Middle East & Africa Asset Integrity Management Market Forecast to 2030 - Regional Analysis - by Service Type and End User

The Middle East & Africa asset integrity management market was valued at US$ 385.40 million in 2022 and is expected to reach US$ 850.04 million by 2030; it is estimated to record a CAGR of 10.4% from 2022 to 2030.

Integration of Digital Twin and IIoT with Asset Integrity Management Software Bolsters Middle East & Africa Asset Integrity Management Market

Asset management is a significant part of asset-intensive industries and plays a crucial role in determining safety, operational performance, and profitability for the industry by selection, maintenance, inspection, and renewal of the required assets. Such software is largely employed in a wide range of industries, mainly oil & gas, power, and mining, in order to maximize return on assets and reduce the risks related with accidents and loss of production. The implementation of this software maintains the company's assets in fir-for-service, ensuring technical integrity, safety, reliability, and regulatory compliance.

Digital twin, defined as a digital depiction or virtual model of a physical object, is a new technology that can integrate with asset management software for oil & gas or petrochemical storage tanks and terminals. Digital twin helps reduce information silos and consolidate all asset data into a single version of the truth. All data from different sources-comprising 2D, point cloud data, 3D modeling, PFDs, plot plans, smart P&IDs, laser scanning, and/or Google Maps-is consolidated and bidirectionally linked into one computer-generated copy of the complete plant or facility, including all assets within it as well as all components integrated into each asset.

The advancement of digital technology has evolved the landscape of maintenance and operations for plants as well as facilities in oil & gas, power generation, petrochemical, pharmaceutical, and other asset-intensive industries. The total automation driven by the Industrial Internet of Things (IIoT) includes integrating of plant, logistics, and supply chain management with the process of planning and producing optimally. The Internet of Things enables unprecedented interconnection of physical assets and data collection systems. IIoT refers to interconnected sensors, instruments, and other equipment networked along with industrial applications on various devices in these industries.

It is essentially the consolidation of all data points into a single source of truth-one digital database that is current and evergreen, which is constantly updated with real-time data on the equipment obtained from many sources. An asset integrity management software or platform, which is designed to consolidate all integrity information on industrial equipment, is the single source. IIoT improves asset integrity management software capacity of managing things efficiently. Thus, the integration of digital twins and IIoT with asset integrity management software is expected to fuel the asset integrity management market growth in the coming years.

Middle East & Africa Asset Integrity Management Market Overview

The National Oil Companies (NOCs) in the Middle Eastern region are entering into the new era of the oil industry and venturing into more technically complicated projects such as hydrocarbon reservoirs, which in response has generated a critical emergence of management of the integrity of new as well as already existing assets. Several existing and operating assets in the region, particularly at the off-shore locations, are, on average, 30-40 years old and performing at their maximum potential. In addition, several oil wells in the region are being used beyond their lifespan. This has raised concern regarding the uncertainty of the integrity of these oil wells for the rest of their service life.

The hydrocarbon-rich oil & gas resources in the region have remained relatively easy to access. This has further enabled the operators to produce higher at low cost, allowing them to dissolve any business inefficiencies that might have happened due to improper asset integrity management. Various petroleum development companies are using asset integrity management software.

For example, Nigeria-based Seplat Petroleum Development, an independent upstream exploration and production company, has chosen the Visions software from Metegrity as its asset integrity management system. Seplat selected Visions Enterprise over the competition due to its functionality and capacity to manage pressure equipment and pipelines from an individual software platform.

Middle East & Africa Asset Integrity Management Market Segmentation

The Middle East & Africa asset integrity management market is segmented into service type, end user, and country.

• Based on service type, the Middle East & Africa asset integrity management market is categorized into non-destructive testing inspection, corrosion management, pipeline integrity management, structural integrity management, risk-based inspection, and others. The non-destructive testing inspection segment held the largest market share in 2022.
• In terms of end user, the Middle East & Africa asset integrity management market is categorized into oil & gas, power, marine, mining, aerospace, and others. The oil & gas segment held the largest market share in 2022.
• By country, the Middle East & Africa asset integrity management market is segmented into Saudi Arabia, the UAE, South Africa, and the Rest of Middle East & Africa. The Rest of Middle East & Africa dominated the Middle East & Africa asset integrity management market share in 2022.

SGS SA, Intertek Group Plc, Aker Solutions SA, Bureau Veritas SA, Fluor Corp, DNV Group AS, John Wood Group Plc, Rosen Group, TechnipFMC Plc, and Oceaneering International Inc are some of the leading companies operating in the Middle East & Africa asset integrity management market.