equipment, infrastructure, or industrial facilities, to perform its required function effectively and safely throughout its lifecycle. The primary purpose of AIM is to safeguard people, the environment, and investments by minimizing risks of failures, optimizing asset performance, and extending asset lifespan.
The asset integrity management market consists of sales by entities (organizations, sole traders and partnerships) of asset integrity management services that combine engineering, inspection, maintenance, monitoring and risk assessment practices to prevent failures, optimize asset performance and comply with safety and environmental regulations.
The global asset integrity management market was valued at $24,165.87 million in 2019 which grew till 2024 at a compound annual growth rate (CAGR) of more than 3.00%.
Increasing Demand For Renewable Energy
Increasing demand for renewable energy fueled the growth of the asset integrity management market in the historic period. The increasing demand for renewable energy has led to the rapid development of wind, solar, and hydropower projects, which require continuous monitoring and maintenance to ensure safety and efficiency. This drives the growth of the asset integrity management market as companies invest in solutions to extend asset lifespan, reduce failures, and optimize operational reliability. For instance, in February 2024, according to a report published by the Energy Information Administration a US-based government agency, in 2024, solar capacity is expected to grow by 30% (31 GW), while U.S. wind capacity is projected to rise by 5% annually, adding 6 GW in 2023 and 7 GW in 2024. Therefore, increasing demand for renewable energy fueled the growth of the asset integrity management market.
AI-Driven Predictive Monitoring Revolutionizes Asset Integrity And Operational Efficiency
Major companies operating in the asset integrity management market are focusing on developing advanced technologies, such as artificial intelligence (AI)-powered predictive monitoring software, to enhance operational efficiency and proactively manage asset health. Predictive monitoring software is a digital solution that continuously analyzes asset performance data in real-time to identify potential risks, forecast future conditions and support informed maintenance and operational decisions. For instance, in March 2024, Imrandd, a Scotland-based industrial data and engineering consultancy, launched ALERT, an asset integrity solution. The ALERT software integrates real-time data analytics with predictive algorithms to monitor corrosion threats and model asset conditions, enabling operators to take proactive measures before failures occur. By consolidating tens of millions of data points into an intuitive dashboard, it reduces inspection time, enhances maintenance planning and supports safer, more efficient operations.
The global asset integrity management market is fairly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 14.95% of the total market in 2024.
Asset Integrity Management Global Market Opportunities And Strategies To 2034 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global asset integrity management market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for asset integrity management? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The asset integrity management market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider asset integrity management market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by service type and by end-user industry.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Growth Analysis And Strategic Analysis Framework- Analysis on PESTEL, end use industries, market growth rate, global historic (2019-2024) and forecast (2024-2029, 2034F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods, forecast growth contributors and total addressable market (TAM).
- Regional And Country Analysis- Historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2019-2024) (2024-2029, 2034F) and analysis for each segment by service type and by end-user industry in the market. Historic (2019-2024) and forecast (2024-2029) and (2029-2034) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2024), historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for asset integrity management providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Service Type: Non-Destructive Testing (NDT); Risk-Based Inspection (RBI); Corrosion Management; Pipeline Integrity Management; Hazard Identification (HAZID) Study; Structural Integrity Management; Other Service Types
- 2) By End User Industry: Oil And Gas; Power; Mining; Aerospace; Other End Users
- Companies Mentioned: DNV GL AS; Bureau Veritas SA; SGS Societe Generale de Surveillance SA; TUV SUD Group; Intertek Group plc
- Countries: Australia; China; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; UK; Italy; Spain; Russia
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; asset integrity management indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.