South & Central America Asset Integrity Management Market Forecast to 2030
South & Central America Asset Integrity Management Market Forecast to 2030 – Regional Analysis – by Service Type (Non-Destructive Testing Inspection, Corrosion Management, Pipeline Integrity Management, Structural Integrity Management, Risk-Based Inspection, and Others) and End User (Oil & Gas, Power, Marine, Mining, Aerospace, and Others)
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Description
Expansion of Oil & Gas Industry Fuels South & Central America Asset Integrity Management Market
With the rise in digital transformation in a wide range of industries, the oil & gas industry plays a key role in this industrial revolution and the economic growth of the world. The major factor driving the evolution of this industry is the high demand for electricity, power, automobiles, and aircraft to the rapidly growing population. Moreover, the oil & gas industry accounted for the largest share of global consumed energy resources. In terms of usage, natural gas is estimated to become the fastest-depleting fossil fuel in the coming years.
Globally, oil supply is expected to increase rapidly in order to meet the rise in energy demand owing to the depletion of existing oil reserves. According to the International Energy Agency (IEA), as of June 2023, worldwide oil demand is anticipated to increase by 6% between 2022 and 2028 and reach 105.7 million barrels per day (mb/d) due to tremendous demand from the petrochemical and aviation industries. Hence, an increased demand for oil and gas in the petrochemicals and aviation sectors is also propelling the growth of the oil & gas industry.
Oil & gas operations involve a diverse set of complex assets, such as pipes and drilling equipment, which are exposed to extremely harsh environments that make manual maintenance difficult. Hence, it is challenging for oil & gas companies to manage every asset efficiently, where assets are heavily regulated and expensive. Thus, it creates a need for companies to opt for asset management services that provide custom-fit strategies and plans, estimate the time of failure, and forecast equipment lifecycles.
Moreover, oil and gas companies are deploying new technologies to attain greater efficiency to meet the world’s increasing demand for energy. Simultaneously, many companies are forcing engineering and maintenance divisions to reduce operating costs, budget, and labor while maintaining high production levels. Hence, it is necessary for oil and gas companies to establish inclusive policies regarding discharge of harmful pollutant from oil & gas plant and practices to manage security and risk violations cost-effectively. Thus, the expansion of the oil & gas industry with an increase in demand for oil & gas from petrochemical and aviation industries is expected to provide substantial growth opportunities to the market players during the forecast period.
South & Central America Asset Integrity Management Market Overview
The growth of the South America asset integrity management market is driven by the increasing demand for comprehensive software and services for managing and controlling asset performance among industries. The South America asset integrity management market is anticipated to expand at a significant rate during the forecast period due to increasing electricity consumption and the expanding power generation industry. For instance, according to the International Energy Agency, the consumer demand for electricity is expected to grow by 90% by the end of 2050 due to the availability of cheap renewables. Rise in urbanization and expansion of various industries such as power, oil & gas, and chemicals increase the demand for asset integrity management software for improving plant performance. Furthermore, significant initiatives taken by the governments to advance power distribution facilities, particularly in all the key economies of South America, are driving the market. For instance, in September 2022, the government of Peru announced that five solar power plants with a total capacity of 600 MW would start their operation in June 2023. These projects include the 300 MW Continua Misti, the 100 MW Continua Chachani, the 60 MW Continua Pichu Plants in the Arequipa region, the 20 MW Milagros Solar Park in the Loreto region, and the 123 MW Clemessolar Park in the Moquegua region. The asset integrity management perform the root cause analysis on samples of failed boilers in the power plants. This helps the technician implement the corrective action needed to avoid repeat boiler tube failures. Asset integrity management software is also used to reduce additional costs and downtime incurred with those failures, creating opportunities for market growth soon. Furthermore, the infrastructure facilities in South America are consistently developing, which increases the demand for asset integrity management software and services for effectively handling operations. The manufacturing industry is quite large, contributing to the growth in pipeline implementations for internal distributions and, in turn, propelling the growth of the asset integrity management market.
