Power Sector Boom in Emerging Markets Drives Asset Integrity Needs

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.

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Enactment of Strict Emission Regulations Driving Demand for Automotive Elastomers

The automotive elastomers market was USD 34.6 billion in 2023, and it will power at a compound annual growth rate of 5.7% by the end of this decade, to touch a value of USD 50.6 billion in 2030. 

The increasing consciousness of the numerous advantages of these materials, for example, noise and emission reduction, boost in performance, and safety enhancement will power the requirement for them.

Based on type, the thermoset elastomers category is the leader of the industry, and it will also continue like this in the years to come as well. 

The tire category has the largest share, and it will also continue like this in the years to come as well. This would be mostly because of the use of elastomers in tire making to advance the performance considerably. This is mostly because the adding of intermediates reimbursements the chemical structure of rubber by providing reliable seals, elasticity, and toughness.

The APAC automotive elastomers market is the leader of the pack and it will also continue like this in the future. The existence of key players, the availability of raw materials and labor at reduced costs, and the high acceptance of advanced technologies are driving the industry. South Korea, Japan, India, and China are not just the major automotive manufacturers in the region, but at a global level.

It is because of the growing per capita income all over the world, that the demand for automotive elastomers is on the rise. This trend will continue in the years to come as well.

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Measuring Progress Exploring the Testing and Measurement Equipment Market

The size of the testing and measurement equipment market was about USD 34.8 billion in 2023, and it will power at a rate of 4.8% by the end of this decade, to touch USD 47.9 billion by 2030.

The rising EV acceptance worldwide is consistently supporting testing tool requirement as each automobile needs widespread testing before launch. The main EV components that require to be determined in performance comprise the motor, battery, and on-board charger. Moreover, the related systems, such as charging stations, back-office systems, and telematics modules, need testing.

At present, the nation has the second largest telecom network with approximately 1.2 billion subscribers, the second-highest count of internet users, and the fastest-rising mobile app industry in the world. This is mostly because of the snowballing low prices, convenience, and promising coverage. 

Hence, the need of telecom businesses for testing solutions for their carrier networks continues to increase.

Additionally, the healthcare sector has observed significant tech interventions recently, such as the advent of wearable devices, for example smartwatches. Such devices allow the collection of health data, letting for instantaneous health monitoring and the proactive treatment of health situations before the developing of the symptoms.

Wi-Fi tech is widely used in healthcare devices and smart homes, with over 30% of the IoT connections employing it. Additionally, in 2022, over 50% of the Wi-Fi-enabled devices were making the use of the latest Wi-Fi 6 and Wi-Fi 6E. The communication amid IoT devices has become more effective because of the acceptance of these technologies, therefore leading to improved performance.

The growing electronics sector has a lot to do with the growing requirement for testing and measurement equipment market in the world.

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Mounted Bearing Market Will Reach USD 2,122.1 Million By 2030

 The estimated value of the worldwide mounted bearing market is approximately USD 1,451.0 million in 2023. Projections indicate a compound annual growth rate (CAGR) of 5.8% from 2024 to 2030, with the market expected to reach USD 2,122.1 million by the year 2030.

This growth of the market can be credited to the utilization of mounted bearings in numerous sectors including the growing demand for particular bearings for the optimization of price, which they offer with their longevity, higher effectiveness, and less maintenance need.

According to the U.S. Department of Agriculture, food & beverage plants generated 16.8% of the sales of manufactured products and 15.4% of the employment in the nation in 2021. Within this expansive ecosystem, the meat processing sector had a 26.2% sales share, the dairy sector 12.8%, beverages 11.3%, other food items 12.4%, and grains and oilseeds another 10.4%.

In the past few years, smart tech and digitalization have arrived in mounted bearings, which are providing profitable opportunities to industry players. AI-based detectors and IoT aid in monitoring the status of such devices at all times, in a very simple way. The detectors can get these components’ speed, rotational direction, vibrations, and temperature, aiding end customers to track their condition and dodge expensive breakdowns.

This can be credited to their versatility, affordability, advanced sealing shielding against lubricant leakage and the arrival of other foreign particles in the casing, performance advancements of the motor, and simple maintenance. Such variants are extensively used in rotary applications to offer low friction and smooth motion.

In 2023, the conveyor category had the largest industry share, of 25%, on the basis of equipment type. This can be credited to the extensive utilization of conveyors in many sectors, such as construction, manufacturing, paper, automotive, and mining & mineral.

The machines utilized in these sectors carry and transfer bulky material with the aid of mechanical or pneumatic approaches. The conveyors utilized in all these sectors require many kinds of bearings, which essentially boosts the development of this category in the industry.

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Power Grid Market Will Reach USD 409.6 Billion By 2030

The projected revenue for the global power grid market will be approximately USD 281.0 billion in 2023, with an anticipated growth to USD 409.6 billion by 2030. This represents a compound annual growth rate (CAGR) of 5.6% over the period from 2024 to 2030. 

This growth of the industry can be credited to the fast electrification, industrialization, and urbanization in developing nations, changing climate and human activity patterns, and a host of other reasons.

Moreover, voltage variations on an hourly basis are experienced with varied sources of power being manipulated to fulfill the needs at the minimum cost. The improvements in orthodox power grid systems have directed the growth of smart grids, which offer better dependability and a more constant electrical power supply.

In 2023, based on components, the cables category dominated the industry, with 40%. This growth of the category can be credited to the fact that cables play a vital role in the supply of power from power plants to customers.

The produced electricity is supplied to a number of places with the aid of high-voltage wires. Furthermore, the fitting of supply lines varies according to the need. For example, for long-distance transmission, overhead lines are utilized, mainly to decrease the energy losses because of resistance. Likewise, underground power lines are utilized to supply power across extremely populated areas, underwater, or in any place where overhead power lines cannot be utilized.

The heavy dependency on this material is because of the count of benefits provided by it, the biggest among which are affordability over other sources, like nuclear power and oil; a stable distribution, and energy security.

During the projection period, the APAC region is projected to showcase the highest development rate of 6.0%. This is mainly because of the increasing count of government steps for the acceptance of renewable power sources and the growing industrialization and also urbanization rates in the region, which are directing to a high need for power. Moreover, a count of nations in the region are substantial IT hubs, which further surges the need for power at data centers and telecom exchanges.

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