Global Asset Integrity Management Market to Reach USD 34.1 Billion by 2030

NEW YORK - Nov. 5, 2024 - PRLog -- The asset integrity management market is set to reach around USD 24.2 billion in revenue in 2024, projected to grow at a CAGR of 5.9% from 2024 to 2030, ultimately hitting USD 34.1 billion by 2030. This growth is spurred by increasing industrialization, urbanization, stringent safety regulations, environmental concerns about poorly maintained assets, and continuous technological advancements.

Industries like manufacturing, power generation, and oil & gas face challenges with aging infrastructure, with assets nearing or surpassing their intended operational lifespan. These aging assets are vulnerable to failures and performance issues. Companies are increasingly adopting asset integrity management solutions to mitigate these risks, prolong asset life, and avoid unexpected breakdowns.

Asset integrity management enables companies to proactively monitor and evaluate asset performance, ensuring timely maintenance and repair. This approach helps reduce the risk of unexpected failures, optimize maintenance costs, and enhance asset longevity.

The market, however, faces obstacles such as high implementation costs and the complexity of asset integrity management software. Integrating these systems requires specialized expertise, posing financial challenges for small businesses with limited budgets.

On the opportunities side, the power sector in emerging economies is fueling demand for asset integrity management. Rapid industrialization and urbanization in developing regions drive the need for reliable power infrastructure, presenting potential growth for advanced integrity management services. These services ensure the safety and reliability of critical assets, including power plants and transmission lines.

Browse full report at: https://www.psmarketresearch.com/market-analysis/asset-integrity-management-market

Key Insights:

• Non-destructive testing (NDT) is expected to capture 30% of market revenue in 2024 and see the fastest CAGR of 6.5% from 2024 to 2030.
• NDT is favored for inspecting materials without damaging them, helping identify flaws and weaknesses while maintaining operations.
• The oil & gas sector is projected to see a CAGR of 6.7% over 2024–2030, driven by the sector's aging infrastructure and rigorous safety standards.
• North America is forecasted to hold the largest market share of 45% in 2024, benefitting from a strong concentration of skilled professionals and major industries.
• APAC is anticipated to be the fastest-growing market with a CAGR of 6.3% from 2024 to 2030, driven by its robust oil & gas, manufacturing, and power sectors, along with strict environmental regulations.