Asset Integrity Management Systems Market 2023: New Emerging Business Segment
Updated · May 12, 2023
Asset integrity management is the process of overseeing a production facility or manufacturing facility to guarantee its effective and efficient functioning. This safeguards both the wellbeing of the machinery and the security of persons using it in close proximity.
To guarantee that an organization’s activities run smoothly and risks are minimised, the system may be used to perform tasks like monitoring, controlling, and planning. The system refers to an asset’s capacity to work efficiently and effectively, protecting the safety and health of all associated entities as well as the environment by reducing hazards and dangers.
Asset integrity management makes ensuring that the systems, tools, personnel, and resources needed to maintain an asset’s integrity over the course of its lifespan are accessible. To keep expenses in check, sufficient care must be taken with design, operational, and technological integrity. Asset owners are helped by asset integrity management services and solutions to maintain operational effectiveness while lowering OPEX.
Mechanical, control, and structural system integrity are the three key facets of asset integrity management. An growth in the need for asset integrity management systems from new offshore operations in deep oceans is driving the market. The growth of the industry has also been aided by several government laws for quality control requirements from different nations.
Highlights from Asset Integrity Management Systems Market Study
|Market Size (2022)||USD19.1 Billion|
|Unit||Value (USD Billion)|
- By utilising digital techniques like cloud-based technology and IoT to ensure smooth asset functioning and lower the risk of mechanism failure during production time, major and medium manufacturing units can maximise their asset performance and extend their shelf life.
- The asset integrity management system has become a widely used tool for managing the security and science of offshore installations and equipment. During the anticipated period, according to a research analyst at HTF Market Intelligence, United Kingdom players will contribute to the market’s growth cycle for global asset integrity management systems. Aker Solutions ASA (Norway), Asset Integrity Solutions (Poland), Bell Energy Services UK Limited (United Kingdom), Bureau Veritas SA (France), Fluor Corporation (United States), Intertek Group plc (United Kingdom), SGS SA (Switzerland), John Wood Group PLC (United Kingdom), MISTRAS Group Inc. (United States), The Welding Institute (United Kingdom) are some of the key players profiled in the study.
- Risk-Based Inspection (RBI)
- Reliability, Availability
- Maintainability (RAM)
- Nondestructive Testing (NDT) Inspection
- Oil and Gas
Asset Integrity Management Systems have been geographically divided into Global (North America, South America, Europe, Asia Pacific, and MEA). In 2022, the North American region accounted for the greatest market share. In addition, the growing demand from SMEs and other business sectors may provide a cushion for market expansion.
- Asset Integrity Management Systems are popular because they use IoT sensors to work and may help businesses understand the past, present, and future state of their assets. IoT sensors can decrease the likelihood of asset failure since they can detect environmental factors like temperature, corrosion, and other problems around the asset and are fundamentally safe.
- A certified tablet may be used to check assets digitally for cracking and other signs of wear and tear using risk-based analysis and on-site asset integrity data analysis. Utilising these trends as opposed to shutting down a machine keeps asset integrity under control and provides maintenance while saving a tonne of money.
Market Growth Drivers:
- Asset Integrity Management Systems are popular because they are run with Internet of Things (IoT) sensors, which may assist industry in understanding the past, present, and future views of their assets. Because they can detect conditions like temperature, corrosion, and other problems near the asset and are intrinsically safe, IoT sensors can help to decrease the likelihood that an asset will fail.
- A certified tablet may be used to do on-site asset integrity data analysis and check assets digitally for cracking and other signs of wear and tear. Therefore, using these trends instead of shutting down a machine helps provide maintenance while keeping asset integrity under control and saving a tonne of money.
- There is now more demand for petrochemicals, oil, and gas, which raises the need for asset integrity management systems. The market is very competitive. Because of the extremely expensive installation costs, this platform is only available to large-sized businesses. in underdeveloped nations. Integrity managers must contend with issues including budgetary constraints and the complexity of integrity priorities.
- According to a study, there is a chance for the market to grow as a result of the digital transformation, as managers and other manufacturing units have begun widely implementing artificial intelligence and machine learning since Covid attracted investors with a keen understanding of the digital economy, which resulted in an increase in funding.
- The emerging industry 4.0 technology revolution is increasing demand for asset management systems. The use of analytical machine learning and cutting-edge technology by management will increase investor confidence since automated reporting will provide them a clear picture of the performance. For instance, oil and gas production units are also embracing digital transformation in order to save costs and boost efficiency with new business strategies that foster strong collaborations between technology and sector-focused businesses.
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Against this Challenging Backdrop, Asset Integrity Management Systems Market Study Sheds Light on
— To gain a deeper understanding of the Asset Integrity Management Systems Market, HTF Market Intelligence analysts conducted surveys among industry participants, capturing its current state and essential elements. This resulting snapshot provides a valuable platform for comprehending the reasons behind the market’s evolution and anticipating its future trajectory.
— Gain insights into the major priorities and future direction of the Asset Integrity Management Systems industry through financial analyses, surveys, interviews with key executives, and expert opinions.
— In this broad group of participants, each business must navigate the new competitive landscape and determine a strategy that enables them to preserve their current value proposition or seize new addressable opportunities.
Frequently Asked Question
Q1: What is the current market size for the Asset Integrity Management Systems Market?
A: The Global Asset Integrity Management Systems market is expected to grow at a CAGR of 9.34% from 2023 to 2029, predicts HTF Market Intelligence.
Q2: What are the key segments of the Asset Integrity Management Systems Market?
A: The Global Asset Integrity Management Systems Market Breakdown by Application (Oil and Gas, Power, Mining, Aerospace, Others) by Component (Service, Software) by Service Type (Risk-Based Inspection (RBI), Reliability, Availability, and Maintainability (RAM), Nondestructive Testing (NDT) Inspection) and by Geography (North America, South America, Europe, Asia Pacific, MEA)
Q3: Who are the key players in the Asset Integrity Management Systems Market?
A: Aker Solutions ASA (Norway), Asset Integrity Solutions (Poland), Bell Energy Services UK Limited (United Kingdom), Bureau Veritas SA (France), Fluor Corporation (United States), Intertek Group plc (United Kingdom), SGS SA (Switzerland), John Wood Group PLC (United Kingdom), MISTRAS Group Inc. (United States), The Welding Institute (United Kingdom)
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HTF Market Intelligence Consulting Private Limited
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