Pune, India, May 04, 2021 (GLOBE NEWSWIRE) -- 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. A report by Fortune Business Insights, titled “Inspection, Repair, and Maintenance Market Size, Share & Industry Analysis, By Service Type (Inspection {Visual Inspection, Ultrasonic}, Maintenance {Reactive Maintenance, Preventive Maintenance}, Repair), By Type (Offshore Support Vessels, AUVs/ROVs), By Location (Offshore, Onshore) By Application (Oil & Gas {Upstream, Midstream, Downstream}, Renewable {Solar, Wind}, Power Generation, Manufacturing) and Regional Forecasts, 2020-2027”, states that the value of the market stood at USD 34.54 billion in 2019.
Request to Sample PDF Brochure: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/inspection-repair-and-maintenance-market-102983
Increasing Deployment of Drones for IRM Operations to Propel the Market
Conducting inspection, repair, and maintenance (IRM) operations in offshore rigs is a risky undertaking. To prevent human casualties that may occur during such activities, several hydrocarbon giants have been deploying drones, bringing a new level of efficiency in IRM operations. For example, Chevron, the US-based oil multinational, is equipping its drones with augmented reality (AR) tools to assess field equipment and infrastructure while performing inspection works. The Norwegian energy giant, Equinor, is planning on expanding its drone usage over the next few years to automate its oilfield operations in the North Sea. The primary focus of companies is to optimize IRM activities, particularly in spaces that cannot be accessed by technicians, through drones. This development will, thus, positively impact the market during the forecast period.
COVID-19 Impact
The eruption of the COVID-19 pandemic has shaken the hydrocarbon industry as the demand for oil plummeted in 2020, with prices reaching an all-time in April 2020. This was mainly observed due to the fact that large swathes of people were confined to their homes for an extended period of time in 2020 as governments imposed lockdowns and offices adopted remote working policies to contain the spread of the coronavirus. The inspection, repair, and maintenance market growth is likely to have been hampered as a result of these adverse turn of events last year as IRM operations are essential for oil & gas conglomerates to ensure the continued production of hydrocarbons.
Click here to get the short-term and long-term impact of COVID-19 on this market.
Please visit: https://www.fortunebusinessinsights.com/inspection-repair-and-maintenance-market-102983
Segmentation
By service type, this market has been trifurcated into inspection, maintenance, and report. Based on type, the market has been divided into offshore support vessels and AUVs/ROVs. On the basis of location, the market is bifurcated into offshore and onshore. In terms of application, the market’s segments include oil & gas, renewables, power generation, and manufacturing. Geographically, the market has been grouped into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Highlights
This report incorporates an all-encompassing overview of the industry trends and outlook. Further, the report offers a holistic examination of the impact of the COVID-19 outbreak on the market and contains actionable research into the market drivers, restraints, and segments. Besides this information, the report also provides a granular study of the competitive landscape and regional prospects of the market.
Driving Factor
Incorporation of Robotics in IRM to Accelerate Market Growth
With efficiency being the core value pursued across industries, the adoption of robotics is steadily increasing in the inspection, repair, and maintenance domain. For example, in July 2019, Sandia collaborated with Dophitech and International Climbing Machines to develop a climbing robot that can scale surfaces and inspect wind turbine blades. These robots will play an instrumental role in the renewables sector as the installation of offshore wind farms and solar farms are surging in several parts of the world. Similarly, Lufthansa Technik has been deploying robots to perform IRM operations on engines, while Rolls-Royce is experimenting with snake robots that can inspect lines and make patch repairs. Artificial intelligence (AI), too, is establishing its presence in the IRM space. For example, in February 2019, the US Armed Forces began utilizing AI to maintain their high-value assets.
Ask for Customization: https://www.fortunebusinessinsights.com/enquiry/customization/inspection-repair-and-maintenance-market-102983
Regional Insights
Escalating Demand for Energy to Catalyze the Market in Asia Pacific
Asia Pacific is expected to lead the inspection, repair, and maintenance market share during the forecast period on account of the heightening demand for energy, primarily electricity, in the region’s rapidly developing economies. The strengthening of power infrastructure in India, China, etc. will necessitate the employed efficient IRM processes and equipment, which contribute to the regional market growth. In 2020, the Asia Pacific market size stood at USD 9.27 billion.
