Global Asset Integrity Management Market Trends And Strategies Of Major Players In The Asset Integrity Management Market 2021-2030
16 Aug, 2021
The asset integrity management market consists of sales of asset integrity management services by entities (organizations, sole traders, and partnerships) which ensures that a facility's assets are designed, fabricated, procured, installed, and maintained appropriately for their intended application throughout the operation's life. Asset integrity management (AIM) is a method that enables the asset's ability and potential to be effectively managed to mitigate and eliminate corrosion and fatigue crack degradation.
Global Asset Integrity Management Market Size And Drivers:
The global asset integrity management market is expected to grow from $20.40 billion in 2020 to $22.36 billion in 2021 at a compound annual growth rate (CAGR) of 9.6%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The asset integrity management market is expected to reach $35.07 billion in 2025 at a CAGR of 11.9%. The growing demand for maintaining assets is expected to fuel the growth of the asset integrity management market in the coming years.
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Trends In The Global Asset Integrity Management Market
The launch of innovative solutions is shaping the asset integrity management market. Major companies operating in the asset integrity management sector are focused on developing technological solutions for asset integrity management. For instance, in November 2020, OMNI, part of ICR Integrity, a UK-based provider of integrated maintenance, repair, and manufacturing solutions introduced a new digital full lifecycle asset integrity management system built by industry specialists that allow businesses to track, forecast, schedule, and optimize their asset integrity management programs.
Global Asset Integrity Management Market Segments:
The global asset integrity management market is further segmented based on service type, end use industry and geography.
By Service Type: Non-Destructive Testing (NDT), Risk-Based Inspection (RBI), Corrosion Management, Pipeline Integrity Management, Hazard Identification (HAZID) Study, Structural Integrity Management, Others
By End Use Industry: Oil And Gas, Power, Mining, Aerospace, Others
By Geography: The global asset integrity management market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America was the largest region in the asset integrity management market in 2020.
Read More On The Report For The Global Asset Integrity Management Market At:https://www.thebusinessresearchcompany.com/report/asset-integrity-management-global-market-report
Asset Integrity Management Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides asset integrity management market overviews, analyzes and forecasts market size and growth for the global asset integrity management market, asset integrity management market share, asset integrity management market players, asset integrity management market segments and geographies, asset integrity management market’s leading competitors’ revenues, profiles and market shares. The asset integrity management market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.