Dublin, March 28, 2024 (GLOBE NEWSWIRE) -- The "Asset Integrity Management Market Size and Forecasts, Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage" report has been added to ResearchAndMarkets.com's offering.
Growth Trajectory and Market Dynamics
The asset integrity management market has been projected to experience a significant growth, expected to reach an impressive US$ 6.73 billion by the year 2030, according to the latest market analysis. This marks a compound annual growth rate (CAGR) of 9.2% from the year 2022 to 2030. Driving this market advancement are factors such as enhanced safety and security measures, and the burgeoning e-commerce sector.
Regional Contributions and Developments
Asia Pacific region is anticipated to be a major contributor to the asset integrity management market owing to continuous refinery operations and integration of advanced systems and equipment, which necessitate sophisticated asset integrity management solutions. The region's focus on achieving net-zero emissions and the Indian government's plans to expand nuclear power production further underscore the significant demand within this sector.
In the Middle East and Africa, the proliferation of oil production infrastructure demands robust asset integrity management software for optimal management, which serves as an impetus for market growth. Similarly, substantial government initiatives in South and Central America aimed at enhancing power distribution capabilities are catalyzing the market's expansion.
Technological Integration Boosting Market Prospects
The integration of digital technology, particularly the Industrial Internet of Things (IIoT), is revolutionizing operations and maintenance in asset-intensive industries by promoting total automation and interconnectivity. Such technological advancements are expected to notably enhance the capabilities of asset integrity management software, adding to the market's growth trajectory.
Opportunities in Nuclear Power Sector
The nuclear power sector is emerging as a significant area of opportunity for asset integrity management. With burgeoning electricity generation capacities in Asia and a steady increase in operational nuclear reactors in the United States, there is a growing demand for innovative asset integrity solutions. This sector's expansion presents lucrative prospects for market players and underscores the pivotal role of asset integrity management in sustaining nuclear plant operations.
Strategic Development Imperatives for Businesses
Organizations within the asset integrity management market are encouraged to review their strategic priorities, focusing on realigning business strategies to ensure long-term success. By leveraging growth in both developed and emerging markets, businesses can expand and modify their operational plans to harness the potential within this dynamic industry.
Conclusion
The asset integrity management market demonstrates robust growth prospects, spurred by advancements in technology, rising demand across various regions, and significant industrial developments. As the industry navigates challenges and embraces opportunities, especially in the nuclear power sector, asset integrity management is poised to play an integral role in the global industrial landscape.
A selection of companies mentioned in this report includes, but is not limited to:
- SGS SA
- Intertek Group Plc
- Aker Solutions ASA
- Bureau Veritas SA
- Fluor Corp
- DNV Group AS
- John Wood Group Plc
- ROSEN Group
- TechnipFMC plc
- Oceaneering International Inc
For more information about this report visit https://www.researchandmarkets.com/r/z0srmf
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