At 9.5% CAGR, Europe Asset Integrity Management Market is Projected to be Worth US$ 1,834.14 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the Europe asset integrity management market was valued at US$ 886.15 million in 2022 and is expected to reach US$ 1,834.14 million by 2030, registering a CAGR of 9.5% from 2022 to 2030. Expansion of oil & gas industry and growth in nuclear power industry are among the critical factors attributed to drive the Europe asset integrity management market growth.

With the rise in digital transformation in a wide range of industries, the oil & gas industry plays a key role in this industrial revolution and the economic growth of the world. The major factor driving the evolution of this industry is the high demand for electricity, power, automobiles, and aircraft to the rapidly growing population. Moreover, the oil & gas industry accounted for the largest share of global consumed energy resources. In terms of usage, natural gas is estimated to become the fastest-depleting fossil fuel in the coming years. Globally, oil supply is expected to increase rapidly in order to meet the rise in energy demand owing to the depletion of existing oil reserves. According to the International Energy Agency (IEA), as of June 2023, worldwide oil demand is anticipated to increase by 6% between 2022 and 2028 and reach 105.7 million barrels per day (mb/d) due to tremendous demand from the petrochemical and aviation industries. Hence, an increased demand for oil and gas in the petrochemicals and aviation sectors is also propelling the growth of the oil & gas industry. Oil & gas operations involve a diverse set of complex assets, such as pipes and drilling equipment, which are exposed to extremely harsh environments that make manual maintenance difficult. Hence, it is challenging for oil & gas companies to manage every asset efficiently, where assets are heavily regulated and expensive. Thus, it creates a need for companies to opt for asset management services that provide custom-fit strategies and plans, estimate the time of failure, and forecast equipment lifecycles. Moreover, oil and gas companies are deploying new technologies to attain greater efficiency to meet the world's increasing demand for energy. Simultaneously, many companies are forcing engineering and maintenance divisions to reduce operating costs, budget, and labor while maintaining high production levels. Hence, it is necessary for oil and gas companies to establish inclusive policies regarding discharge of harmful pollutant from oil & gas plant and practices to manage security and risk violations cost-effectively. Thus, the expansion of the oil & gas industry with an increase in demand for oil & gas from petrochemical and aviation industries is expected to provide substantial growth opportunities to the market players during the forecast period.

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

Based on service type, the Europe 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 others segment held 22.5% market share in 2022, amassing US$ 199.21 million. It is projected to garner US$ 457.35 million by 2030 to register 10.9% CAGR during 2022-2030.

In terms of end user, the Europe asset integrity management market is segmented into oil & gas, power, marine, mining, aerospace, and others. The oil & gas segment held 37.2% share of Europe asset integrity management market in 2022, amassing US$ 329.87 million. It is anticipated to garner US$ 605.66 million by 2030 to expand at 7.9% CAGR during 2022-2030.

Based on country, the Europe asset integrity management market is categorized into Germany, the UK, France, Italy, Russia, and the Rest of Europe. Our regional analysis states that the Rest of Europe captured 33.7% share of Europe asset integrity management market in 2022. It was assessed at US$ 298.46 million in 2022 and is likely to hit US$ 701.38 million by 2030, registering a CAGR of 11.3% during 2022-2030.

Key players operating in the Europe 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 August 2021, DNV delivered pipeline integrity solutions to the national gas company of Trinidad and Tobago Limited. DNV's Synergi pipeline is being implemented at NGC to support safe and efficient pipeline operations.
  
  
• In November 2023, ROSEN Group was awarded the Technology and Innovation category of OCENSA's Supply Award 2023 for its technological innovation in integrity management. The prestigious recognition highlights ROSEN's innovative approach to pipeline integrity management, specifically for the detection of circumferential cracks caused by external factors.
  
  

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