[Research Report] The asset integrity management market was valued at US$ 3.33 billion in 2022 and is expected to reach US$ 6.73 billion by 2030; it is estimated to record a CAGR of 9.2% from 2022 to 2030. The asset integrity management market trends include the integration of IIoT with asset integrity management solutions.

 

Analyst Perspective:

The asset integrity management market forecast can help stakeholders in this marketplace plan their growth strategies. An asset integrity management system is linked to any asset's activities such as governance and monitoring in order to maintain a firm's successful operation while minimizing dangers and risks. The rise in the need for operational safety of aging assets in risk-based industries is driving the asset integrity management market.

Operational efficiency for assets in oil & gas, mining, and power industries is considered foremost important; thus, regular maintenance of these assets is important to gain maximum productivity. Chemicals and oil & gas products are corrosive and flammable, thus requiring continuous inspection and maintenance of the equipment for overall operational efficiency and safety. Moreover, the expansion of the oil & gas industry with the increase in demand for oil & gas and growth in the power industry across several countries is anticipated to create several opportunities for the asset integrity management market growth during the forecast period.

With the rise in digital transformation in a wide range of industries, the oil & gas industry plays a key role in the industrial revolution and economic growth worldwide. The major factor driving the evolution of this industry is the high demand for electricity, power, automobiles, and aircraft due to the rapidly growing population. Globally, oil supply is expected to increase rapidly to meet the rise in energy demand owing to the depletion of existing oil reserves. According to the International Energy Agency (IEA), as of June 2023, worldwide oil demand is anticipated to increase by 6% between 2022 and 2028 and reach 105.7 million barrels per day (mb/d) due to tremendous demand from the petrochemical and aviation industries. Hence, an increased demand for oil and gas in the petrochemicals and aviation sectors is also propelling the oil & gas industry, facilitating the expansion of the asset integrity management market share.

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Asset Integrity Management Market: Strategic Insights

Asset Integrity Management Market

• 
  CAGR (2022 - 2030)

  9.2%
• Market Size 2022
  US$ 3.33 Billion
• Market Size 2030
  US$ 6.73 Billion

Market Dynamics

GROWTH DRIVERS

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FUTURE TRENDS

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OPPORTUNITIES

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Key Players

• SGS SA
• Intertek Group Plc
• Aker Solutions ASA
• Bureau Veritas SA
• Fluor Corp
• DNV Group AS
• John Wood Group Plc
• ROSEN Group
• TechnipFMC plc

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Service Type

• Non-Destructive Testing

Industry

• Oil & Gas
• Power
• Marine
• Mining
• Aerospace
• Others

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Asset Integrity Management Market Overview:

Asset integrity management is a form of asset management standard that focuses on protecting equipment, health, and the environment. It functions effectively and efficiently to maintain the consistent functioning of assets and offers several advantages, including reduced risks and better reliability, increased safety, and improved environmental performance. This is commonly used in the oil & gas, mining, aerospace, and other industries.

The asset integrity management market is anticipated to witness growth in the coming years. This is attributed to various factors, including an increase in the need for operational safety of aging assets in risk-based industries and strict government-led safety regulations. Furthermore, the expansion of the oil & gas industry, along with the increase in demand for oil and gas, is expected to create growth opportunities for the market players in the coming years. However, the cost involved in non-value-added maintenance and improper operation of assets hampers the asset integrity management market growth.

 

Asset Integrity Management Market Driver:

Increase in Need for Operational Safety of Aging Assets in Risk-Based Industries     

Asset integrity management software protects the capability of an asset to perform its functions effectively, as well as manages corporate assets to gain profitability. Asset integrity management software offers various services, including design, inspection, maintenance, and operations, which highly impact the integrity of infrastructure and equipment. It also provides auditing, inspections, overall quality processes, and other tools for the effective integrity management of assets. Industries such as petrochemicals, oil & gas, renewable energy, power, and infrastructure opt for these services to achieve increased productivity while meeting environmental and safety concerns. These industries are risk-based and highly asset-based; hence, maintenance and inspection of such assets are essential. In the oil & gas industry, performance and operational risk levels are dependent upon the integrity of the assets, such as subsea equipment, platform topsides, structures, gas processing plants, pipelines, refineries, compressors, and gas distribution networks, throughout the value chain. Operational efficiency for assets is highly necessary in oil & gas, mining, and power industries; thus, regular maintenance of these assets is important to gain maximum productivity. Thus, the necessity of operational safety with the help of asset integrity management solutions is driving the asset integrity management market.

