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Asset Integrity Management Market 2024 | Size, Share, Trends, Growth Analysis, Forecast To 2033
Asset Integrity Management Market
The asset integrity management market size is expected to see strong growth in the next few years. It will grow to $42.01 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The growth in the forecast period can be attributed to human factors and behavioral safety, circular economy practices, energy efficiency and sustainability, predictive analytics for equipment health, supply chain resilience.. Major trends in the forecast period include adoption of digital twins, advanced data analytics for predictive maintenance, remote monitoring and inspection technologies, digitalization of asset documentation and records, cybersecurity measures for asset protection, collaboration for interoperability..
Market Overview -
Asset integrity management (AIM) is a method that enables the asset's ability and potential to be effectively managed to mitigate and eliminate corrosion and fatigue degradation. It ensures that a facility's assets are designed, fabricated, procured, installed, and maintained appropriately for their intended application throughout the operation's life.
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Growing Demand For Maintaining The Assets Drive Sthe Asset Integrity Management Market Growth
The growing demand for maintaining the assets is expected to fuel the growth of the asset integrity management market in the coming years. The majority of businesses are introducing asset integrity management (AIM) services because it prevents significant harm to people and the community, and improves business efficiency. For example, MISTRAS Group, a US-based provider of advanced technology-enabled asset security solutions, reported revenue of $0.67billion in 2021, and for 2022, it was $0.68 billion, which is an increase of 1.51%. Therefore, the increasing demand for asset integrity management drives the asset integrity management market growth.
Competitive Landscape -
Major companies operating in the asset integrity management market report are SGS Société Générale de Surveillance SA, The Welding Institute Limited, EM&I Group, LifeTech Engineering Limited, Aker Solutions ASA, Applus+ Services S. L., DNV GL AS, Wood Group (John) PLC, Oceaneering International Inc., Intertek Group plc, Metegrity Inc., FORCE Technology Norway AS, Bureau Veritas SA, TechnipFMC plc, Fluor Corporation, Dacon Inspection Technologies, General Electric Company, ABB Ltd., Siemens AG, TÜV SÜD Group, American Bureau of Shipping (ABS), Velosi Asset Integrity Limited, Axess Group AS, Element Materials Technology, MISTRAS Group Inc., Genesis Oil and Gas Consultants Ltd., Penspen Ltd., Asset Guardian Solutions Ltd., Lloyd's Register, GE Oil & Gas
Strategic Partnerships Driving Innovation In The Asset Integrity Management Market
Major companies operating in the asset integrity management market are adopting a strategic partnerships approach to provide verification and certification of assets to individuals, businesses, and governments. Strategic partnerships refer to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success. For instance, in October 2023, Antea, a US-based asset integrity management (AIM) software provider, partnered with Team Industrial, a US-based provider of integrated digitally enabled asset integrity solutions. The combined capabilities of the two businesses offers operators in asset-intensive industries including mining, oil and gas, aerospace, petrochemical, power, nuclear, and pharmaceutical a one-stop-shop AIM solution.
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Key Segments -
The asset integrity management market covered in this report is segmented -
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 Services Types
2) By End Use Industry: Oil And Gas, Power, Mining, Aerospace, Other End Users
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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