Pune, June 16, 2020 (GLOBE NEWSWIRE) -- The global inspection, repair, and maintenance market size is projected to reach USD 60.26 billion by 2027, exhibiting a CAGR of 8.9% during the forecast period. Increasing power generation from renewable energy sources will be a key growth determinant for this market, shares Fortune Business Insights™ in its new report, titled “Inspection, Repair, and Maintenance Market Size, Share & Industry Analysis, By Service Type (Inspection {Visual Inspection, Ultrasonic, Electromagnetic, Radiography, Pigging, Others}, Maintenance {Reactive Maintenance, Preventive Maintenance, Predictive Maintenance, Reliability Centered Maintenance}, Repair), By Type (Offshore Support Vessels, AUVs/ROVs, Others), By Location (Offshore, Onshore) By Application (Oil & Gas {Upstream, Midstream, Downstream}, Renewable {Solar, Wind, Hydro}, Power Generation, Manufacturing, Infrastructure, Marine, Aerospace & Defense, Automotive, Others) and Regional Forecasts, 2020-2027”.
Recently released data on renewables by the International Renewable Energy Agency (IRENA) revealed that global renewable energy capacity grew by 7.9% throughout 2018, reaching 2,351 GW as 2018 ended. In terms of generation capacity, the addition was of 171 GW in 2018, with majority of it seen in hydro, wind, and solar. Expanding capacity of renewables through increased installations is likely to surge the demand for inspection, repair, and maintenance (IRM) services in the forthcoming years as these services will ensure that the power plants function smoothly with minimal downtime losses. This demand will be further bolstered as global population rises and with it, the demand for energy.
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According to the report, the value of this market was at USD 34.54 billion in 2019. Additionally, the report provides the following:
- In-depth analysis of the various market drivers and trends;
- Detailed assessment of the hindrances blocking the market’s progress;
- Exhaustive evaluation of the regional prospects of the market;
- Careful study of all market segments; and
- Comprehensive examination and profiling of the prominent players and their strategies.
Market Restraint
Slump in Energy Demand Caused by the COVID-19 Pandemic to Stall Market Growth
While the growth of the IRM services market is firmly based on escalating energy demand worldwide, the outbreak of the COVID-19 pandemic has put the energy sector in doldrums as energy consumption has slumped significantly. According to a recent assessment report of the International Energy Agency (IEA), energy demand in countries that have imposed full lockdown is falling by 25% every week and in countries with partial lockdown the decline is around 18% per week. For oil, the forecasts are gloomier, because IEA’s analysis has predicted that demand for oil is likely to fall by 9% on average during this year, as global road transport has slumped by 50% since the pandemic broke out. Such drastic turn of events in the energy sector will inevitably hamper the IRM market growth in 2020.
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Regional Analysis
Asia-Pacific to Command Market Share Back by Increasing Investments in Renewables
Boasting a market size of USD 9.27 billion in 2019, Asia-Pacific seems strongly positioned to dominate the inspection, repair, and maintenance market share in the coming years. This is chiefly attributable to the increasing investments by the public and private sectors in renewable energy in the region. Compounding this is the rapid population growth in the region, which has fueled the demand for energy, especially in India and China.
North America has a well-established network of oil & gas pipelines along with rising production of shale gas, making the region one of the largest consumers of IRM services. The market in Europe is envisioned to perform impressively, primarily as a result of shifting focus on green energy production through massive deployment of renewables.
Competitive Landscape
Release of Advanced IRM Solutions to be Central Focus of Market Players
Key market players are increasingly investing in R&D to develop next-gen IRM services and solutions, powered by intelligent technologies such as Internet of Things (IoT). Besides this, companies are also securing service contracts to expand their operational horizons and enlarge their global footprint.
Industry Developments:
- December 2019: UK-based James Fisher Marine Services (JFMS) bagged a contract to deliver maintenance services at East Anglia ONE. The site is one of the leading wind farms in the UK, located to the southeast of the Port of Lowestoft. The contract will require JFMS to provide a variety of services, including ordnance investigation and removal, seabed clearance, and general marine operations.
- November 2019: Weatherford, the oil & gas MNC headquartered in the US, launched the first-of-its-kind non-nuclear, flow-measurement system called ForeSite Flow, powered by Production 4.0 capabilities. Designed for a vast array of oil & gas production environments, the solution provides accurate flow measurements for any kind of fluid mixtures.
List of Players Covered in the Inspection, Repair, and Maintenance Market Report are:
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- ABJ Drones (US)
- MISTRAS Group, Inc. (US)
- Technip FMC (UK)
- Sinovoltaics Group (Hong Kong)
- Rever Offshore (UK)
- Bluestream (Netherlands)
- Baker Hughes (US)
- FLIR Systems (US)
- Petrofac (UK)
- Starke Marine Sdn. Bhd. (Malaysia)
- James Fisher Marine Services (UK)
- Fugro (Netherlands)
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Detailed Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the IRM Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Inspection, Repair and Maintenance Market Analysis (USD Billion), Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Service Type
- Market Analysis, Insights and Forecast – By Type
- Market Analysis, Insights and Forecast – By Location
- Market Analysis, Insights and Forecast – By Application
- Market Analysis, Insights and Forecast – By Region
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Offshore Inspection, Repair, and Maintenance Market Size, Share & Industry Analysis, By Service Type (Inspection {Visual Inspection, Ultrasonic, Electromagnetic}, Maintenance {Reactive Maintenance, Preventive Maintenance, Predictive Maintenance}, Repair), By Type (Offshore Support Vessels, AUVs/ROVs, Others), By Application (Oil & Gas, Wind Farms, Others) and Regional Forecast, 2019-2026
Offshore AUV & ROV Market Size, Share and Global Trend By Product(Autonomous Underwater Vehicle (AUV) & Remotely Operated Vehicle), By Propulsion(Electric System, Mechanical System, Hybrid System), By Application(Drilling and Well Completion Support, Construction Support, and others), and Geography Forecast till 2026
Offshore Decommissioning Market Size, Share & Industry Analysis, By Service (Project Management, Engineering, and Planning, Platform Preparation, Well Plugging and Abandonment, Platform Removal, Material Disposal, Site Clearance, Others), By Structure (Topside, Subsea Infrastructure, Substructure) By Water Depth (Shallow Water, Deep Water) and Regional Forecast, 2019-2026
Offshore Drilling Market Size, Share and Industry Analysis, By Rig Type (Drill-ships, Semi-submersibles, and Jackups), By Water Depth (Shallow Water, Deepwater, and Ultra-Deepwater), and Regional Forecast, 2019-2026
Offshore Helicopter Services Market Size, Share & Industry Analysis, By Type (Light Weight, Medium Weight, and Heavy Weight), By Application (Inspection, Monitoring and Surveying, Passenger Transport, Goods Transport, Search and Rescue, and Others), and Regional Forecast, 2019-2026
Offshore Mooring Systems Market Size, Share And Global Trend By Type (Single Point Mooring, Taut Leg System, Semi-taut Leg System), By Anchorage (Suction Anchors,Vertical Load Anchors, Drag Embedment Anchors), By Depth Of Operation (Shallow Water, Deepwater), By Application (Floating Production Storage and Offloading,Floating Liquefied Natural Gas, Semi-Submersible Platforms), And Geography Forecast Till 2026
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