The global asset integrity management market size is projected to reach USD 25.7 billion by 2026 at a CAGR of 4.9% during the forecast period.
Factors such as
stringent safety regulations and quality control requirements laid down by
governments, and climatic changes affecting the operations of various
industries, thereby driving the asset integrity management industry.
The market for corrosion
management to grow at the highest CAGR from 2021 to 2026
Corrosion management
involves cathodic protection, protective coating, chemical injection, and
corrosion monitoring. Failure to manage corrosion properly imparts a huge
impact on assets. Hence, it is imperative to indulge in effective corrosion
management and recognize and mitigate corrosion problems as they become
evident. The amplifying need to protect aging infrastructure across industries
is driving the demand for corrosion management services. Use of advanced data
analytics, the internet of things (IoT), and data visualization tools are set
to transform corrosion management services and solutions from costly and
presumptive to predictive and data-driven.
Asset integrity
management market for the power industry to exhibit high growth during the
forecast period
The asset integrity
management services in the power industry are used for ensuring the efficient
and optimal working of power plants. Since a number of complex equipment and
components are involved in the industry, the chances of their failure and unplanned
shutdown also increase. Unplanned shutdown of a power plant can have disastrous
effects for end-user industries and organizations. Thus, the implementation of
asset integrity management services is a must to keep the power plants running.
The need to meet the demand for energy due to rapid industrialization and
growing population especially in Asia Pacific have led to an increase in the
number of power plants and, consequently, the demand for asset integrity
management services.
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The asset integrity
management market in Asia Pacific to grow at the highest CAGR during the
forecast period
The asset integrity
management market in Asia Pacific is expected to grow at the highest CAGR from
2021 to 2026. The growth of the market is primarily driven by the increasing
demand for oil and gas and the rise in merger and acquisition activities, which
have increased investments in the regional energy sector. Advancements in terms
of economic growth, infrastructural development, and construction of power
plants boost the asset integrity management market in Asia Pacific. Exhibitions
and associations in Asia Pacific countries support the adoption of asset
integrity management services. Such events include the Asset Integrity
Management Asia Summit (Singapore) and the Structural Integrity Management
Summit Asia Pacific (Malaysia) held annually in August and September,
respectively.
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