Major players in the asset integrity management market are SGS SA, TWI Ltd., EM&I, LifeTech Engineering Ltd., Aker Solutions ASA, Applus+, DNV GL, John Wood Group PLC. Oceaneering International Inc. , Intertek Group plc.
New York, March 21, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of its “Asset Integrity Management Global Market Report 2022” report – https://www.reportlinker.com/p06246516/?utm_source=GNW
Metegrity Inc., FORCE Technology Norway AS, Bureau Veritas SA, TechnipFMC plc., Fluor Corporation, Dacon Inspection Technologies, General Electric, ABB, Siemens, TÜV SÜD, ABS Group, Velosi Asset Integrity Ltd., Axess Group, Element Materials Technology and MISTRAS Group Inc.
The global asset integrity management market is expected to grow from $22.36 billion in 2021 to $25.73 billion in 2022 at a compound annual growth rate (CAGR) of 15.1%. The change in growth trend is mainly due to the companies stabilizing their production after meeting the demand that grew exponentially during the COVID-19 pandemic in 2021. The market is expected to reach $38.17 billion by 2026 with a CAGR of 10.4%.
The asset integrity management market consists of the sale of asset integrity management services by entities (organizations, sole proprietors, and partnerships) that ensure that a facility’s assets are properly designed, manufactured , purchased, installed and maintained for its intended application throughout the life of the operation. † Asset Integrity Management (AIM) is a method by which the asset’s capability and potential can be effectively managed to reduce and eliminate corrosion and fatigue crack deterioration.
The main types of services in the asset integrity management market are non-destructive testing (NDT), risk-based inspection (RBI), corrosion management, pipeline integrity management, hazard identification (HAZID), structural integrity management, and others. Non-destructive testing (NDT) is a term that refers to a group of non-invasive inspection techniques used to inspect material properties, parts and entire process units.
NDT controls are used in the life cycle of a plant in the petrochemical industry. Asset Integrity Management is highly dependent on this approach.
The asset integrity management is offered in hardware, services and software used in various industries such as oil and gas, energy, mining, aerospace and others.
North America was the largest region in the asset integrity management market in 2021. The regions covered in this report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Growing demand for asset maintenance is expected to fuel the growth of the asset integrity management market in the coming years. business efficiency.
For example, MISTRAS Group, a US-based provider of advanced technology-enabled asset security solutions, reported revenue of $160.8 million in the fourth quarter of 2020, an increase of 8.7% from the third quarter of 2017. 2020. Therefore, the increasing demand for Asset Integrity Management is driving the growth of the asset integrity management market.
The launch of innovative solutions is shaping the asset integrity management market. Major companies operating in the asset integrity management industry are focused on developing asset integrity management technology solutions.
For example, in November 2020, OMNI, part of ICR Integrity, a UK-based provider of integrated maintenance, repair and manufacturing solutions, introduced a new digital asset integrity lifecycle management system built by industry specialists that enables businesses to track, forecast, plan and optimize their asset integrity management programs.
In September 2019, MISTRAS Group, a US-based provider of advanced technology-enabled asset security solutions, acquired New Century Software for an undisclosed amount. The acquisition will deeply integrate inline inspection (ILI) big data with real-time risk analysis and business intelligence (BI) to provide unparalleled capabilities for supporting pipeline integrity.
New Century Software is a US-based provider of pipeline GIS, integrity management and asset management solutions.
The countries covered in the wealth integrity management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and US.
Read the full report: https://www.reportlinker.com/p06246516/?utm_source=GNW
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