According to a new report, published by KBV research, The Global Asset Integrity Management Market size is expected to reach $28.3 billion by 2028, rising at a market growth of 5.1% CAGR during the forecast period.
The Power segment is showcasing a CAGR of 4.7% during (2022 - 2028). It is because they are employed in the power sector to guarantee the effective and ideal operation of power facilities. The likelihood of their failure and unplanned shutdown rises as a result of the industry's use of numerous complicated equipment and components. Unexpected power plant shutdowns can have catastrophic consequences for end-user businesses and organizations.
The Non-Destructive Testing (NDT) segment acquired maximum revenue share in the Global Asset Integrity Management Market by Service Type in 2021 thereby, achieving a market value of $7.5 billion by 2028. It is because it ensures the cost-effective, dependable, and safe operation of assets. Oil and gas exploration and production companies, offshore oil and gas structure fabrication companies, and onshore and offshore oil and gas pipeline operators, owners, and contractors are all increasingly using these services throughout the oil and gas sector.
The North America market dominated the Global Asset Integrity Management Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $10.4 billion by 2028.The Europe market is exhibiting a CAGR of 4.9% during (2022 - 2028). Additionally, The Asia Pacific market would showcase a CAGR of 5.5% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Bureau Veritas S.A., SGS S.A., Intertek Group PLC, TechnipFMC plc, Applus+ Group, Aker Solutions ASA, ROSEN Swiss AG, LifeTech Engineering Ltd., EM&I Group, and Metegrity, Inc.
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