Asset Integrity Management Market Size, Share, Growth by 2030

The asset integrity management sector was valued at approximately US$ 3.33 billion in 2022 and is projected to grow to US$ 6.73 billion by 2030, reflecting an anticipated compound annual growth rate (CAGR) of 9.2% from 2022 through 2030.

The projections for the asset integrity management market are derived from a combination of extensive primary and secondary research, including key publications from companies, data from industry associations, and various databases.

This market report highlights the significant factors propelling growth and the advancements made by leading players in the field. The analysis indicates that increasing safety and security concerns for both patients and staff, along with the expansion of the e-commerce sector, are pivotal in driving the market's growth.

The ongoing operations of refineries in the Asia Pacific region, coupled with the integration of innovative systems and equipment, are expected to boost the demand for asset integrity management software, thereby enhancing the growth of the market. The adoption of such software is crucial for ensuring environmental sustainability and the overall safety of operational sites. Additionally, several countries in this region are prioritizing net-zero policies. For instance, the Indian government is focused on expanding its nuclear power capabilities to enhance clean energy production. As of December 2022, it granted the necessary administrative and financial permissions to construct ten domestically designed pressurized heavy water reactors (PHWRs) in a fleet mode. The establishment of these facilities will necessitate asset integrity management to optimize operations across the plants, thereby increasing the market share of asset integrity management in the Asia Pacific region.

In the Middle East and Africa (MEA), the presence of numerous oil-producing companies with substantial infrastructure has led to a heightened demand for asset integrity management software to effectively oversee this infrastructure, further stimulating market growth. Mellitah Oil & Gas, the largest oil company in Libya, relies on robust platforms to maintain asset integrity and lifecycle management. Additionally, the rising need for comprehensive asset performance management services in South and Central America is contributing to the growth of the asset integrity management market. Significant government initiatives aimed at enhancing power distribution facilities in key South American economies are also driving this market. For example, in September 2022, the Peruvian government announced the operational commencement of five solar power plants with a combined capacity of 600 MW, which began operations in June 2023.

The evolution of digital technology has transformed maintenance and operational practices across various sectors, including oil and gas, power generation, petrochemicals, pharmaceuticals, and other asset-intensive industries. The full automation enabled by the Industrial Internet of Things (IIoT) integrates plant operations, logistics, and supply chain management with optimal planning and production processes. The IIoT facilitates unprecedented connectivity among physical assets and data collection systems. An asset integrity management platform, designed to centralize all integrity-related information regarding industrial equipment, serves as a singular source of truth. The IIoT enhances the capabilities of asset integrity management software, allowing for more efficient management of assets. Consequently, the integration of IIoT with asset integrity management software is anticipated to significantly boost the market size in the forthcoming years.

According to data from the World Nuclear Association, as of September 2020, the capacity for electricity generation in Asia, particularly from nuclear power, is experiencing substantial growth. The region boasts around 135 operational nuclear reactors, with approximately 35 more under construction, and companies are planning to build an additional 60-70 reactors in the near future. As the number of nuclear power plants increases, so too will the demand for the machinery utilized within these facilities, prompting asset integrity management market participants and non-destructive testing (NDT) firms to innovate and develop advanced solutions. Furthermore, as of August 2023, the United States has 93 operational commercial nuclear reactors across 54 nuclear power plants in 28 states. The Vogtle 4 nuclear plant in Georgia, with a planned net summer electricity generation capacity of around 1,117 MW, is nearing completion and is expected to commence operations by early 2024. The rising number of power plants is generating a demand for asset integrity management software, further propelling the market.

Asset integrity management software plays a vital role in supporting the operations, maintenance, capital improvements, and cost evaluations of power plants. The power and utilities sectors face significant challenges in maintaining asset integrity, ensuring reliability, and complying with stringent regulatory requirements. Asset integrity management software aids the power industry in streamlining operations while mitigating risks. Therefore, the expanding nuclear power sectors in various countries are likely to present numerous opportunities for the asset integrity management market throughout the forecast period.