Pune, India, Feb. 16, 2022 (GLOBE NEWSWIRE) -- The global offshore inspection, repair, and maintenance market size is anticipated to grow from USD 9.64 billion in 2021 and reach 18.04 billion by 2028 and exhibit a stellar CAGR of 9.4% during the forecast period. The rising focus on advanced unmanned aerial vehicles (UAVs) for offshore operations and the surging demand for energy are projected to bolster the market’s growth. Fortune Business Insights™ has presented this information in its report titled, “Offshore Inspection, Repair, and Maintenance Market, 2021-2028”. The market size stood at USD 8.93 billion in 2020.
The market’s growth is also ascribable to the increasing government initiatives for green energy promotion and surging greenhouse gas emissions. The rising energy demand and consumption worldwide due to the exponentially increasing global populace is likely to increase exploration activities and foster the market’s growth.
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Key Players in The Global Offshore Inspection, Repair, and Maintenance Market are:
- Fugro (Netherlands)
- Bluestream (Netherlands)
- James Fisher Offshore (U.K.)
- Boskalis (Netherlands)
- Starke Marine (Malaysia)
- Sapura Energy Berhad (Malaysia)
- Petrofac (U.K.)
- Technip FMC (U.K.)
- Oceaneering (U.S.)
- Schlumberger (U.S.)
- Baker Hughes (U.S.)
- Aker Solutions (Norway)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 9.4% |
| 2028 Value Projection | USD 18.04 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 8.93 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 190 |
| Segments covered | Service Type, Type, Application and Geography |
| Growth Drivers | Key Players Adopt Innovative Growth Strategies to Acquire Growth |
| Growing Energy Demand to Bolster Market’s Growth During the Forecast Period | |
| Favorable Government Initiatives to Boost Growth in Asia Pacific |
COVID-19 Impact-
The unanticipated emergence of the coronavirus pandemic has drastically hit several industries and markets. The demand for oil and gas decreased during the pandemic, which has affected the market’s growth. The implementation of stringent lockdowns and curfews to curb the virus's rapid spread have hampered the market’s growth. Also, the crucial IMR operations were affected by the pandemic, which further aggravated the situation. Nonetheless, the increasing investments in industry are likely to foster growth for the market in the coming years.
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Competitive Landscape-
Key Players Adopt Innovative Growth Strategies to Acquire Growth
The market comprises Furgo, Baker, and Schlumberger as the top players. The key players in the market emphasize research and development, coupled with advanced technologies, to stay at the top of the game. They adopt ingenious growth strategies such as new product developments, technological advancements, collaborations, partnerships, mergers, and acquisitions, among others. For instance, The Israyel Shipyards entered into an agreement in August 2021 with Chevron to perform a 16-month coating program for onshore and offshore assets of Chevron.
Key Industry Developments-
- June 2021: DeepOcean signed an agreement with Solstad to partner on carbon dioxide reducing measures by using low emission technologies and other alternative fuels.
Report Coverage-
- It provides insights into the market’s economic and political scenarios.
- It offers a detailed assessment of the market’s growth potential, demographics, and capabilities.
- It assesses the current and upcoming investment opportunities in the market.
- It assimilates strategies for growth in the forthcoming years.
- It provides valuable information on different market segments, including application, service type, type, and others.
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Drivers & Restraints-
Growing Energy Demand to Bolster Market’s Growth During the Forecast Period
Due to the ever-increasing worldwide population, the growing energy demand is anticipated to bolster the global offshore inspection, repair, and maintenance market. The growing installation of offshore wind farms is likely to boost the offshore inspection, repair, and maintenance market growth. Moreover, the revitalization of the oil and gas industry due to the growing investments in the offshore sector is expected to be a key growth factor for the market.
Advanced UAVs offer various advantages such as improved data quality, low deployment costs, excellent navigation algorithm, and stability. These attributes have surged their utilization in offshore inspection, repair, and maintenance services. Hence, the growing utilization of UAVs in offshore inspection, repair, and maintenance services is anticipated to augment the market’s growth.
However, safety concerns regarding accidents, threats to human living, and equipment failures may hinder the growth of the market.
Segmentation-
On the basis of service type, the market is trifurcated into inspection, repair, and maintenance. On the basis of type, the market is divided into AUV/ROVs, offshore support vessels, and others. On the basis of application, the market is segmented into wind farms, oil & gas, and others. Geographically, the market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Regional Insights-
Favorable Government Initiatives to Boost Growth in Asia Pacific
Asia Pacific is projected to gain the highest growth in the global offshore inspection, repair, and maintenance market share. The favorable government initiatives for green energy boost the installation of new offshore wind farms and are likely to be the key driver for the market. Additionally, the increasing exploration activities by India, China, and other Southeast Asian countries are expected to fuel the market’s growth.
Europe is anticipated to attain substantial growth in the coming years. The growing installation of offshore wind turbines due to growing green energy targets is expected to foster market growth.
North America is expected to witness significant development due to increasing shale gas activities.
The Middle East & Africa, and Latin America are likely to witness immense growth due to growing planned offshore wind installations in the region.
Major 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 Advancements
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Offshore Inspection, Repair, and Maintenance Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by the Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Offshore Inspection, Repair, and Maintenance Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Service Type
- Inspection
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- Visual Inspection
- Ultrasonic
- Electromagnetic
- Radiography
- Pigging
- Others
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- Maintenance
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- Reactive Maintenance
- Predictive Maintenance
- Preventive Maintenance
- Reliability Centered Maintenance
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- Repair
- Market Analysis, Insights and Forecast – By Type
- Offshore Support Vessel
- AUV/ROVs
- Others
- Market Analysis, Insights and Forecast – By Application
- Oil & Gas
- Wind Farms
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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TOC Continued…!
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Inspection, Repair, and Maintenance Market Size, Share & COVID-19 Impact 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, By Location, By Application (Oil & Gas {Upstream, Midstream, Downstream}, Renewable {Solar, Wind, Hydro}, Power Generation, Manufacturing, Infrastructure, Marine, Aerospace & Defense, Automotive, Others) and Regional Forecasts, 2021-2028
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