production assets to drive value into operations. Moreover, the goal of the partnership is to assist operators to provide pipeline safety and effectively responding to the growing regulatory and new pipeline standards, such as API 1183 for dents and API 1176 for cracks.
- Feb-2021: SGS Hong Kong came into a partnership with AVISTA Group, a foremost advisory business in business valuation, and property valuation. With this partnership, the companies aimed to integrate SGS’s superior quality security solutions, performance assessments, management systems certification, and gap analysis with AVISTA’s expertise in valuation advisory, enterprise conferring, and threat management advisory.
- Jan-2021: Metegrity formed a partnership with Blade Energy Partners, a world-class global engineering company. Through this partnership, the companies aimed to provide pipeline crack and dent strain analyzers, and software solutions to handle crucial integrity hazards in the Oil & Gas pipeline industry. Moreover, Operator efficiency and safety improvements by applying these tools are outstanding and has never before been known.
- Dec-2020: Applus+ took over SAFCO, a leading construction testing, and inspection assistance. The acquisition would deliver Applus+ the possibility to extend its offering of services in the region.
- Jan-2020: Bureau Veritas signed an agreement with Infrastructure Preservation Corporation (IPC), a complicated bridge and infrastructure inspection, non-destructive testing, and robotics engineering business. With this partnership, Bureau Veritas would provide innovative robotics and technology inspection solutions that incorporate into the business’s international buildings and infrastructure offering.
- Sep-2019: ROSEN Group expanded its business by introducing a new digital integrity management solution, NIMA. The new expansion delivers consumers a basis for secure decision-making by delivering an authentic reflection of individual integrity management processes and a comfortable permit to all necessary data, NIMA establishes a new benchmark in the oil and gas industry.
- Dec-2018: Aker Solutions joined hands with Siemens, a German multinational conglomerate corporation. This collaboration aimed at the development of software applications and mutual service portfolio including the development of industrial digital twins that would compel effectiveness throughout the complete plant lifecycle.
- Jan-2018: Bureau Veritas completed the acquisition of Lubrication Management, a European oil analysis administrator. This acquisition would further extend the Group's international impression of oil condition monitoring laboratories. Additionally, Lubrication Management strengthens Bureau Veritas's focus on the development of value-added services and data management aimed at improving consumer’ operational performance.
Scope of the Study
Market Segments Covered in the Report:
- Oil & Gas
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, & Maintainability (RAM) study
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Bureau Veritas S.A.
- SGS S.A.
- Intertek Group PLC
- TechnipFMC plc
- Applus+ Group
- Aker Solutions ASA
- ROSEN Swiss AG
- LifeTech Engineering Ltd.
- EM&I Group
- Metegrity, Inc.
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