Risk-based Inspection (RBI) market increasing automation of factories such as the use of robotics has further offered greater access, coverage, and data-gathering capability, which helps in more accurate risk inspection. The lack of quality data and the limited penetration of automation among industries is expected to restrain market growth.

The integration of advanced technologies such as AI, machine learning, and artificial neural networks is projected to provide significant growth opportunities for market stakeholders. Strenuous software implementation and integration methods pose a major challenge to market growth. The lack of management commitment to regular risk-based inspection and the unavailability of well-defined risk-based inspection processes are significant challenges for enterprises during the forecast period.

The services segment captures a significant share of the risk-based inspection market in 2023. The solutions segment is anticipated to experience substantial growth with a significant CAGR during the forecast period. The availability of RBI software with flexible pricing models is expected to drive segmental growth in this period.

Based on enterprise size, the large enterprises segment captures a significant share of the risk-based inspection market in 2023. The high adoption rate among heavy industries, such as oil and gas, energy, and power, serves as a major driver for the segmental growth of the market in 2023. Simultaneously, the SME segment is anticipated to witness significant CAGR during the forecast period, with the availability of risk-based software featuring a monthly pricing model expected to be a driving factor in this period.

Based on the end-use industry, oil and gas industry will capture a significant share of the risk-based inspection market in 2023. The high risk of workers’ safety and the high cost associated with equipment failure have influenced the adoption of risk-based inspection in the oil and gas industry. Pharmaceutical and automotive industries are expected to register significant CAGR over the projected timespan from 2024 to 2030.

Middle East is the largest oil & gas-producing region of the world. The well established oil industry in Saudi Arabia, UAE, Qatar is adopting strategies to reduce their maintenance cost and lower failure probability. In September 2021, Penspen, a global energy services company has secured more than USD 50 million contract from ADNOC, ADNOC Onshore, ADNOC Offshore, and ADOC. The contracts cover a range of Asset Integrity Services including Pipeline Integrity Management, Corrosion Consultancy, Risk-Based Inspection Assessment.

Key players operating in the global risk-based inspection market are SAP, TÜV SÜD, Intertek, SGS, Bureau Veritas, Metegrity, TWI, General Electric, Resco, ABS Group, AsInt, and Wipro, among others.