South & Central America Asset Integrity Management Market Revenue and Forecast to 2030 (US$ Million)
South & Central America Asset Integrity Management Market Segmentation
The South & Central America asset integrity management market is segmented into service type, end user, and country.
Based on service type, the South & Central America 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 South & Central America 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 South & Central America asset integrity management market is segmented into Brazil, Argentina, and the Rest of South & Central America. The Rest of South & Central America dominated the South & Central America 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 South & Central America asset integrity management market.
Summary Info
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According to the Research Team’ research, the South & Central America asset integrity management market was valued at US$ 187.70 million in 2022 and is expected to reach US$ 304.71 million by 2030, registering a CAGR of 6.2% from 2022 to 2030. Integration of digital twin and IIoT with asset integrity management software and growth in nuclear power industry are among the critical factors attributed to drive the South & Central America asset integrity management market growth.
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.
On the contrary, cost involved in non-value-added maintenance and improper operation hampers the growth of South & Central America asset integrity management market.
Based on service type, the South & Central America 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 21.4% market share in 2022, amassing US$ 40.19 million. It is projected to garner US$ 72.32 million by 2030 to register 7.6% CAGR during 2022-2030.
In terms of end user, the South & Central America asset integrity management market is segmented into oil & gas, power, marine, mining, aerospace, and others. The oil & gas segment held 39.5% share of South & Central America asset integrity management market in 2022, amassing US$ 74.16 million. It is anticipated to garner US$ 109.20 million by 2030 to expand at 5.0% CAGR during 2022-2030.
Based on country, the South & Central America asset integrity management market is categorized into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that the Rest of South & Central America captured 49.6% share of South & Central America asset integrity management market in 2022. It was assessed at US$ 93.02 million in 2022 and is likely to hit US$ 131.66 million by 2030, registering a CAGR of 4.4% during 2022-2030.
Key players operating in the South & Central America asset integrity management market are 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, among others.
In November 2023, ROSEN Group was awarded the Technology and Innovation category of OCENSA’s Supply Award 2023 for its technological innovation in integrity management. The prestigious recognition highlights ROSEN’s innovative approach to pipeline integrity management, specifically for the detection of circumferential cracks caused by external factors.
o Highlights key business priorities in order to assist companies to realign their business strategies.
o The key findings and recommendations highlight crucial progressive industry trends in the South & Central America asset integrity management market, thereby allowing players across the value chain to develop effective long-term strategies.
o Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
o Scrutinize in-depth South & Central America market trends and outlook coupled with the factors driving the South & Central America asset integrity management market, as well as those hindering it.
o Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution.
1. Introduction
1.1 The the Reporting Teams Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. South & Central America Asset Integrity Management Market Landscape
4.1 Overview
4.2 Ecosystem Analysis
4.2.1 List of Vendors in the Value Chain
5. South & Central America Asset Integrity Management Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Increase in Need for Operational Safety of Aging Assets in Risk-Based Industries
