Asset Integrity Management Market Size, Share and Global Trend By Solutions (Risk-Based Inspection (RBI), Pipeline Integrity Management, Hazard Identification Study, Non-Destructive Testing (NDT) Services, Structural Integrity Management, Corrosion Management, Others), By End-User Industry (Oil and Gas, Mining, Aerospace, Power, Marine, Others) and Regional Forecast, 2024-2032

In order to maximize productivity, all physical assets need to be maintained regularly. The management of physical assets – selection, maintenance, inspection, and renewal – plays a crucial role in determining the operational performance, safety, and profitability of any industry. The challenge to management is to ensure that the integrity of engineered systems. Asset Integrity Management plays a crucial role in all sectors.

The objectives of an Asset Integrity Management (AIM) system are the delivery of business requirements maximizing return on assets while maintaining stakeholder value and minimizing business risks associated with accidents and loss of production. Asset Integrity is the ability of an asset to perform its required function effectively and efficiently while safeguarding life and the environment.

The related management activities ensure that the people, systems, processes, and resources which deliver integrity, are in place, in use and fit for purpose over the whole lifecycle of the asset. An Asset Integrity Management system incorporates design, maintenance, inspection, process, operations, and management concepts of infrastructure and equipment.

Asset Integrity Management offers the following solutions: Risk-Based Inspection (RBI), Pipeline Integrity Management, Hazard Identification Study, Non-Destructive Testing (NDT) Services, Structural Integrity Management, Corrosion Management, among other notable services. By industry verticals, asset integrity management is segmented in oil & gas, aerospace, mining, power, marine, and others.

The key market driver for asset integrity management is the push towards automation of asset integrity management and integration of IoT in asset management. Automation increases the reliability of equipment and infrastructure. Use of artificial intelligence for asset integrity management will provide a fast momentum for asset integrity management market. The critical market restraint is the high capital cost required for modern asset integrity management

Key Players Covered

Some of the notable companies in the global asset integrity management market are Intertek, SGS, Bureau Veritas Group, Genesis Oil and Gas Consultants, FORCE Technology, TÜV SÜD, DNV GL, Lloyd's Register, RINA, Asset Integrity Engineering (AIE), Aker Solutions, MISTRAS Group Inc. and Element Materials Technology.

SEGMENTATION

Regional Analysis

The global asset integrity management market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominates the asset integrity management market due to affordability and awareness about automation & IoT. Oil and Gas industry in North America is a dominant consumer of asset integrity management services. Oil and Gas industry in Middle-East and OPEC is expected to provide steady growth for automated and IoT based asset integrity management services. Rapid industrialization in Asia-Pacific countries like India, China, Vietnam, Bangladesh, etc. are expected to provide substantial growth for asset integrity management market. Industry 4.0 initiatives in Europe, USA, China, etc. is expected to boost the asset integrity management market.

Key Industry Developments

• In July 2019, WFS Technologies, a provider of Subsea Internet of Things (SIOT®) devices for Asset Integrity Management has announced their expansion into Houston and Brazil.
• In June 2019, SolSpec Inc., a provider of remote sensing and data analytics, has announced SolSpec™ ROW Integrity Management, an advanced aerial imagery and data analytics solution designed specifically for assessing, mitigating, and preventing geohazard risks on pipeline right-of-ways.
• In June 2019, Penspen, a global provider of engineering and project management services to the energy industry, has partnered with asset risk and integrity management and digital solutions services company Ankaa Consulting to bolster its asset integrity offering in the Asia region.