Asset Integrity Management Market Size Global Forecast to 2026 | MarketsandMarkets

The global asset integrity management market size is expected to grow from USD 20.3 billion in 2021 to USD 25.7 billion by 2026 at a CAGR of 4.9% from 2021 to 2026.

Factors such as stringent safety regulations and quality control requirements laid down by governments, and climatic changes affecting the operations of various industries, thereby driving the asset integrity management market.

Driver: Climatic changes giving rise to operational disturbances in various industries

Climatic changes over a period largely affect the operations of the oil & gas and power industries. Various industries and governments are progressively recognizing the need for climate adaptation planning and its inclusion in the overall risk management strategy. Climatic changes are inevitable and need to be considered at the time of risk planning to avoid major setbacks or hazardous accidents. Risk-based inspection of the assets in the oil & gas and power generation plants help to understand the risks involved in the forecasted climatic changes and the damage caused by such changes previously. Asset integrity management services help decision-makers to plan risk management strategies, thus decreasing the effects of climatic changes on plant operations.

Restraint: High initial costs and complexities with installation

Asset integrity management services are used for monitoring assets throughout their entire life cycle, which helps make decisions regarding maintenance activities to avoid breakdowns and disastrous events. Installation of the systems required for asset integrity management services is complex and involves careful consideration of certain trade-offs flanked by short-term and long-term benefits. A fundamental review of the expectations of stakeholders is considered while implementing these solutions, which is supported by a consistent and scalable method for determining the criticality and value of assets.

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Opportunity: Thriving power sector in developing nations

The power industry is expected to generate the maximum demand for asset integrity management services in the future. Developing countries such as China, India, and Mexico are undergoing infrastructure development on a large scale, especially in the power generation sector. Most of this growth is focused in regions where strong economic growth is driving demand, particularly in Asia. According to the data published by the World Nuclear Association (as of September 2020), the electricity generation capacity, specifically nuclear power generation, in Asia is growing remarkably. In this region, there are about 135 operational nuclear reactors, and about 35 are under construction; additionally, firms are planning to build 60-70 more. Increase in the number of nuclear power plants and the subsequent rise in the demand for machines used in these plants would present opportunities for asset integrity management service and NDT companies to develop solutions suitable for the nuclear power generation industry.

Challenge: Lack of skilled personnel for operating asset integrity management systems and software

Asset integrity management involves several techniques, hardware, and software, which need to be operated and administered by skilled individuals. Specially trained and educated workforce is required for operating software and equipment carrying out the inspection of asset integrity. Labors have to be trained specifically for these operations and require ample of relevant experience. Experience and training provide them the ability to operate and make appropriate and timely decisions for ensuring the smooth operation of the plants.

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