Europe Asset Integrity Management Market
No. of Pages: 103 | Report Code: BMIRE00030396 | Category: Technology, Media and Telecommunications
No. of Pages: 103 | Report Code: BMIRE00030396 | Category: Technology, Media and Telecommunications
The Europe asset integrity management market was valued at US$ 886.15 million in 2022 and is expected to reach US$ 1,834.14 million by 2030; it is estimated to record a CAGR of 9.5% from 2022 to 2030. Stringent Government Safety Regulations Drive Europe Asset Integrity Management Market
Several companies operating in the asset integrity management market offer services that comply with government regulatory requirements. Currently, with the increase in industrialization, a wide range of companies are operating for advanced solutions to improve the overall efficiency of operations. In industries such as oil & gas, power, chemical, mining, etc., asset integrity management services play a vital role in minimizing risk during manufacturing operations. These industries are associated with several government-led environmental regulations. The regulations in the oil & gas industry are employed for the major objectives of protecting the environment, conserving natural resources, and protecting workers & public health and safety. The oil & gas industry comprises the involvement of a wide range of equipment and operations that causes emissions. Also, equipment operators face difficulty in the maintenance of the emission control equipment. Asset integrity and reliability management software offers a wide variety of services ranging from condition-based monitoring, risk-based inspection analysis, safety integrity management, and asset health indexing to root cause analysis. These services enable the prediction and identification of the failure of assets that can pose a risk to the manufacturing operation. It also leads to proactive inspection and maintenance, which is crucial for productive and efficient operation. As a result, companies are more inclined toward the adoption of asset integrity management services for equipment maintenance and inspection to avoid equipment failure.
Thus, stringent government-led environmental regulations boost the implementation of asset integrity management services across several industries, which drives the asset integrity management market.Europe Asset Integrity Management Market Overview
The Europe asset integrity management software market includes countries such as France, Germany, Russia, Italy, the UK, and the Rest of Europe. Oil and gas pipelines in Europe are a highly diversified network spread across 50 countries in this region. Pipelines include cross-border lines, international pipelines that originate or end in Europe, and domestic pipelines used for the supply of oil, gas, and various other materials. Oil and natural gas are distributed to the European nations through these pipelines. Russian Federation is the largest supplier of fossil fuels to the European Union. Approximately 40% of the oil and natural gas consumed by the European Union for various purposes is imported from the Russian Federation. The supply chain for oil and gas in Europe is quite different. Third-party access in the EU regulates the transmission of natural gas, and it is distributed on fixed pipelines. Therefore, the use of asset integrity management is majorly by the natural gas pipeline owners and operators. Moreover, several chemical manufacturers in the region are signing agreements to use risk-based inspection asset integrity software. As of June 2021, INEOS signed an agreement to use Antea's risk-based inspection asset integrity software. INEOS determined the Antea Platform, with its certified API 581-compliant RBI and comprehensive IDMS module, to be a robust, reliable solution that adheres to their requirements. The growing demand for asset integrity management software is propelling the growth of the market. Further, several players across Europe are indulging in mergers and acquisitions. For instance, in January 2024, Cenosco, which provides asset integrity software, acquired Shell's integrity management system (IMS) software, making the software available on a broader scale in oil & gas and chemical sectors. Thus, such acquisitions in the region propelled the growth of the asset integrity management software market. Companies across region is making significant investments that are anticipated to be used in the most effective way to guarantee correct and lasting protection to assure the endurance and upgrade of the infrastructure. In order to properly handle the aging infrastructures, a different management approach is needed; this, combined with the fact that the costs of new European infrastructures are more than maintaining the existing network, brings to the point that Europe can have a healthy, available, and usable transport infrastructure network, mainly by preserving and prolonging the lifetime of the existing network.
Europe Asset Integrity Management Market Revenue and Forecast to 2030 (US$ Million)
Strategic insights for the Europe Asset Integrity Management provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market. The geographic scope of the Europe Asset Integrity Management refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
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Report Attribute
Details
Market size in 2022
US$ 886.15 Million
Market Size by 2030
US$ 1,834.14 Million
Global CAGR (2022 - 2030)
9.5%
Historical Data
2020-2021
Forecast period
2023-2030
Segments Covered
By Service Type
By End User
Regions and Countries Covered
Europe
Market leaders and key company profiles
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Europe Asset Integrity Management Market Segmentation
The Europe asset integrity management market is segmented into service type, end user, and country.
Based on service type, the Europe 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 others segment held the largest market share in 2022.
In terms of end user, the Europe asset integrity management market is categorized into oil & gas, power, marine, mining, aerospace, and others. The oil & gas segment held the largest market share in 2022.
By country, the Europe asset integrity management market is segmented into Germany, the UK, France, Italy, Russia, and the Rest of Europe. The Rest of Europe dominated the Europe asset integrity management market share in 2022.
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 are some of the leading companies operating in the Europe asset integrity management market.
1. SGS SA
2. Intertek Group Plc
3. Aker Solutions SA
4. Bureau Veritas SA
5. Fluor Corp
6. DNV Group AS
7. John Wood Group Plc
8. Rosen Group
9. TechnipFMC Plc
10. Oceaneering International Inc
The Europe Asset Integrity Management Market is valued at US$ 886.15 Million in 2022, it is projected to reach US$ 1,834.14 Million by 2030.
As per our report Europe Asset Integrity Management Market, the market size is valued at US$ 886.15 Million in 2022, projecting it to reach US$ 1,834.14 Million by 2030. This translates to a CAGR of approximately 9.5% during the forecast period.
The Europe Asset Integrity Management Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Europe Asset Integrity Management Market report:
The Europe Asset Integrity Management Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe Asset Integrity Management Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe Asset Integrity Management Market value chain can benefit from the information contained in a comprehensive market report.
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