5.1.2 Stringent Government Safety Regulations
5.1.3 Rising Adoption of Growth Strategies by Market Players
5.2 Market Restraints
5.2.1 Cost Involved in Non-Value-Added Maintenance and Improper Operation
5.3 Market Opportunities
5.3.1 Expansion of Oil & Gas Industry
5.3.2 Growth in Nuclear Power Industry
5.4 Future Trend
5.4.1 Integration of Digital Twin and IIoT with Asset Integrity Management Software
5.5 Impact of Drivers and Restraints:
6. Asset Integrity Management Market – South & Central America Market Analysis
6.1 Asset Integrity Management Market Revenue (US$ Million), 2020-2030
6.2 Asset Integrity Management Market Forecast Analysis
7. South & Central America Asset Integrity Management Market Analysis – by Service Type
7.1 Non-Destructive Testing (NDT) Inspection
7.1.1 Overview
7.1.2 Non-Destructive Testing (NDT) Inspection: Asset Integrity Management Market – Revenue and Forecast to 2030 (US$ Million)
7.2 Corrosion Management
7.2.1 Overview
7.2.2 Corrosion Management: Asset Integrity Management Market – Revenue and Forecast to 2030 (US$ Million)
7.3 Pipeline Integrity Management
7.3.1 Overview
7.3.2 Pipeline Integrity Management: Asset Integrity Management Market – Revenue and Forecast to 2030 (US$ Million)
7.4 Structural Integrity Management
7.4.1 Overview
7.4.2 Structural Integrity Management: Asset Integrity Management Market – Revenue and Forecast to 2030 (US$ Million)
7.5 Risk-Based Inspection (RBI)
7.5.1 Overview
7.5.2 Risk-Based Inspection (RBI): Asset Integrity Management Market – Revenue and Forecast to 2030 (US$ Million)
7.6 Others
7.6.1 Overview
7.6.2 Others: Asset Integrity Management Market – Revenue and Forecast to 2030 (US$ Million)
8. South & Central America Asset Integrity Management Market Analysis – by End User
8.1 Oil & Gas
8.1.1 Overview
8.1.2 Oil & Gas: Asset Integrity Management Market – Revenue and Forecast to 2030 (US$ Million)
8.2 Power
8.2.1 Overview
8.2.2 Power: Asset Integrity Management Market – Revenue and Forecast to 2030 (US$ Million)
8.3 Marine
8.3.1 Overview
8.3.2 Marine: Asset Integrity Management Market – Revenue and Forecast to 2030 (US$ Million)
8.4 Mining
8.4.1 Overview
8.4.2 Mining: Asset Integrity Management Market – Revenue and Forecast to 2030 (US$ Million)
8.5 Aerospace
8.5.1 Overview
8.5.2 Aerospace: Asset Integrity Management Market – Revenue and Forecast to 2030 (US$ Million)
8.6 Others
8.6.1 Overview
8.6.2 Others: Asset Integrity Management Market – Revenue and Forecast to 2030 (US$ Million)
9. South & Central America Asset Integrity Management Market – Country Analysis
9.1 South & Central America Market Overview
9.1.1 South & Central America: Asset Integrity Management Market – Revenue and Forecast Analysis – by Country
9.1.1.1 South & Central America: Asset Integrity Management Market – Revenue and Forecast Analysis – by Country
9.1.1.2 Brazil: Asset Integrity Management Market – Revenue and Forecast to 2030 (US$ Million)
9.1.1.2.1 Brazil: Asset Integrity Management Market Breakdown, by Service Type
9.1.1.2.2 Brazil: Asset Integrity Management Market Breakdown, by End User
9.1.1.3 Argentina: Asset Integrity Management Market – Revenue and Forecast to 2030 (US$ Million)
9.1.1.3.1 Argentina: Asset Integrity Management Market Breakdown, by Service Type
9.1.1.3.2 Argentina: Asset Integrity Management Market Breakdown, by End User
9.1.1.4 Rest of South & Central America: Asset Integrity Management Market – Revenue and Forecast to 2030 (US$ Million)
9.1.1.4.1 Rest of South & Central America: Asset Integrity Management Market Breakdown, by Service Type
9.1.1.4.2 Rest of South & Central America: Asset Integrity Management Market Breakdown, by End User
10. Competitive Landscape
10.1 Heat Map Analysis by Key Players
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
12. Company Profiles
12.1 SGS SA
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Intertek Group Plc
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Aker Solutions ASA
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Bureau Veritas SA
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Fluor Corp
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 DNV Group AS
