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Asset Integrity Management Global Market Report 2021: COVID-19 Growth And Change

·4-min read

Major players in the asset integrity management market are SGS SA, TWI Ltd, EM&I, LifeTech Engineering Ltd, Aker Solutions ASA, Applus+, DNV GL, John Wood Group PLC, Oceaneering International Inc, Intertek Group plc, Metegrity Inc.

New York, Sept. 20, 2021 (GLOBE NEWSWIRE) -- announces the release of the report "Asset Integrity Management Global Market Report 2021: COVID-19 Growth And Change" -
, FORCE Technology Norway AS, Bureau Veritas SA, TechnipFMC plc, Fluor Corporation, Dacon Inspection Technologies, General Electric, ABB, Siemens, TÜV SÜD, ABS Group, Velosi Asset Integrity Ltd, Axess Group, Element Materials Technology, and MISTRAS Group Inc.

The global asset integrity management market is expected to grow from $20.40 billion in 2020 to $22.36 billion in 2021 at a compound annual growth rate (CAGR) of 9.6%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $35.07 billion in 2025 at a CAGR of 11.9%.

The asset integrity management market consists of sales of asset integrity management services by entities (organizations, sole traders, and partnerships) which 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 (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.

The main types of services in the asset integrity management market are non-destructive testing (NDT), risk-based inspection (RBI), corrosion management, pipeline integrity management, hazard identification (HAZID), structural integrity management and others.Nondestructive Testing (NDT) is a term that refers to a group of non-invasive inspection techniques that are used to inspect material properties, parts, and whole process units.

NDT checks are used in the lifecycle of a plant in the petrochemical industry.Asset integrity management relies heavily on this approach.

The asset integrity management market is used in various industries such as oil and gas, power, mining, aerospace and others.

North America was the largest region in the asset integrity management market in 2020. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The launch of innovative solutions is shaping the asset integrity management market.Major companies operating in the asset integrity management sector are focused on developing technological solutions for asset integrity management.

For instance, in November 2020, OMNI, part of ICR Integrity, a UK-based provider of integrated maintenance, repair, and manufacturing solutions introduced a new digital full lifecycle asset integrity management system built by industry specialists that allow businesses to track, forecast, schedule, and optimize their asset integrity management programs.

In September 2019, MISTRAS Group, a US-based provider of advanced technology-enabled asset security solutions acquired New Century Software for an undisclosed amount.The acquisition will enable deep integration of inline inspection (ILI) big data with real-time risk analytics and business intelligence (BI) to provide unmatched capabilities for supporting pipeline integrity.

New Century Software is a US-based provider of pipeline GIS, integrity management, and asset management solution.

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 $160.8 million in the fourth quarter of 2020, an increase of 8.7% from the third quarter of 2020. Therefore, the increasing demand for asset integrity management drives the growth of the asset integrity management market.

The countries covered in the asset integrity management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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