At 11.3% CAGR, Asia Pacific Asset Integrity Management Market is Projected to be Worth US$ 1,752.77 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the Asia Pacific asset integrity management market was valued at US$ 746.13 million in 2022 and is expected to reach US$ 1,752.77 million by 2030, registering a CAGR of 11.3% from 2022 to 2030. Stringent government safety regulations and increase in need for operational safety of aging assets in risk-based industries are among the critical factors attributed to drive the Asia Pacific asset integrity management market growth.

Several companies operating in the asset integrity management market offer services that comply with government regulatory requirements. Currently, with the increase in industrialization, a wide range of companies are operating for advanced solutions to improve the overall efficiency of operations. In industries such as oil & gas, power, chemical, mining, etc., asset integrity management services play a vital role in minimizing risk during manufacturing operations. These industries are associated with several government-led environmental regulations. The regulations in the oil & gas industry are employed for the major objectives of protecting the environment, conserving natural resources, and protecting workers & public health and safety. The oil & gas industry comprises the involvement of a wide range of equipment and operations that cause emissions. Also, equipment operators face difficulty in the maintenance of the emission control equipment. Moreover, the Petroleum and Explosives Safety Organization (PESO), previously known as the Department of Explosives, has been serving India as a nodal agency for regulating the safety of hazardous materials such as compressed gases, explosives, and petroleum used in manufacturing processes. PESO's major work is to administer the responsibilities delegated under the Explosives Act and the Rules that follow the motto "safety first." Due to this, mining, oil & gas, power, marine, and other related industries have to comply with several emission standards for equipment, health & safety requirements, and control operational malfunction. Asset integrity and reliability management software offers a wide variety of services ranging from condition-based monitoring, risk-based inspection analysis, safety integrity management, and asset health indexing to root cause analysis. These services enable the prediction and identification of the failure of assets that can pose a risk to the manufacturing operation. It also leads to proactive inspection and maintenance, which is crucial for productive and efficient operation. As a result, companies are more inclined toward the adoption of asset integrity management services for equipment maintenance and inspection to avoid equipment failure. Thus, stringent government-led environmental regulations boost the implementation of asset integrity management services across several industries, which drives the asset integrity management market.

On the contrary, cost involved in non-value-added maintenance and improper operation hampers the growth of Asia Pacific asset integrity management market.

Based on service type, the Asia Pacific asset integrity management market is categorized into non-destructive testing inspection, corrosion management, pipeline integrity management, structural integrity management, risk-based inspection, and others. The non-destructive testing inspection segment held 21.1% market share in 2022, amassing US$ 157.29 million. It is projected to garner US$ 345.73 million by 2030 to register 10.3% CAGR during 2022-2030.

In terms of end user, the Asia Pacific asset integrity management market is segmented into oil & gas, power, marine, mining, aerospace, and others. The oil & gas segment held 39.5% share of Asia Pacific asset integrity management market in 2022, amassing US$ 294.74 million. It is anticipated to garner US$ 628.33 million by 2030 to expand at 9.9% CAGR during 2022-2030.

Based on country, the Asia Pacific asset integrity management market is categorized into China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific. Our regional analysis states that China captured 29.8% share of Asia Pacific asset integrity management market in 2022. It was assessed at US$ 222.27 million in 2022 and is likely to hit US$ 514.41 million by 2030, registering a CAGR of 11.1% during 2022-2030.

Key players operating in the Asia Pacific asset integrity management market are SGS SA, Intertek Group Plc, Aker Solutions SA, Bureau Veritas SA, Fluor Corp, DNV Group AS, John Wood Group Plc, Rosen Group, TechnipFMC Plc, and Oceaneering International Inc, among others.

• In July 2023, John Wood Group (Wood) had secured a US $250 million contract from Brunei Shell Petroleum (BSP), a unit of oil and gas major Shell. The contract, which is a two-year extension until February 2026, aims to improve production capacity and efficiency by revitalizing BSP's offshore energy assets.
  
  
• In August 2022, Oceaneering International announced that it had utilized the Inspection Data Management Software (IDMS) platform provided by Austin-based software firm HUVRdata (HUVR) to enhance its current Integrity Management offerings. The arrangement leverages industry-leading subject-matter expertise and accelerates HUVR's technology roadmap to create new and enhanced software products that are of value to Oceaneering's customers.
  
  

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