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According to The Business Research Company’s Asset Integrity Management, The asset integrity management market size has grown strongly in recent years. It will grow from <b>$27.32 billion in 2023 to $29.83 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. </b> The growth in the historic period can be attributed to complex industrial processes, safety, and environmental concerns, focus on risk management, globalization of operations, and shift from reactive to proactive maintenance.
The asset integrity management market size is expected to see strong growth in the next few years. It will grow to <b>$42.01 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. </b> The growth in the forecast period can be attributed to human factors and behavioral safety, circular economy practices, energy efficiency, and sustainability, predictive analytics for equipment health, and supply chain resilience.. Major trends in the forecast period include the adoption of digital twins, advanced data analytics for predictive maintenance, remote monitoring and inspection technologies, digitalization of asset documentation and records, cybersecurity measures for asset protection, and collaboration for interoperability.
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 $0.67billion in 2021, and for 2022, it was $0.68 billion, which is an increase of 1.51%. Therefore, the increasing demand for asset integrity management drives the asset integrity management market growth.
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The asset integrity management market covered in this report is segmented –
1) By Service Type: Non-Destructive Testing (NDT), Risk-Based Inspection (RBI), Corrosion Management, Pipeline Integrity Management, Hazard Identification (HAZID) Study, Structural Integrity Management, Other Services Types
2) By End Use Industry: Oil And Gas, Power, Mining, Aerospace, Other End Users Major companies operating in the asset integrity management market are adopting a strategic partnerships approach to provide verification and certification of assets to individuals, businesses, and governments.
Strategic partnerships refer to a process in which companies leverage each other’s strengths and resources to achieve mutual benefits and success. For instance, in October 2023, Antea, a US-based asset integrity management (AIM) software provider, partnered with Team Industrial, a US-based provider of integrated digitally enabled asset integrity solutions. The combined capabilities of the two businesses offers operators in asset-intensive industries including mining, oil and gas, aerospace, petrochemical, power, nuclear, and pharmaceutical a one-stop-shop AIM solution.
The asset integrity management market report table of contents includes:
1. Executive Summary
2. Asset Integrity Management Market Characteristics
3. Asset Integrity Management Market Trends And Strategies
4. Asset Integrity Management Market – Macro Economic Scenario
5. Global Asset Integrity Management Market Size and Growth
………………
31. Global Asset Integrity Management Market Competitive Benchmarking
32. Global Asset Integrity Management Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Asset Integrity Management Market
34. Asset Integrity Management Market Future Outlook and Potential Analysis
35. Appendix
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