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. In the global Asset Integrity Management Systems (AIMS) market, strategic partnerships and acquisitions are significantly contributing to innovation and expanded service offerings. These collaborations allow companies to leverage complementary strengths, delivering comprehensive solutions that optimize asset performance, enhance operational efficiency, and ensure regulatory compliance. On April 2, 2024, Cenosco, a leading AIMS software provider, and MaxGrip, a renowned global Asset Performance Management (APM) consultancy, announced a strategic partnership. This alliance combines Cenosco's IMS Suite, developed in collaboration with Shell, with MaxGrip's extensive expertise in APM, change management, and advisory services. By integrating these capabilities, IMS Suite users will gain access to 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 advanced technologies and solutions for remote asset monitoring, optimizing asset value through predictive analytics and condition monitoring, enhancing asset utilization and reliability, and managing asset health. NDT (non-destructive testing) plays a crucial role in defect detection. Cloud-based asset management, infrastructure modernization, and smart asset management facilitate industrial automation and asset lifecycle management. Key areas include power system stability, grid automation, energy storage, infrastructure resilience, and grid modernization. Technology advancements, such as predictive analytics, power quality, and digital twins, contribute to asset performance optimization, energy management, power distribution infrastructure, and energy transition. Sustainability reporting, green technology, energy efficiency, electric vehicles (EVs), and carbon emissions are also significant factors. Power system optimization, energy management, and power electronics are essential for managing connected assets and maintaining optimal maintenance schedules.

Market Research Overview

The Asset Integrity Management Systems (AIMS) market is a significant segment of the larger industrial machinery and supplies and components market, serving businesses specializing in presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings, and other metal fabrications. According to Technavio, the global industrial machinery and supplies and components market size is determined by the consolidated revenue of machinery and component manufacturers catering to industrial applications. Key growth drivers for this market include the expanding industrial output in process and discrete industries, necessitating capacity expansions in sectors such as energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages, primarily in developing economies. Additionally, the increasing focus on renewable energy, sustainable asset management, and operational efficiency, coupled with advancements in technologies like image recognition, ultrasonic testing, artificial intelligence, digital twin solutions, and real-time monitoring, are crucial factors fueling market growth. These innovations contribute to long-term asset sustainability and improved productivity, making them indispensable for businesses seeking to remain competitive in the evolving industrial landscape.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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