Middle East & Africa Asset Integrity Management Market
No. of Pages: 96 | Report Code: BMIRE00030444 | Category: Technology, Media and Telecommunications
No. of Pages: 96 | Report Code: BMIRE00030444 | Category: Technology, Media and Telecommunications
The Middle East & Africa asset integrity management market was valued at US$ 385.40 million in 2022 and is expected to reach US$ 850.04 million by 2030; it is estimated to record a CAGR of 10.4% from 2022 to 2030. Integration of Digital Twin and IIoT with Asset Integrity Management Software Bolsters Middle East & Africa Asset Integrity Management Market
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.Middle East & Africa Asset Integrity Management Market Overview
The National Oil Companies (NOCs) in the Middle Eastern region are entering into the new era of the oil industry and venturing into more technically complicated projects such as hydrocarbon reservoirs, which in response has generated a critical emergence of management of the integrity of new as well as already existing assets. Several existing and operating assets in the region, particularly at the off-shore locations, are, on average, 30-40 years old and performing at their maximum potential. In addition, several oil wells in the region are being used beyond their lifespan. This has raised concern regarding the uncertainty of the integrity of these oil wells for the rest of their service life. The hydrocarbon-rich oil & gas resources in the region have remained relatively easy to access. This has further enabled the operators to produce higher at low cost, allowing them to dissolve any business inefficiencies that might have happened due to improper asset integrity management. Various petroleum development companies are using asset integrity management software. For example, Nigeria-based Seplat Petroleum Development, an independent upstream exploration and production company, has chosen the Visions software from Metegrity as its asset integrity management system. Seplat selected Visions Enterprise over the competition due to its functionality and capacity to manage pressure equipment and pipelines from an individual software platform.
Middle East & Africa Asset Integrity Management Market Revenue and Forecast to 2030 (US$ Million)
Strategic insights for the Middle East & Africa 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 Middle East & Africa 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$ 385.40 Million
Market Size by 2030
US$ 850.04 Million
Global CAGR (2022 - 2030)
10.4%
Historical Data
2020-2021
Forecast period
2023-2030
Segments Covered
By Service Type
By End User
Regions and Countries Covered
Middle East and Africa
Market leaders and key company profiles
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Middle East & Africa Asset Integrity Management Market Segmentation
The Middle East & Africa asset integrity management market is segmented into service type, end user, and country.
Based on service type, the Middle East & Africa 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 the largest market share in 2022.
In terms of end user, the Middle East & Africa 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 Middle East & Africa asset integrity management market is segmented into Saudi Arabia, the UAE, South Africa, and the Rest of Middle East & Africa. The Rest of Middle East & Africa dominated the Middle East & Africa 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 Middle East & Africa 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 Middle East & Africa Asset Integrity Management Market is valued at US$ 385.40 Million in 2022, it is projected to reach US$ 850.04 Million by 2030.
As per our report Middle East & Africa Asset Integrity Management Market, the market size is valued at US$ 385.40 Million in 2022, projecting it to reach US$ 850.04 Million by 2030. This translates to a CAGR of approximately 10.4% during the forecast period.
The Middle East & Africa 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 Middle East & Africa Asset Integrity Management Market report:
The Middle East & Africa Asset Integrity Management Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Middle East & Africa Asset Integrity Management Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Middle East & Africa Asset Integrity Management Market value chain can benefit from the information contained in a comprehensive market report.
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