Infrastructure owners are facing a number of challenges in an increasingly difficult economic and political setting, and are seeking novel approaches to are required to meet the demands of operators, shareholders and other stakeholders. Owners are demanding greater value, for less overall cost, from their assets. New technologies enable higher performance and greater safety, but at a price. Initial purchase costs are rising, leading to longer periods in service. Maintenance requires a more highly skilled, and so more expensive, workforce. This paper summarises the outputs of two industrial workshops carried out in the UK and USA targeted at identifying the major challenges faced by infrastructure owners and operators. These challenges provide guidance to the academic community for directing research activities to address the needs of industry, thus delivering maximum impact.