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 John Wood Group Plc
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 ROSEN Group
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 TechnipFMC plc
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
12.10 Oceaneering International Inc
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Products and Services
12.10.4 Financial Overview
12.10.5 SWOT Analysis
12.10.6 Key Developments
13. Appendix
13.1 About The the Reporting Teams
13.2 Word Index
Table 1. Asset Integrity Management Market Segmentation
Table 2. List of Vendors
Table 3. Asset Integrity Management Market – Revenue and Forecast to 2030 (US$ Million)
Table 4. Asset Integrity Management Market – Revenue and Forecast to 2030 (US$ Million) – by Service Type
Table 5. Asset Integrity Management Market – Revenue and Forecast to 2030 (US$ Million) – by End User
Table 6. South & Central America: Asset Integrity Management Market – Revenue and Forecast to 2030(US$ Million) – by Country
Table 7. Brazil: Asset Integrity Management Market – Revenue and Forecast to 2030(US$ Million) – by Service Type
Table 8. Brazil: Asset Integrity Management Market – Revenue and Forecast to 2030(US$ Million) – by End User
Table 9. Argentina: Asset Integrity Management Market – Revenue and Forecast to 2030(US$ Million) – by Service Type
Table 10. Argentina: Asset Integrity Management Market – Revenue and Forecast to 2030(US$ Million) – by End User
Table 11. Rest of South & Central America: Asset Integrity Management Market – Revenue and Forecast to 2030(US$ Million) – by Service Type
Table 12. Rest of South & Central America: Asset Integrity Management Market – Revenue and Forecast to 2030 (US$ Million) – by End User
Table 13. Heat Map Analysis by Key Players
Table 14. List of Abbreviation
Figure 1. Asset Integrity Management Market Segmentation, by Country
Figure 2. Ecosystem: Asset Integrity Management Market
Figure 3. Impact Analysis of Drivers and Restraints
Figure 4. Asset Integrity Management Market Revenue (US$ Million), 2020-2030
Figure 5. Asset Integrity Management Market Share (%) – by Service Type (2022 and 2030)
Figure 6. Non-Destructive Testing (NDT) Inspection: Asset Integrity Management Market – Revenue and Forecast to 2030 (US$ Million)
Figure 7. Corrosion Management: Asset Integrity Management Market – Revenue and Forecast to 2030 (US$ Million)
Figure 8. Pipeline Integrity Management: Asset Integrity Management Market – Revenue and Forecast to 2030 (US$ Million)
Figure 9. Structural Integrity Management: Asset Integrity Management Market – Revenue and Forecast to 2030 (US$ Million)
Figure 10. Risk-Based Inspection (RBI): Asset Integrity Management Market – Revenue and Forecast to 2030 (US$ Million)
Figure 11. Others: Asset Integrity Management Market – Revenue and Forecast to 2030 (US$ Million)
Figure 12. Asset Integrity Management Market Share (%) – by End User (2022 and 2030)
Figure 13. Oil & Gas: Asset Integrity Management Market – Revenue and Forecast to 2030 (US$ Million)
Figure 14. Power: Asset Integrity Management Market – Revenue and Forecast to 2030 (US$ Million)
Figure 15. Marine: Asset Integrity Management Market – Revenue and Forecast to 2030 (US$ Million)
Figure 16. Mining: Asset Integrity Management Market – Revenue and Forecast to 2030 (US$ Million)
Figure 17. Aerospace: Asset Integrity Management Market – Revenue and Forecast to 2030 (US$ Million)
Figure 18. Others: Asset Integrity Management Market – Revenue and Forecast to 2030 (US$ Million)
Figure 19. South & Central America Asset Integrity Management Market, by Country – Revenue (2022) (US$ Million)
Figure 20. South & Central America: Asset Integrity Management Market Breakdown, by Key Countries, 2022 and 2030 (%)
Figure 21. Brazil: Asset Integrity Management Market – Revenue and Forecast to 2030(US$ Million)
Figure 22. Argentina: Asset Integrity Management Market – Revenue and Forecast to 2030(US$ Million)
Figure 23. Rest of South & Central America: Asset Integrity Management Market – Revenue and Forecast to 2030 (US$ Million)
The List of Companies – South & Central America 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
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