The Business Research Company’s Asset Integrity Management Global Market Report 2024 – Market Size, Trends, And Forecast 2024-2033
What Is The Estimated Market Size Of The Global Asset Integrity Management Market And Its Annual Growth Rate?
The asset integrity management market is projected to continue its strong growth, reaching $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.
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Growth Driver Of The Asset Integrity Management Market
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.
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Which Market Players Are Driving the Asset Integrity Management Market Growth?
Key players in the asset integrity management market include 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.
What Are the Emerging Trends Shaping the Asset Integrity Management Market Overview?
Major companies operating in the asset integrity management market are using digital twin technology to meet larger customer bases, more sales, and increase revenue. Digital Twin technology is the creation of a virtual, real-time replica of a physical object, system, or process, allowing for simulation, monitoring, and analysis for improved understanding and decision-making.
How Is The Global Asset Integrity Management Market 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
Geographical Insights: North America Leading The Asset Integrity Management Market
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.
Asset Integrity Management Market Definition
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 crack 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.
Asset Integrity Management Global Market Report 2024 from TBRC covers the following information:
•Market size data for the forecast period: Historical and Future
•Macroeconomic factors affecting the market in the short and long run
•Analysis of the macro and micro economic factors that have affected the market in the past five years
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global asset integrity management market report covering trends, opportunities, strategies, and more
The Asset Integrity Management Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on asset integrity management market size, asset integrity management market drivers and trends, asset integrity management market major players, asset integrity management competitors' revenues, asset integrity management market positioning, and asset integrity management market growth across geographies. The asset integrity management market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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