In Europe, the demand for inspection, repair, and maintenance services is likely to spike in the upcoming years owing to the increasing adoption of renewables in the region, especially offshore wind. On the other hand, the market in North America will be driven by the growing need to efficiently maintain the region’s huge oil & gas pipeline network.
Competitive Landscape
Co-development of AI-based IRM Platforms by Key Players to Charge up the Market
Key players in the inspection, repair, and maintenance space are actively engaging in strategic collaborations to jointly develop and deploy AI-based solutions to companies in the energy sector. Through these partnerships and product developments, companies are expanding their global market footprint and capitalizing on opportunities in emerging economies.
List of Key Players Profiled in the Inspection, Repair, and Maintenance Market Report
- 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)
Industry Development
- February 2021: Baker Hughes and C3 AI announced that the two companies will be delivering their BakerHughesC3.ai (BHC3) Enterprise AI technology to Malaysia-based energy major, PETRONAS. PETRONAS will soon deploy BHC3 to conduct predictive maintenance operations on control valves, compressors, and gas turbines.
Quick Buy - Inspection, Repair, and Maintenance Market: https://www.fortunebusinessinsights.com/checkout-page/102983
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
- Inspection
- Visual Inspection
- Ultrasonic
- Electromagnetic
- Radiography
- Pigging
- Others
- Maintenance
- Reactive Maintenance
- Preventive Maintenance
- Predictive Maintenance
- Reliability Centered Maintenance
- Repair
- Inspection
- Market Analysis, Insights and Forecast – By Type
- Offshore Support Vessels
- AUVs/ROVs
- Others
- Market Analysis, Insights and Forecast – By Location
- Offshore
- Onshore
- Market Analysis, Insights and Forecast – By Application
- Oil & Gas
- Upstream
- Midstream
- Downstream
- Renewable
- Solar
- Wind
- Hydro
- Marine
- Power Generation
- Infrastructures
- Manufacturing
- Automotive
- Aerospace & Defense
- Others
- Oil & Gas
- Market Analysis, Insights and Forecast – By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
Speak to Our Analyst- https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/inspection-repair-and-maintenance-market-102983
Have a Look at Related Research Insights:
Pipeline Integrity Management Market Size, Share & COVID-19 Impact Analysis, By Location (Onshore, Offshore), By Service (Inspection, Cleaning, Repair, and Refurbishment), and Regional Forecast, 2021-2028
Drilling Services Market Size, Share & COVID-19 Impact Analysis, By Service (Directional Drilling {Measurement While Drilling, Logging While Drilling, Rotary Steerable System, Gyro Drilling, Magnetic Drilling, and Others} and Non-Directional Drilling), By Application (Onshore and Offshore {Shallow Water, Deepwater, and Ultra-Deepwater}), By End-User (Oil & Gas, Mining, Water Exploration, and Others), and Regional Forecast, 2020-2027
UAE Oil Storage Terminal Market Size, Share and COVID-19 Impact Analysis By Type (Strategic Reserve and Commercial Reserve), By Tank Type (Fixed Roof, Floating Roof, Bullet Tank, and Spherical Tank), By Product (Diesel, Petrol, Aviation Fuel, Crude Oil, Kerosene, and Others) and Regional Forecasts, 2020-2027
Oilfield Integrity Management Market Size, Share & COVID-19 Impact Analysis, By Management Type (Monitoring System, Data Management, Corrosion Management, Planning, and Predictive Maintenance & Inspection), By Component Type (Hardware, Software, and Services), By Application (Onshore and Offshore Aerospace) and Regional Forecast, 2020-2027
Fuel Dispenser Market Size, Share & COVID-19 Impact Analysis, By Fuel Type (Petrol/Gasoline, Diesel, CNG, and Others), By Dispenser System (Submersible System and Suction System), By Flow Meter (Mechanical and Electronic), and Regional Forecast, 2020-2027
About Us:
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
Contact Us:
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune-Bangalore Highway,
Pune - 411045, Maharashtra, India.
Phone:
US :+1 424 253 0390
UK : +44 2071 939123
APAC : +91 744 740 1245
Email: sales@fortunebusinessinsights.com
LinkedIn: https://www.linkedin.com/company/fortune-business-insights
Facebook: https://www.facebook.com/FortuneBusinessInsightsPvtLtd
Read Press Release: https://www.fortunebusinessinsights.com/press-release/inspection-repair-and-maintenance-market-10017