Pune, Dec. 20, 2019 (GLOBE NEWSWIRE) -- The global offshore inspection, repair, and maintenance market size is expected to reach USD 17.33 billion by 2026, exhibiting a CAGR of 11.9% during the forecast period. Increasing energy demand worldwide will be one of the main factors driving the growth of this market in the given time period. The ever-increasing demand for energy is being fuelled by a steadily climbing population. According to a study conducted by the United Nations in 2011, between 2010 and 2040, the world population will rise by 0.8% per annum. As a result, by 2040, global population would hit 8.9 billion from 6.9 billion in 2010. The demographic changes that are expected to be introduced by this rising population has spurred companies and governments alike to ramp up their investments in the offshore sector, both for renewable and non-renewable energy sources. This will bode well for the offshore inspection, repair, and maintenance market growth.

According to a new Fortune Business Insights™ report, titled “Offshore 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 Application (Oil & Gas, Wind Farms, Others) and Regional Forecast, 2019-2026”, the market value stood at USD 7.19 billion in 2018. Apart from this, the report also provides:

  • An elaborative overview of the general industry outlook;
  • An in-depth research into the factors, drivers, trends, and prospects of the market;
  • A microscopic analysis of the size, share, revenue, and overall growth of the market; and
  • A detailed evaluation of the various segments along with the regional and competitive dynamics of     the market.


To gain more insights into the market with detailed table of content and figures, click here: https://www.fortunebusinessinsights.com/industry-reports/offshore-inspection-repair-maintenance-market-100405


Technological Advancements for Exploratory Activities to Elevate Market Potential

One of the central offshore inspection, repair, and maintenance market trends is the growing focus on developing advanced technological solutions to enhance offshore exploration and production capacities. A major force fueling these advancements, especially at governmental level, is the rising need to bring down greenhouse gas (GHG) emissions, resulting in an increased pace of offshore wind farm installations across countries. With growing number of energy structures, the need to maintain them has also risen commensurately, which is likely to boost the offshore IRM market revenue during the forecast period. For instance, China has doubled down on its offshore wind farm investments to achieve its green energy targets for 2030.

Strong Commitment to Reach Renewable Energy Targets to Boost the Market in Asia Pacific

Asia-Pacific boasted a market size of USD 2.23 billion in 2018 and is, therefore, expected to lead the offshore inspection, repair, and maintenance market share during the forecast period. The main factors driving the regional market are the exploration projects planned in countries such as India and China and the launch of government initiatives to promote clean energy through offshore wind farms. Renewable energy targets set by European Union members have spiked the rate of offshore wind energy installations in the region, propelling the regional market. Increasing exploration and production of shale gas is driving the IRM market in North America. Similarly, in the Middle East, Africa, and Latin America, oil and gas exploration activities are energizing the market in these regions.


Request a Sample Copy: https://www.fortunebusinessinsights.com/enquiry/sample/offshore-inspection-repair-maintenance-market-100405


Contractual and Strategic Partnerships to Intensify Competition

The offshore inspection, repair, and maintenance market forecast highlights the fact that the market is set for a period of robust competition. This is mainly owing to participants aligning their interests through strategic collaborations and awarding of contracts.

Key Industry Developments:

  • December 2019: Petrofac Engineering and Production Services joined the global wells program initiated by Maersk Drilling in association with Seapulse Ltd. While Maersk will provide fully integrated drilling solutions, Petrofac has been signed on for well management operations for this global offshore oil and gas exploration project.
  • November 2019: Fugro Synergy awarded Bosch Rexroth a contract to maintain and suggest improvements in Fugro’s hydraulic equipment portfolio. Bosch will be responsible for providing holistic solutions to Fugro’s hydraulic systems operating in offshore settings.

List of Prominent Players Identified in the Offshore Inspection, Repair, and Maintenance Market Report Include:

  • Oceaneering International
  • Aker Solutions
  • Petrofac
  • Fugro
  • Starke Marine Sdn. Bhd.
  • Schlumberger
  • Bluestream
  • Baker Hughes
  • Sapura Energy Berhad
  • Rever Offshore
  • Technip FMC


Have Any Query? Ask Our Experts: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/offshore-inspection-repair-maintenance-market-100405


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
  • Key Reference of Offshore IMR, Globally
    • Asset Location
    • Service Type
    • Operator
    • Service Provider
    • Year
  • Global Offshore Inspection, Repair and Maintenance Market Analysis (USD Billion), Insights and Forecast, 2015-2026
    • 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
    • Market Analysis, Insights and Forecast – By Type
      •  Offshore Support Vessels
      •  AUVs/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

Continued…!!!

 
Request for Customization: https://www.fortunebusinessinsights.com/enquiry/customization/offshore-inspection-repair-maintenance-market-100405


(Have a Look at Reports Trending in 
Energy & Power Industry)

Browse Related Reports:

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 Support Vessels Market Size, Share and Global Trend By Type (Anchor, Handling Tug Vessel, Multipurpose Support Vessel, Platform Support Vessel, Construction Support Vessel, Seismic Vessel) Application (Shallow Water, Deepwater) End User (Oil and Gas, Offshore wind power) and Geography Forecast till 2025

Asset Integrity Management Market  Size, Share and Global Trend By Solutions (Risk-Based Inspection (RBI), Pipeline Integrity Management, Hazard Identification Study, Non-Destructive Testing (NDT) Services, Structural Integrity Management, Corrosion Management, Others), By End-User Industry (Oil and Gas, Mining, Aerospace, Power, Marine, Others) and Geography Forecast till 2026

Pipeline Integrity Management Market Size, Share and Global Trend By Type (Onshore, Offshore) By Service (Inspection Service, Cleaning Service, Repair & Refurbishment Service) and Geography Forecast till 2026

Coiled Tubing Services Market Size, Share & Industry Analysis, By Service (Well Intervention {Well Completion, Well Cleaning}, Drilling), By Application (Onshore and Offshore), and Regional Forecast, 2019-2026

Digital Oilfield Market Size, Share & Industry Analysis, By Process (Production Optimization, Reservoir Optimization, Drilling Optimization, Others), By Solution (Services, Software, Hardware), By Application (Onshore, Offshore), and Regional Forecast, 2019-2026

Hydraulic Fracturing Market Size, Share & Industry Analysis, By Well Type (Horizontal, and Vertical), By Technology (Plug & Perf, and Sliding Sleeve), and By Application (Onshore, and Offshore), Regional Forecast, 2019-2026.


About us:

Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.

At Fortune Business Insights™ we aim at highlighting the most lucrative growth opportunities for our clients. We therefore offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.

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
Fortune Business Insights™
LinkedIn | Twitter | Blogs

Press Release- https://www.fortunebusinessinsights.com/press-release/offshore-inspection-repair-and-maintenance-market-9461