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Asset Integrity Management Market Size to Reach USD 26.1 Billion at a CAGR of 4.7% | Vantage Market Research

·9-min read
Vantage Market Research, The North Star for the Working World
Vantage Market Research, The North Star for the Working World

WASHINGTON, Aug. 19, 2022 (GLOBE NEWSWIRE) -- The factors such as stringent safety regulations and quality control requirements laid down by governments, and climatic changes affecting the operations of various industries are anticipated to drive the Asset Integrity Management Market growth.

The Global Asset Integrity Management Market revenue is expected to reach a value USD 26.1 Billion in 2028.

The Global Market revenue was valued at USD 19.9 Billion in 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 4.7% during the forecast period; states Vantage Market Research, in a report, titled “Asset Integrity Management Market Size, Share & Trends Analysis Report by Service Type (Non-Destructive Testing (NDT), Risk-Based Inspection (RBI), Corrosion Management, Pipeline Integrity Management, Hazard Identification (HAZID) Study, Structural Integrity Management, Reliability, Availability, & Maintainability (RAM) Study), by Industry (Oil & Gas, Power, Mining, Aerospace), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028).

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Key Industry Findings & Insights from the report:

  • The global Asset Integrity Management Market was valued USD 19.9 Billion in 2021 and is all set to surpass USD 26.1 Billion by 2028, exhibiting a CAGR of 4.7% during the forecast period 2022-2028.

  • In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance for the forecast period.

  • In terms of revenue, the product segment held the second largest market share of in 2021 and is estimated to grow rapidly during the forecast period.

  • The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developing countries.

  • North America captured the lion share in 2021 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of Asset Integrity Management industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.

Market Dynamics:

Drivers:

Operational Disturbances in Various Industries Owing to Climatic Changes

Climatic changes over a period primarily affect the operations of the oil & gas, and power industries. As a result, several industries and governments are increasingly recognizing the necessity for climate adaptation planning and its inclusion in the overall risk management strategy. Climatic changes are inevitable, and to prevent significant setbacks or dangerous mishaps, climatic fluctuations must be taken into account while risk management is being done. Understanding the risks associated with the anticipated climatic changes and the damage caused by such changes in the past is made possible by risk-based inspection of the assets in oil and gas and power production facilities.

Opportunity:

Flourishing Power Sector in Developing Nations

The power industry is expected to generate the maximum demand for Asset Integrity Management services in the future. Large-scale infrastructure development is taking place in developing nations like China, India, and Mexico, particularly in the field of electricity generation. Most of this expansion is concentrated in areas where the demand is driven by rapid economic growth, notably in Asia. According to the data published by the World Nuclear Association (as of September 2020), Asia's capacity for energy generation, especially nuclear power generation, is expanding Reactors significantly. The expansion of nuclear power plants and the increase in demand for the machines used in these plants will provide opportunities for asset integrity management service providers and NDT firms to create appropriate solutions for the nuclear power generating sector.

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COVID-19 Impact Analysis:

The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the manufacturing industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020.

Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:

  1. Impact Assessment of COVID-19 Pandemic

    1. North America

    2. Europe

    3. Asia Pacific

    4. Latin America

    5. Middle East & Africa

  2. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021

  3. Key Strategies Undertaken by Companies to Tackle COVID-19

  4. Long Term Dynamics

  5. Short Term Dynamics

Read Full Research Report @ https://www.vantagemarketresearch.com/industry-report/asset-integrity-management-market-1778

The report on Asset Integrity Management Market highlights:

  • Assessment of the market

  • Premium Insights

  • Competitive Landscape

  • COVID Impact Analysis

  • Historic Data, Estimates, and Forecast

  • Company Profiles

Regional Analysis:

North America is expected to dominate the growth of Asset Integrity Management Market in 2021.The market growth in the region is attributed to the increasing demand for oil and gas and the rise in merger and acquisition activities, which have increased investments in the regional energy sector. Additionally, Advancements in terms of economic growth, infrastructural development, and construction of power plants in the region are anticipated to fuel the market growth in the region over the forecast period.

List of Prominent Players in the Asset Integrity Management Market:

  • SGS (Switzerland)

  • Bureau Veritas (France)

  • Intertek Group (UK)

  • TechnipFMC (UK)

  • Aker Solutions (Norway)

  • Rosen Swiss (Switzerland)

  • Life Tech (UK)

  • EM&I (UK)

  • Metegrity (Canada)

  • TWI (UK)

  • TÜV SÜD (Germany)

Browse market data Tables and Figures spread through 148 Pages and in-depth TOC on "Asset Integrity Management Market Size, Share & Trends Analysis Report by Service Type (Non-Destructive Testing (NDT), Risk-Based Inspection (RBI), Corrosion Management, Pipeline Integrity Management, Hazard Identification (HAZID) Study, Structural Integrity Management, Reliability, Availability, & Maintainability (RAM) Study), by Industry (Oil & Gas, Power, Mining, Aerospace), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".

Recent Developments:

In June 2021, Bureau Veritas signed a contract with Veolia, an energy services company, to provide technical verifications at all sites. Bureau Veritas will also provide inspection services of the equipment, diagnostics, and regulatory check and consultation in a three-year agreement contract.

Key Questions Answered in The Report:

  • Which region will show the fastest and highest growth in the near future?

  • Which are the top five players and their weakness and strength of the Market?

  • What will be the future innovation in the upcoming six years?

  • Which application and product will lead the largest share of the Market?

  • What are the growth drivers, restraints and challenges of the industry?

  • What will be the CAGR and size of the Asset Integrity Management Market for the base year and forecast period?

This market titled “Asset Integrity Management Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:

Parameter

Details

Market Size Provided for Years

2016-2028

Base Year

2021

Historic Years

2016-2020

Forecast Years

2022-2028

Segments Covered

  • Service Type

    • Non-Destructive Testing (NDT)

    • Risk-Based Inspection (RBI)

    • Corrosion Management

    • Pipeline Integrity Management

    • Hazard Identification (HAZID) Study

    • Structural Integrity Management

    • Reliability, Availability, & Maintainability (RAM) Study

    • Other Service Types

  • Industry

    • Oil & Gas

    • Power

    • Mining

    • Aerospace

    • Other Industries

  • Region

    • North America

    • Europe

    • Asia Pacific

    • Latin America

    • Middle East & Africa

Region & Counties Covered

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • U.K

    • France

    • Germany

    • Italy

    • Spain

    • Rest Of Europe

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

    • South East Asia

    • Rest Of Asia Pacific

  • Latin America

    • Brazil

    • Argentina

    • Rest Of Latin America

  • Middle East & Africa

    • GCC Countries

    • South Africa

    • Rest Of Middle East & Africa

Companies Covered

  • SGS (Switzerland)

  • Bureau Veritas (France)

  • Intertek Group (UK)

  • TechnipFMC (UK)

  • Aker Solutions (Norway)

  • Rosen Swiss (Switzerland)

  • LifeTech (UK)

  • EM&I (UK)

  • Metegrity (Canada)

  • TWI (UK)

  • TÜV SÜD (Germany)

Report Coverage

Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis

Customization of the Report:

The report can be customized as per client needs or requirements. For any queries, you can contact us on sales@vantagemarketresearch.com or +1 (202) 380-9727. Our sales executives will be happy to understand your needs and provide you with the most suitable reports.

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