Latest News- Asset Integrity Management Systems (AIMS) Market: Non-destructive testing is expected to lead the Service Type segment during 2025-2029

The Asset Integrity Management Systems (AIMS) Market is being driven by Aging infrastructure

The Asset Integrity Management Systems (AIMS) Market is expected to grow at a CAGR of 4.8% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 6015.9 million. Strategic partnerships and acquisitions are significantly shaping the global Asset Integrity Management Systems (AIMS) market, fostering innovation and expanding service offerings. These collaborations aim to leverage complementary strengths, enabling the delivery of comprehensive solutions that optimize asset performance, enhance operational efficiency, and ensure regulatory compliance. On April 2, 2024, Cenosco, a leading provider of AIMS software, and MaxGrip, a renowned global consultancy specializing in Asset Performance Management (APM), announced a strategic partnership. This alliance combines Cenosco's IMS Suite, a collaborative development with Shell, with MaxGrip's extensive expertise in APM, change management, and advisory services. By integrating these capabilities, IMS Suite users can now benefit from MaxGrip's industry knowledge and proven experience, resulting in optimized asset performance and substantial cost savings. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Service Type
  • Non-destructive testing
  • Risk based inspection
  • Corrosion management
  • Pipeline integrity management
  • Others
• End-user
  • Oil and gas
  • Power generation
  • Aerospace and defense
  • Manufacturing and processing
  • Others
• Geography
  • North America
    • Canada
    • US
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Europe
    • Germany
    • UK
    • France
  • Middle East and Africa
  • South America
    • Brazil

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Aging infrastructure
• Stringent regulatory standards
• Increasing industrialization in emerging economies

However, the market also witnesses some limitations, which are as follows:

• Complexity in integrating legacy systems
• Skilled workforce shortage
• Data security and cyber threats

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Market Scope in Asset Integrity Management Systems (AIMS) Market Research Report

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Research Analysis Overview

The Asset Integrity Management Systems (AIMS) market encompasses a range of technologies and practices aimed at optimizing the maintenance of industrial assets. Key components include condition-based maintenance, root cause analysis, and failure analysis, as well as reliability engineering and various maintenance strategies such as preventative and corrective maintenance. Work management systems, maintenance scheduling, inventory management, and spare parts management are essential for efficient asset upkeep. Human capital management, training, and development ensure a skilled workforce. Data integrity and security are paramount, with integration with ERP systems, mobile applications, AR/VR, digital twins, blockchain technology, IoT sensors, wireless communication, AI, predictive modeling, reporting and analytics, and compliance management enhancing system capabilities.

Market Research Overview

The Asset Integrity Management Systems (AIMS) market is a significant segment of the global industrial machinery and supplies and components industry. This market encompasses companies providing asset integrity management solutions, including risk-based inspection, corrosion monitoring, data analytics, machine learning, and sensor technologies. The expansion of industrial output in process and discrete industries, driven by the increasing demand for energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages in developing countries, will fuel the growth of the global industrial machinery and supplies and components market. AIMS plays a crucial role in ensuring the reliability and longevity of industrial assets by implementing advanced technologies and data-driven strategies to mitigate risks and optimize maintenance activities.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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