Press release
Asset Integrity Management Market Size Will Reach Nearly USD 30.42 Billion, Expanding at a CAGR of 4.8% by 2030
Asset Integrity Management Market
Growing observations for oil & gas reserves in developing countries, lower oil & gas prices, increased demand for asset and plant maintenance, and significant players' robotic-based AIM launch for the oil & gas industry administration and quality control criteria have dominated the development of the industry.
In September 2021, Antea, a world leader in AIM operating system with a 3D digital twin, announced the availability of AnteaSTART, a robotic integrity software version specially tailored to the basic needs of separate operators.
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With this innovative subscription-based model, companies of single-site oil & gas, chemical, or power plants can leverage the latest innovation for real-time asset visualization, allowing them to make quick, substantial proof decisions for improved maintenance and durability and lower inspection costs and very few closures. The AnteaSTART subscriber model also offers data administration support, which saves operators time entering data and reduces the possibility of human error.
Further, as per the IBEF, in November 2021, India announced that it would reveal 5 million tonnes of crude from its strategic oil resources in a coordinated effort to lower global crude oil prices. This amounts to roughly one day's consumption in the united states. Also, in September 2021, Indraprastha Gas Limited (IGL) signed agreements with the South Delhi Municipal Corporation (SDMC) to create a waste-to-energy power station in Delhi to boost automobiles. Thus, the public and private players' contribution to the growth of the oil & gas industry is driving the industry growth during the forecast period.
Based on the service type, the Non-Destructive Testing (NDT) segment accounted for the leading share in the industry. NDT plays a vital role in various industries by ensuring assets' safe, dependable, and cost-effective operation. These offerings are progressively being used by oil & gas exploration and production houses, offshore oil & gas framework manufacturing contractors, and onshore and offshore oil & gas pipeline companies, owners, and construction companies throughout the oil and gas industry.
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Market players such as Aker Solutions, ABS Consulting, Applus RTD, EM&I, Fluor Corporation, Bureau Veritas, Intertek Group, TÜV SÜD, Meridium Inc., LifeTech, Metegrity, Oceaneering International, SGS, Rosen Swiss, TechnipFMC, and TWI are some key players operating in the global market.
In June 2021, Bureau Veritas confirmed a new agreement with the Veolia group, which also implements water, waste, and power administration solutions worldwide and aspires to be the standard company for ecological transformation. The three-year contract calls for Bureau Veritas to be listed as a leading supplier for regulatory and non-regulatory verifications and certification of Veolia group sites.
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Polaris market research has segmented the asset integrity management market report based on service, industry, and region:
Asset Integrity Management, Service Outlook (Revenue - USD Billion, 2018 - 2030)
• Non-Destructive Testing (NDT)
• Risk-Based Inspection (RBI)
• Corrosion Management
• Pipeline Integrity Management
• Hazard Identification (HAZID) Study
• Structural Integrity Management
• Reliability, Availability, And Maintainability (RAM) study
• Others
Asset Integrity Management, Industry Outlook (Revenue - USD Billion, 2018 - 2030)
• Oil & Gas
• Power
• Mining
• Aerospace
• Others
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