Dublin, Oct. 20, 2021 (GLOBE NEWSWIRE) -- The "Asset Integrity Management Global Market Report 2021: COVID-19 Growth and Change" report has been added to ResearchAndMarkets.com's offering.
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 market is expected to reach $35.07 billion in 2025 at a CAGR of 11.9%.
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.
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. Therefore, the increasing demand for asset integrity management drives the growth of the asset integrity management market.
Major players in the asset integrity management market are
LifeTech Engineering Ltd
Aker Solutions ASA
John Wood Group PLC
Oceaneering International Inc
Intertek Group plc
FORCE Technology Norway AS
Bureau Veritas SA
Dacon Inspection Technologies
Velosi Asset Integrity Ltd
Element Materials Technology
MISTRAS Group Inc
Key Topics Covered:
1. Executive Summary
2. Asset Integrity Management Market Characteristics
3. Asset Integrity Management Market Trends and Strategies
4. Impact Of COVID-19 On Asset Integrity Management
5. Asset Integrity Management Market Size and Growth
5.1. Global Asset Integrity Management Historic Market, 2015-2020, $ Billion
5.1.1. Drivers Of the Market
5.1.2. Restraints On the Market
5.2. Global Asset Integrity Management Forecast Market, 2020-2025F, 2030F, $ Billion
5.2.1. Drivers Of the Market
5.2.2. Restraints On the Market
6. Asset Integrity Management Market Segmentation
6.1. Global Asset Integrity Management Market, Segmentation by Service Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Non-Destructive Testing (NDT)
Risk-Based Inspection (RBI)
Pipeline Integrity Management
Hazard Identification (HAZID) Study
Structural Integrity Management
6.2. Global Asset Integrity Management Market, Segmentation by End Use Industry, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Oil and Gas
7. Asset Integrity Management Market Regional and Country Analysis
7.1. Global Asset Integrity Management Market, Split by Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7.2. Global Asset Integrity Management Market, Split by Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/loxt6g
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