Chemicals and oil & gas products are corrosive and flammable and require continuous inspection and maintenance of the equipment for overall operational efficiency and safety. The asset integrity management services ensure improved reliability, productivity, and safety of the equipment to achieve quality performance sustainably. Various market players across the globe are providing asset integrity management software to manage performance and operational risk. For example, DNV Group AS provides the Synergi asset integrity software suite, which offers a core platform to support effective risk-based integrity management in risk-based industries such as oil & gas. Thus, the need for operational safety of aging assets in risk-based industries is among the factors contributing to the growing asset integrity management market size.

Segment Analysis:

The asset integrity management market is bifurcated into service type and industry. Based on service type, the market is segmented into non-destructive testing (NDT) inspection, corrosion management, pipeline integrity management, structural integrity management, risk-based inspection (RBI), and others. Based on industry, the market is segmented into oil & gas, power, marine, mining, aerospace, and others.

Regional Analysis:

The asset integrity management marketreport includes North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. In terms of revenue, North America dominated the asset integrity management market share. The North America asset integrity management market is segmented into the US, Canada, and Mexico. All three countries are witnessing increased adoption of asset integrity management services during the last few years. Oil & gas, chemical, power, and natural resource industries rely on proprietary infrastructure to run their operation, and this infrastructure is rapidly aging, which increases the risk of failure.

In the oil & gas industry, the infrastructure of the majority of mature oil fields is old, which leads to corrosion, scaling, and damaged well equipment and causes other well-integrity problems. These issues increase the operational risk for companies and utilities, requiring more capital in infrastructure upgrade projects. The oil & gas industry in North America needs to follow several government policies and regulations to protect the environment, preserve cultural resources, and protect workers’ health and safety. The region's upstream and midstream infrastructure is enormous.

The US is the largest producer of oil and natural gas, which involves exploration, refining, and transportation activities. Also, in the US, drillers added new oil rigs, which brought the total number of oil rigs to 862. The US has over 2.5 million km of oil and gas pipelines, whereas Canada has ~800,000 km of pipelines. As a result of its massive and aging infrastructure, North America is likely to dominate the market during the forecast period. Further, the US has a few of the oldest power generation systems in the world. The US is the world's leading energy producer, and hydraulic fracturing and horizontal drilling are technologies that helped increase energy production in this country. Thus, strict government regulations and the presence of a huge gas pipeline network are expected to generate opportunities to increase the adoption of asset integrity management across various industries, which is likely to fuel the North America asset integrity management market growth.

Key Player Analysis:    

The asset integrity management market analysis is based on the annual performances of major players such as SGS AG; Intertek Group plc; Aker Solutions ASA; Bureau Veritas SA; Fluor Corporation; DNV GL AS; John Wood Group PLC; Oceaneering International, Inc.; Rosen Group; and Cybernetix SA. Several other essential asset integrity management market players were analyzed to get a holistic view of the market and its ecosystem. The asset integrity management market report emphasizes the key factors driving the market and prominent players' developments.

Asset Integrity Management Market Report Scope

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Recent Developments:

Companies in the asset integrity management market focus on both inorganic and organic strategies for their business growth. A few recent key market developments by the above asset integrity management market players are listed below:

• In May 2023, SGS participated in the Middle East Asset Integrity Management Conference and Showcase (AIMCS) in Abu Dhabi, UAE. The event was organized under the technical chairmanship of ADNOC Gas Processing. Over 300 industry experts and professionals were invited to discuss the latest trends and best practices in asset integrity management. 
• In March 2021, Stork, a Fluor company, was awarded a two-year contract extension by Chrysaor Holdings Limited to deliver offshore integrated specialist asset integrity services in the UK. The company will continue delivering an inclusive range of asset management solutions and capabilities to extend the offshore assets' life cycle through this contract for the Armada, Everest, and Lomond platforms in the central North Sea.