Asset Integrity Management Global Market Report 2024

Asset Integrity Management (AIM) is a strategic approach that facilitates effective management of an asset's capability and potential to mitigate and eliminate issues like corrosion and fatigue crack degradation. The aim is to ensure that the assets within a facility are appropriately designed, fabricated, procured, installed, and maintained throughout their operational life, aligning with their intended application.

Key services in the asset integrity management market encompass Non-Destructive Testing (NDT), Risk-Based Inspection (RBI), corrosion management, pipeline integrity management, Hazard Identification (HAZID), structural integrity management, and other related services. Non-Destructive Testing (NDT) refers to a group of non-invasive inspection techniques used to assess material properties, parts, and entire process units without causing damage. NDT checks are integral throughout the lifecycle of a plant, particularly in industries like petrochemicals, where asset integrity management heavily relies on this approach. The asset integrity management market finds applications across various industries, including oil and gas, power, mining, aerospace, and others.

The asset integrity management market research report is one of a series of new reports that provides asset integrity management market statistics, including asset integrity management industry global market size, regional shares, competitors with a asset integrity management market share, detailed asset integrity management market segments, market trends and opportunities, and any further data you may need to thrive in the asset integrity management industry. This asset integrity management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The asset integrity management market size has grown strongly in recent years. It will grow from $27.32 billion in 2023 to $29.83 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The expansion observed in the historical period can be attributed to several factors, including complex industrial processes, heightened concerns related to safety and the environment, a strategic focus on risk management, the globalization of operations, and a noticeable shift from reactive to proactive maintenance practices.

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 anticipated growth in the forecast period can be attributed to various factors, including a heightened focus on human factors and behavioral safety, the adoption of circular economy practices, increased emphasis on energy efficiency and sustainability, the integration of predictive analytics for equipment health, and a growing emphasis on supply chain resilience. Major trends expected during this period encompass the adoption of digital twins, advanced data analytics for predictive maintenance, the utilization of remote monitoring and inspection technologies, the digitalization of asset documentation and records, the implementation of cybersecurity measures for asset protection, and collaborative efforts for interoperability.

The asset integrity management (AIM) market is expected to witness substantial growth due to rising demand for maintaining assets. Businesses are increasingly adopting AIM services to prevent significant harm to individuals and communities while enhancing operational efficiency. For instance, MISTRAS Group, a US-based provider of advanced asset security solutions, reported a revenue increase from $0.67 billion in 2021 to $0.68 billion in 2022, marking a growth of 1.51%. This surge in demand for asset integrity management services is a key driver for the growth of the AIM market.

Anticipated changes in climate patterns are poised to drive growth in the asset integrity management market. Climate change has led to frequent and severe extreme weather events like hurricanes, floods, and wildfires, causing substantial damage to critical infrastructure. These situations necessitate swift assessment and repair of assets through effective asset integrity management. According to a report by the World Health Organization (WHO) in October 2023, approximately 3.6 billion individuals are residing in highly vulnerable regions to climate change impacts. The projection from 2030 to 2050 suggests an estimated annual increase of around 250,000 deaths due to factors such as undernutrition, malaria, diarrhea, and heat stress, further emphasizing the significance of asset integrity management in mitigating these risks.

Leading companies in the asset integrity management market are leveraging strategic partnerships to offer asset verification and certification services to individuals, businesses, and governments. These partnerships involve collaboration between companies to leverage their respective strengths and resources for mutual benefit. For example, Antea, a US-based AIM software provider, partnered with Team Industrial, a US-based integrated asset integrity solutions provider, in October 2023. This collaboration aims to provide operators in asset-intensive industries like mining, oil and gas, aerospace, petrochemical, power, nuclear, and pharmaceuticals with a comprehensive AIM solution.

Major players in the asset integrity management market are leveraging digital twin technology to expand their customer base, boost sales, and drive revenue growth. Digital twin technology involves creating a real-time virtual replica of physical systems or objects, allowing for simulation, monitoring, and analysis to enhance decision-making. For instance, in January 2023, Saipem, an Italy-based oilfield services company, collaborated with MCS, a Texas-based provider of turnkey services in offshore inspection and asset integrity. Together, they introduced the PALM Suite (Platform for Asset Lean Management), a new asset integrity management system for offshore energy operators. The PALM Suite integrates MCS's data science and software expertise with Saipem's subsea robots portfolio and advanced asset integrity capabilities. Utilizing Digital Twin technology, the suite generates three-dimensional reconstructions for subsea dimensional control data, optimizing asset performance, accelerating maintenance processes, and fostering a more sustainable and efficient industry.

Baker Hughes Company, a multinational industrial service company based in the US, strengthened its asset inspection solutions in the energy and industrial sectors through the acquisition of Quest Integrity in August 2022. Quest Integrity, a US-based provider, specializes in asset integrity and reliability management solutions. This acquisition by Baker Hughes aims to broaden its portfolio and capabilities in asset inspection, further consolidating its position in the market.

Major companies operating in the 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

North America was the largest region in the asset integrity management market in 2023. The regions covered in the asset integrity management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the asset integrity management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The asset integrity management (AIM) market includes revenues earned by entities by providing solutions and services such as risk-based inspection, forensic engineering & failure analysis services, laser scanning, technical inspection, asset optimization, surveying and mapping for monitoring and maintaining an asset's capacity to carry out its intended purpose effectively and efficiently, such as a power plant, an oil rig, and refinery. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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