At 10.4% CAGR, Middle East & Africa Asset Integrity Management Market is Projected to be Worth US$ 850.04 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the Middle East & Africa asset integrity management market was valued at US$ 385.40 million in 2022 and is expected to reach US$ 850.04 million by 2030, registering a CAGR of 10.4% from 2022 to 2030. Increase in need for operational safety of aging assets in risk-based industries and rising adoption of growth strategies by market players are among the critical factors attributed to drive the Middle East & Africa asset integrity management market growth.

Asset integrity management software protects the capability of an asset to perform its functions effectively, as well as manages corporate assets in order to gain profitability. Asset integrity management software offers various services, including design, inspection, maintenance, and operations, which highly impact the integrity of infrastructure and equipment. It also provides auditing, inspections, overall quality processes, and other tools for the effective integrity management of assets. Industries such as petrochemicals, oil & gas, renewable energy, power, and infrastructure opt for these services in order to achieve increased productivity while meeting environmental and safety concerns. These industries are risk-based and highly asset-based; hence, maintenance and inspection of such assets are essential. In oil & gas industry, performance and operational risk levels are dependent upon the integrity of the assets, such as subsea equipment, platform topsides, structures, gas processing plants, pipelines, refineries, compressors, and gas distribution networks, throughout the value chain. Operational efficiency for assets is highly necessary in oil & gas, mining, and power industries; thus, regular maintenance of these assets is important to gain maximum productivity. Chemicals and oil & gas products are corrosive and flammable in nature and require continuous inspection and maintenance of the equipment for overall operational efficiency and safety. The asset integrity management services ensure improved reliability, productivity, and safety of the equipment to achieve quality performance in a sustainable manner. Also, this system reduces the overall repair cost of the equipment with increased plant reliability. It is a cost-effective and reliable solution to maintain the company's assets, which helps extend the lifetime of aging assets reliably and improve operational safety. Various market players across the globe are providing asset integrity management software in order to manage performance and operational risk. For example, DNV Group AS provides the Synergi asset integrity software suite, which offers a core platform to support effective risk-based integrity management in risk-based industries such as oil & gas. Thus, the need for operational safety of aging assets in risk-based industries drives the asset integrity management market.

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

Based on service type, the Middle East & Africa 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$ 81.37 million. It is projected to garner US$ 171.16 million by 2030 to register 9.7% CAGR during 2022-2030.

In terms of end user, the Middle East & Africa asset integrity management market is segmented into oil & gas, power, marine, mining, aerospace, and others. The oil & gas segment held 38.7% share of Middle East & Africa asset integrity management market in 2022, amassing US$ 149.21 million. It is anticipated to garner US$ 299.06 million by 2030 to expand at 9.1% CAGR during 2022-2030.

Based on country, the Middle East & Africa asset integrity management market is categorized into Saudi Arabia, South Africa, the UAE, and the Rest of Middle East & Africa. Our regional analysis states that the Rest of Middle East & Africa captured 49.0% share of Middle East & Africa asset integrity management market in 2022. It was assessed at US$ 188.73 million in 2022 and is likely to hit US$ 450.75 million by 2030, registering a CAGR of 11.5% during 2022-2030.

Key players operating in the Middle East & Africa 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 May 2020, Oceaneering won significant asset integrity scope in the Middle East. Oceaneering International, Inc. awarded a considerable asset integrity contract from a major operator based in Dubai, UAE. The award includes the provision of general and advanced non-destructive testing (NDT) and fabric maintenance inspection services across the operator's onshore and offshore facilities in the Middle East.
  
  
• In May 2023, SGS participated in the Middle East Asset Integrity Management Conference and Showcase (AIMCS) that took place in Abu Dhabi, the UAE. The event was organized under the technical chairmanship of ADNOC Gas Processing. The event brought together over 300+ industry experts and professionals to discuss the latest trends and best practices in asset integrity management.
  
  

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