Asset Integrity Management Market by Offering, Methodologies, Industry

Description

List of Tables

[181 Pages Report] The Asset Integrity Management Market size was estimated at USD 17.27 billion in 2023 and expected to reach USD 19.65 billion in 2024, at a CAGR 14.37% to reach USD 44.23 billion by 2030.

Global Asset Integrity Management Market

KEY MARKET STATISTICS
Base Year [2023]	USD 17.27 billion
Estimated Year [2024]	USD 19.65 billion
Forecast Year [2030]	USD 44.23 billion
CAGR (%)	14.37%

Asset Integrity Management Market - IMG1

Asset Integrity Management (AIM) is a systematic process employed to ensure industrial assets' safety, reliability, and efficiency throughout their life cycle. AIM solutions' comprehensive approach encompasses all aspects of design, construction, commissioning, operation, maintenance, and decommissioning of various physical assets such as pipelines, process facilities, structures, and equipment in industries such as oil and gas, power generation, chemical processing, and mining. Increasing safety concerns and the need for efficient quality control, particularly across growing industries such as marine, industrial manufacturing, aerospace, and oil & gas, result in adopting asset integrity management solutions. However, high implementation costs pose a challenge for organizations considering adopting AIM solutions. Nevertheless, the convergence of cloud technology with AIM services and leveraging cloud technology can provide organizations access to real-time data about their assets, encouraging the adoption of asset integrity management systems and solutions.

Regional Insights

The asset integrity management market is witnessing significant growth in the Americas owing to the increasing demand for operational efficiency, stringent regulations, and the need to maintain an aging industrial infrastructure. Rapid industrialization and expansion of industries, including oil & gas, petrochemicals, and power generation, and emphasis on maintaining existing assets at optimum performance levels are leading to increased adoption of asset integrity management solutions in the APAC region. Moreover, growing awareness about environmental protection and safety measures and rising oil production with significant investments in critical infrastructures such as refineries and pipelines, have accelerated the adoption of asset integrity management solutions in the EMEA region. Additionally, integrating advanced technologies such as artificial intelligence (AI) and Internet of Things (IoT) into asset integrity management solutions can provide companies with better insights into their assets' performance.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Asset Integrity Management Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Asset Integrity Management Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Asset Integrity Management Market, highlighting leading vendors and their innovative profiles. These include ABB Group, ABS Group of Companies, Inc., Aker Solutions ASA, Applus Services SA, Asset Integrity Engineering, Axess Group, Baker Hughes Company, Bureau Veritas SA, Dacon Inspection Technologies Co., Ltd., Det Norske Veritas Group, Dexon Technology PLC, DNV AS, EM Topco Limited, EM&I Ltd., Fluor Corporation, FORCE Technology Norway AS, Genesis Oil and Gas Consultants Ltd., Intertek Group PLC, John Wood Group PLC, LifeTech Engineering Ltd., Metegrity Inc., Oceaneering International, Inc., Rosen Swiss AG, SGS Societe Generale de Surveillance SA, TechnipFMC plc, Tuv Nord Group, Twi Ltd., and Velosi Asset Integrity Ltd..

Market Segmentation & Coverage

This research report categorizes the Asset Integrity Management Market to forecast the revenues and analyze trends in each of the following sub-markets:

Offering
- Hardware
- Services
- Software
Methodologies
- Condition monitoring studies
- Damage identification & risk assessment
- Process system integrity studies
- Reliability-centred maintenance
- Risk-based inspection
- Safety & risk management (HAZID, HAZOP and QRA)
- Safety integrity level (SIL) studies
Industry
- Aerospace
- Mining
- Oil & Gas
- Power
Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam
- Europe, Middle East & Africa
  - Denmark
  - Egypt
  - Finland
  - France
  - Germany
  - Israel
  - Italy
  - Netherlands
  - Nigeria
  - Norway
  - Poland
  - Qatar
  - Russia
  - Saudi Arabia
  - South Africa
  - Spain
  - Sweden
  - Switzerland
  - Turkey
  - United Arab Emirates
  - United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Asset Integrity Management Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Asset Integrity Management Market?

