Asset Integrity Management Services Market Research Report and Outlook by 2028

The global market for asset integrity management services was valued at approximately US$ 17.95 billion in 2018 and is projected to expand at a compound annual growth rate (CAGR) of 8.9% during the forecast period from 2019 to 2027, ultimately reaching around US$ 37.92 billion by 2027.

A significant driver for the growth of the asset integrity management services market in the current landscape and in the upcoming years is the increasing necessity for operational safety concerning aging assets in industries that are risk-prone, alongside the stringent regulations imposed on various sectors regarding environmental sustainability. However, the expenses associated with maintenance that does not add value and inefficient operations pose a considerable challenge to the growth of the asset integrity management services market. Despite this, the market is expected to experience a positive trajectory in the near future, primarily due to the continuous rise in the number of oil and gas companies worldwide, which is likely to boost the demand for diverse asset integrity management services, thereby creating substantial revenue opportunities in this sector.

The asset integrity management services market is set to experience robust growth in the coming years. This growth can be attributed to several factors, including the heightened demand for operational safety of aging assets in high-risk industries and the enforcement of strict safety regulations by governments. Additionally, the expansion of the oil and gas sector, driven by an increasing demand for these resources, is anticipated to offer significant growth prospects for market participants in the near term. Nevertheless, the costs associated with non-value adding maintenance and inefficient operations continue to hinder the growth of the asset integrity management services market to some degree. The analysis of the global asset integrity management services market up to 2027 is a comprehensive and detailed examination of the market, focusing on trends within the global asset integrity management services sector. The report aims to provide a thorough overview of the market, including detailed segmentation by service type, industry, and geographical region. The global asset integrity management services market is expected to experience substantial growth throughout the forecast period. The report also includes critical statistics regarding the status of leading market players and highlights key trends and opportunities within the asset integrity management services market.

In terms of service type, the non-destructive testing (NDT) inspection segment led the global asset integrity management services market in 2018 and is expected to maintain its leading position throughout the forecast period from 2019 to 2027. Conversely, the corrosion management segment is projected to witness a significant growth rate in the asset integrity management services market, as many unforeseen incidents in process plants are linked to either erosion or corrosion of structures or equipment. Effective corrosion management is crucial for preserving the integrity of facilities, enhancing safety levels, and improving cost efficiency. Similarly, when categorized by industry, the asset integrity management services market includes segments such as oil and gas, power, marine, mining, aerospace, and others. The oil and gas segment held the largest market share in 2018 and is expected to continue its dominance throughout the forecast period from 2019 to 2027. However, the power segment is anticipated to be the fastest-growing segment during this period.

Key players in the global asset integrity management services market include SGS AG, Intertek Group Plc., Aker Solutions ASA, Bureau Veritas SA, Fluor Corporation, DNV GL AS, John Wood Group PLC, Oceaneering International, Inc., Rosen Group, and Cybernetix SA, among others. The asset integrity management services market is characterized by a concentration of various players who support multiple industries in maintaining their assets over time, thus contributing to the year-on-year growth of the asset integrity management services market.