The recent analytical report published by Markntel Advisors (a leading consulting, data analytics, and market research firm), Asset Integrity Management Market comprises a detailed study of critical and major aspects of market dynamics, i.e. market trends, size, forecasts, growth factors, challenges, and competitor landscape.
In-Depth Market Overview of Asset Integrity Management Industry (2023-2028):
According to the latest report, The Asset Integrity Management Market is projected to grow at a CAGR of around 5.67% during the forecast period, i.e., 2023-2028. The report demonstrates the prominent factors propelling the exponential growth of the Asset Integrity Management industry.
Key Takeaways: Beneficial for Stakeholders and Clients:
- Historical Data: 2018-21
- Base Year: 2022
- Forecast Period: 2023-28
- CAGR (2023-2028): 5.67%
What are the major Driver the Asset Integrity Management industry?
Surging Demand for Clean Energy to Drive the Asset Integrity Management Market: Growing demand for clean energy in a variety of industry verticals, such as steel manufacturing & ammonia production, has resulted in a significant rise in clean energy production in recent years. This could be attributed to industries’ growing preference for clean energy, such as nuclear & hydrogen energy, to meet energy demand rather than petroleum-based products.
Additionally, the global commitment to zero coalition goals by 2050 is pushing governments across the world to pressure industries within their nations to adopt sustainable & clean energy. Hence, countries across the globe are increasing clean energy production capacity through nuclear, solar, and hydrogen power plants. As a result, the construction & addition of new clean energy power plants, such as nuclear & hydrogen, boosted the demand for asset integrity management services in the historical years. For instance:
In 2022, According to the Indian Government, the government planned to add nearly 15,000MW to the nation’s current power-generating capacity by commissioning 20 new nuclear power plants by 2031.
Therefore, the growing number of nuclear & hydrogen power plants also affects the demand for asset integrity management services due to the nature of inherent risks involved in such facilities in the coming years. Therefore, the surging count of nuclear & hydrogen power production plants is anticipated to drive the market growth for asset integrity management services.
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Asset Integrity Management Market Segmentation
The Asset Integrity Management Market analysis of Markntel Advisors explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:
- 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.)
- By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
As per the regional aspect, the Asset Integrity Management Market is expected to be dominated by North America by capturing the potential market share.
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Top Companies in the Asset Integrity Management Market
Aker Solutions ASA, Applus+ Group, Bureau Veritas S.A., DNV GL, EM&I 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)
Asset Integrity Management Industry Recent Development:
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.
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