Exploring Asset Integrity Management Market: Rising Trends, Opportunities and Challenges Forecast 2028

Global Asset Integrity Management Market Overview:

According to MarkNtel Advisors study the Global Asset Integrity Management market is projected to grow at a CAGR of around 5.67% during the forecast period, i.e., 2023-2028. The market growth is supported by factors such as aging equipment of industrial assets like offshore oil refineries, chemical processing plants, etc., that would require servicing, regular inspection, and proper maintenance. Additionally, the government organizations across the globe keep on updating their standards practices for the operations of industrial physical assets. Therefore, changing safety regulations, quality control requirements, and protocols associated with managing industrial physical assets like chemical plants, oil gas refineries, etc., would further augment the demand for asset integrity management services in the future.

Key Findings of the Study: Asset Integrity Management market

Key Trend in the Market: Integration of Artificial Intelligence (AI) to Broaden the Capabilities of Asset Integrity Management

In recent years, the integration of technologies such as artificial intelligence (AI) data analytics in asset management services, including inspection risk assessment, has been shaping the Asset Integrity Management market globally. The asset integrity management service-providing companies such as Aker Solutions ASA, Metegrity Inc., etc., are equipping themselves with the latest technologies, such as artificial intelligence (AI), machine learning, and data analysis, to make robust and critical decisions. This would further help the organization in the critical assessment of industrial assets with precision. Asset integrity management firms collect large volumes variations of data, which results in increasing complexity, and difficulty to systematically review analyze.

Therefore, the combination of machine learning artificial intelligence in asset integrity management helps in enabling quick automatic production of models that can analyze larger more complex data sets provide more accurate analysis results. It, in turn, smoothens the process by sharing accurate information among peers after collecting cleansing the data. Thus, the integration of artificial intelligence for the assessment of industrial assets is going to positively shape the asset integrity management market in the coming years.

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Scope of the Asset Integrity Management Market Report Segmentation

-By Services

Risk-Based Inspection
Pipeline Integrity Management
Non-Destructive Testing
Corrosion Management
Structural Integrity Management
Reliability, Availability, And Maintainability Study
Others (Fitness for Service, Material Property Verification, etc.)

-By Location

Onshore
Offshore

-By End User Industries

Oil Gas
Power
Mining
Chemical
Others (Marine, Construction, Transportation, etc.)

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Geographical analysis:

-By Region

North America
South America
Europe
The Middle East Africa
Asia-Pacific

Of all the regions across the globe, the Middle East Africa holds a significant market share owing to the presence of numerous oil gas stations, which require the heavy assistance of consultancy firms to provide asset integrity management. In addition, the growth of oil gas projects could be attributed, owing to the growing demand for these products for domestic consumption export to the countries in need. Consequently, this resulted in enhancing production by setting up more refineries midstream projects to transport from production sites to end-user sites. This ultimately augmented the demand for asset integrity management services to manage risks other operational aspects of refineries.

Global Asset Integrity Management Industry Recent Developments

2021: Oceaneering launched its autonomous underwater vehicle named ‘Freedom,’ which would help the firm to carry out inspections of different diameters pipes lying on low elevations. This development would give the company a competitive advantage in terms of increasing efficiency accurate inspection of subsea pipes.
2019: Penspen, a global provider of engineering project management services has partnered with asset risk integrity management company, Ankaa Consulting, to expand its asset integrity management offering in the Asia region. The agreement will allow Penspen to enhance accessibility to clients in Malaysia other Asian countries.

Current Landscape of Asset Integrity Management Market

The report delineates key market participants and thoroughly assesses their strategic approaches, trends, innovations, and manufacturing infrastructure, enabling a forecast of their market impact over the next five years. The meticulously researched data presented holds the potential to distinguish even nascent market entrants in the long term. Armed with pertinent data and actionable insights, our research report delivers a comprehensive overview of the market, empowering investors and stakeholders to establish a robust presence in the Asset Integrity Management market. The research report profiles major players, including

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Aker Solutions ASA
Applus+ Group
Bureau Veritas S.A.
DNV GL
EMI Group
Fluor
Intertek Group PLC
John Wood Group
LifeTech Engineering Ltd.
Metegrity, Inc.
Oceaneering International
ROSEN Swiss AG
SGS S.A.
TechnipFMC plc
TÜV SÜD
Others (Mistras Group Inc., Asset Integrity Engineering, etc)

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