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.
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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.
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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
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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
- Inspection
- 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
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