At 7.4% CAGR, North America Asset Integrity Management Market is Projected to be Worth US$ 1,995.41 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the North America asset integrity management market was valued at US$ 1,128.52 million in 2022 and is expected to reach US$ 1,995.41 million by 2030, registering a CAGR of 7.4% from 2022 to 2030. Integration of digital twin and IIoT with asset integrity management software and expansion of oil & gas industry are among the critical factors attributed to drive the North America asset integrity management market growth.

Asset management is a significant part of asset-intensive industries and plays a crucial role in determining safety, operational performance, and profitability for the industry by selection, maintenance, inspection, and renewal of the required assets. Such software is largely employed in a wide range of industries, mainly oil & gas, power, and mining, in order to maximize return on assets and reduce the risks related with accidents and loss of production. The implementation of this software maintains the company's assets in fir-for-service, ensuring technical integrity, safety, reliability, and regulatory compliance. Digital twin, defined as a digital depiction or virtual model of a physical object, is a new technology that can integrate with asset management software for oil & gas or petrochemical storage tanks and terminals. Digital twin helps reduce information silos and consolidate all asset data into a single version of the truth. All data from different sources-comprising 2D, point cloud data, 3D modeling, PFDs, plot plans, smart P&IDs, laser scanning, and/or Google Maps-is consolidated and bidirectionally linked into one computer-generated copy of the complete plant or facility, including all assets within it as well as all components integrated into each asset. The advancement of digital technology has evolved the landscape of maintenance and operations for plants as well as facilities in oil & gas, power generation, petrochemical, pharmaceutical, and other asset-intensive industries. The total automation driven by the Industrial Internet of Things (IIoT) includes integrating of plant, logistics, and supply chain management with the process of planning and producing optimally. The Internet of Things enables unprecedented interconnection of physical assets and data collection systems. IIoT refers to interconnected sensors, instruments, and other equipment networked along with industrial applications on various devices in these industries. It is essentially the consolidation of all data points into a single source of truth-one digital database that is current and evergreen, which is constantly updated with real-time data on the equipment obtained from many sources. An asset integrity management software or platform, which is designed to consolidate all integrity information on industrial equipment, is the single source. IIoT improves asset integrity management software capacity of managing things efficiently. Thus, the integration of digital twins and IIoT with asset integrity management software is expected to fuel the asset integrity management market growth in the coming years.

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

Based on service type, the North America 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 19.9% market share in 2022, amassing US$ 225.13 million. It is projected to garner US$ 387.15 million by 2030 to register 7.0% CAGR during 2022-2030.

In terms of end user, the North America asset integrity management market is segmented into oil & gas, power, marine, mining, aerospace, and others. The oil & gas segment held 38.1% share of North America asset integrity management market in 2022, amassing US$ 430.33 million. It is anticipated to garner US$ 683.56 million by 2030 to expand at 6.0% CAGR during 2022-2030.

Based on country, the North America asset integrity management market is categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 69.3% share of North America asset integrity management market in 2022. It was assessed at US$ 781.95 million in 2022 and is likely to hit US$ 1,436.84 million by 2030, registering a CAGR of 7.9% during 2022-2030.

Key players operating in the North America 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.

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