3. What are the technology trends and regulatory frameworks in the Asset Integrity Management Market?

4. What is the market share of the leading vendors in the Asset Integrity Management Market?

5. Which modes and strategic moves are suitable for entering the Asset Integrity Management Market?

Product Code: MRR-031BF22FA1A8

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Limitations
1.7. Assumptions
1.8. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

4.1. Introduction
4.2. Asset Integrity Management Market, by Region

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Increasing safety concerns and the need for efficient quality control
  - 5.1.1.2. Rising demand from the marine and industrial manufacturing sectors
  - 5.1.1.3. Potential of AIM in the aerospace and oil & gas industry
- 5.1.2. Restraints
  - 5.1.2.1. High cost of implementation of asset integrity management solutions
- 5.1.3. Opportunities
  - 5.1.3.1. Integration of advanced technologies in asset integrity management solutions
  - 5.1.3.2. Convergence of cloud technology in asset integrity management services
- 5.1.4. Challenges
  - 5.1.4.1. Dearth of skilled personnel coupled with and lack of standardization
5.2. Market Segmentation Analysis
5.3. Market Trend Analysis
5.4. Cumulative Impact of High Inflation
5.5. Porter's Five Forces Analysis
- 5.5.1. Threat of New Entrants
- 5.5.2. Threat of Substitutes
- 5.5.3. Bargaining Power of Customers
- 5.5.4. Bargaining Power of Suppliers
- 5.5.5. Industry Rivalry
5.6. Value Chain & Critical Path Analysis
5.7. Regulatory Framework

6. Asset Integrity Management Market, by Offering

6.1. Introduction
6.2. Hardware
6.3. Services
6.4. Software

7. Asset Integrity Management Market, by Methodologies

7.1. Introduction
7.2. Condition monitoring studies
7.3. Damage identification & risk assessment
7.4. Process system integrity studies
7.5. Reliability-centred maintenance
7.6. Risk-based inspection
7.7. Safety & risk management (HAZID, HAZOP and QRA)
7.8. Safety integrity level (SIL) studies

8. Asset Integrity Management Market, by Industry

8.1. Introduction
8.2. Aerospace
8.3. Mining
8.4. Oil & Gas
8.5. Power

9. Americas Asset Integrity Management Market

9.1. Introduction
9.2. Argentina
9.3. Brazil
9.4. Canada
9.5. Mexico
9.6. United States

10. Asia-Pacific Asset Integrity Management Market

10.1. Introduction
10.2. Australia
10.3. China
10.4. India
10.5. Indonesia
10.6. Japan
10.7. Malaysia
10.8. Philippines
10.9. Singapore
10.10. South Korea
10.11. Taiwan
10.12. Thailand
10.13. Vietnam

11. Europe, Middle East & Africa Asset Integrity Management Market

11.1. Introduction
11.2. Denmark
11.3. Egypt
11.4. Finland
11.5. France
11.6. Germany
11.7. Israel
11.8. Italy
11.9. Netherlands
11.10. Nigeria
11.11. Norway
11.12. Poland
11.13. Qatar
11.14. Russia
11.15. Saudi Arabia
11.16. South Africa
11.17. Spain
11.18. Sweden
11.19. Switzerland
11.20. Turkey
11.21. United Arab Emirates
11.22. United Kingdom

12. Competitive Landscape

12.1. FPNV Positioning Matrix
12.2. Market Share Analysis, By Key Player
12.3. Competitive Scenario Analysis, By Key Player
- 12.3.1. Agreement, Collaboration, & Partnership
  - 12.3.1.1. Antea North America and Vysus Forge Partnership to Deliver End-to-End Asset Integrity Management and Risk Based Inspection Solutions
- 12.3.2. New Product Launch & Enhancement
  - 12.3.2.1. SKY-futures and flyability launch a fully integrated drone-based inspection software-hardware solution
  - 12.3.2.2. Saipem and MCS launch asset integrity management system

13. Competitive Portfolio

13.1. Key Company Profiles
- 13.1.1. ABB Group
- 13.1.2. ABS Group of Companies, Inc.
- 13.1.3. Aker Solutions ASA
- 13.1.4. Applus Services SA
- 13.1.5. Asset Integrity Engineering
- 13.1.6. Axess Group
- 13.1.7. Baker Hughes Company
- 13.1.8. Bureau Veritas SA
- 13.1.9. Dacon Inspection Technologies Co., Ltd.
- 13.1.10. Det Norske Veritas Group
- 13.1.11. Dexon Technology PLC
- 13.1.12. DNV AS
- 13.1.13. EM Topco Limited
- 13.1.14. EM&I Ltd.
- 13.1.15. Fluor Corporation
- 13.1.16. FORCE Technology Norway AS
- 13.1.17. Genesis Oil and Gas Consultants Ltd.
- 13.1.18. Intertek Group PLC
- 13.1.19. John Wood Group PLC
- 13.1.20. LifeTech Engineering Ltd.
- 13.1.21. Metegrity Inc.
- 13.1.22. Oceaneering International, Inc.
- 13.1.23. Rosen Swiss AG
- 13.1.24. SGS Societe Generale de Surveillance SA
- 13.1.25. TechnipFMC plc
- 13.1.26. Tuv Nord Group
- 13.1.27. Twi Ltd.
- 13.1.28. Velosi Asset Integrity Ltd.
13.2. Key Product Portfolio

14. Appendix

14.1. Discussion Guide
14.2. License & Pricing