Asset Integrity Management Global Market Opportunities And Strategies To 2034

This report describes and explains the asset integrity management market and covers 2019-2024, termed the historic period, and 2024-2029, 2034F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global asset integrity management market reached a value of nearly $29.16 billion in 2024, having grown at a compound annual growth rate (CAGR) of 3.83% since 2019. The market is expected to grow from $29.16 billion in 2024 to $37.89 billion in 2029 at a rate of 5.38%. The market is then expected to grow at a CAGR of 4.86% from 2029 and reach $48.04 billion in 2034.

Growth in the historic period resulted from the increasing oil and gas activities, increasing demand for renewable energy, rise in digital transformation and increasing aging infrastructure. Factors that negatively affected growth in the historic period was cybersecurity challenges and complex integration with legacy systems.

Going forward, the stringent regulatory standards and compliance, increasing concerns related to safety and the environment, expansion of energy projects, increasing industrialization and infrastructure development will drive the growth. Factor that could hinder the growth of the asset integrity management market in the future include shortage of skilled workforce, high implementation costs and trade war and tariffs.

The asset integrity management market is segmented by service type into non-destructive testing (NDT), risk-based inspection (RBI), corrosion management, pipeline integrity management, hazard identification (HAZID) study, structural integrity management and other service types. The non-destructive testing (NDT) market was the largest segment of the asset integrity management market segmented by service type, accounting for 30.30% or 8.83 billion of the total in 2024. Going forward, the corrosion management segment is expected to be the fastest growing segment in the asset integrity management market segmented by service type, at a CAGR of 6.59% during 2024-2029.

The asset integrity management market is segmented by end user industry into oil and gas, power, mining, aerospace and other end users. The oil and gas market was the largest segment of the asset integrity management market segmented by end user industry, accounting for 35.53% or $10.36 billion of the total in 2024. Going forward, the oil and gas segment is expected to be the fastest growing segment in the asset integrity management market segmented by end user industry, at a CAGR of 5.72% during 2024-2029.

North America was the largest region in the asset integrity management market, accounting for 35.80% or $10.43 billion of the total in 2024. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the asset integrity management market will be Asia Pacific and North America where growth will be at CAGRs of 6.45% and 5.34% respectively. These will be followed by Middle East and Western Europe where the markets are expected to grow at CAGRs of 5.22% and 4.47% respectively.

The global asset integrity management market is fairly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 14.95% of the total market in 2024. DNV GL AS. was the largest competitor with a 1.66% share of the market, followed by Bureau Veritas SA with 1.62%, SGS Société Générale de Surveillance SA with 1.54%, TÜV SÜD Group. with 1.52%, Intertek Group plc with 1.49%, Lloyd's Register Group Limited (LR) with 1.46%, American Bureau of Shipping (ABS) with 1.44%, Worley with 1.43%, John Wood Group plc (Wood). with 1.41% and Aker Solutions ASA with 1.38%.

The top opportunities in the asset integrity management market segmented by service type will arise in the non-destructive testing (NDT) segment, which will gain $2.26 billion of global annual sales by 2029. The top opportunities in the asset integrity management market segmented by end user industry will arise in the oil and gas segment, which will gain $3.32 billion of global annual sales by 2029. The asset integrity management market size will gain the most in the USA at $2.78 billion.

Market-trend-based strategies for the asset integrity management market include developing innovative enhancements, such as predictive asset management solutions, optimizing asset performance, reduce operational risk and enhance sustainability, developing advanced technologies, such as artificial intelligence (AI)-powered predictive monitoring software, developing advanced technologies such as advanced asset performance platforms to enhance operational efficiency and developing innovative solutions such as asset management platforms to enhance offshore infrastructure monitoring.

Player-adopted strategies in the asset integrity management market include focus on strategic partnerships to enhance its business offerings for future growth, focus on strengthening its business operations through strategic acquisitions and new launches.

To take advantage of the opportunities, the analyst recommends the asset integrity management market companies to focus on predictive asset management innovation, focus on AI-powered predictive monitoring, focus on advanced asset performance platforms, focus on corrosion management for sustainable growth, expand in emerging markets, continue to focus on developed markets, focus on expanding regional and digital distribution networks, focus on structured value-based pricing, focus on expanding market visibility, focus on strategic partnerships and thought leadership and focus on building skilled workforce and direct end-user engagement.

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