The asset integrity management market is projected to grow from approximately USD 24.2 billion in 2024 to around USD 34.1 billion by 2030, with a compound annual growth rate (CAGR) of 5.9%. This growth is largely fueled by global industrial expansion, strict workplace safety regulations, rising environmental concerns about deteriorating industrial assets, and continuous technological innovations. Evolving methods and technologies in asset integrity management have enabled more effective service delivery.
Industries like manufacturing, power generation, and oil & gas face challenges from aging infrastructure, with many assets nearing or surpassing their expected operational lifespan. These aging assets increase the risk of breakdowns, failures, and diminished performance. To address these issues and extend asset lifespans, companies are increasingly turning to asset integrity management solutions.
These solutions provide tools for organizations to proactively monitor asset performance, enabling timely maintenance and repairs. This approach not only prevents unexpected failures but also optimizes maintenance expenses and enhances asset longevity.
However, high costs and the complexity of asset integrity management software pose significant challenges. The need for specialized expertise and intricate system integration can be financially burdensome, especially for smaller businesses with limited budgets.
On the other hand, the expanding power sector in emerging economies offers notable growth opportunities for asset integrity management. Rapid urbanization and industrialization in developing regions amplify the need for dependable power infrastructure. As a result, there is rising demand for advanced asset integrity management services to ensure the safety, reliability, and regulatory compliance of critical assets, such as power plants and transmission systems.
Key Insights
- Non-destructive testing (NDT) comprises 30% of market revenue in 2024, with a projected CAGR of 6.5% through 2030, owing to its capability to inspect materials without causing harm.
- The oil & gas sector is anticipated to achieve the highest CAGR of 6.7% during this period, facing challenges with aging infrastructure and strict safety protocols.
- In the U.S., oil production reached 21.91 million barrels per day in 2023, accounting for 22% of global production, while China produced 390 million tonnes of crude oil the same year.
- North America is expected to dominate with a 45% market share in 2024, bolstered by a skilled workforce and strong demand from the oil & gas, manufacturing, and power sectors.
- The APAC region is anticipated to grow fastest at a CAGR of 6.3%, driven by its expansive oil & gas, manufacturing, chemicals, and power generation sectors and stringent safety and environmental regulations.
