Pune, India, Feb. 02, 2022 (GLOBE NEWSWIRE) -- The global inspection, repair, and maintenance market size was USD 65.81 billion in 2028, exhibiting a CAGR of 7.3% during the forecast period. The market stood at USD 38.24 billion in 2020 and is estimated to reach USD 40.25 billion in 2021. Rising emphasis on renewable energy resource production and growing population and energy demand may boost the market growth. Fortune Business Insights™ provides this information in its report titled “Inspection, Repair, and Maintenance Market, 2021-2028.”
These services are undertaken to identify potential threats and incorporate necessary measures in any industry. It is a combination of hardware and software tools used to detect faults and errors in machinery, ships, automobiles, and others. It helps companies to reduce losses and operate efficiently. IRM services consist of a variety of tests to determine problems in ships and boost operational efficiency. Its increasing applications in power generation, oil & gas, renewables, and other industries are likely to increase its adoption. The incorporation of advanced tools and instruments for the inspection of ships is likely to boost safety. The rising focus on renewable energy source production is expected to boost adoption. IRM services enable successful energy generation and reduce costs. Further, the growing population and increased dependency upon electricity may fuel its sales. These factors are likely to bolster market growth.
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List of Key Players Profiled in this Market Report
- Fugro (Netherlands)
- Bluestream (Netherlands)
- James Fisher Marine Services (U.K.)
- Rever Offshore (U.K.)
- Starke Marine Sdn. Bhd. (Malaysia)
- Sinovoltaics Group (Hong Kong)
- Petrofac (U.K.)
- Technip FMC (U.K.)
- FLIR Systems (U.S.)
- MISTRAS Group, Inc. (U.S.)
- Baker Hughes (U.S.)
- ABJ Drones (U.S.)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 7.3% |
| 2028 Value Projection | USD 65.81 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 38.24 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 270 |
| Segments covered | Service Type, By Location, By Application and Geography |
| Growth Drivers | Halt on Manufacturing and Oil & Gas Extraction Operations to Impede Market Progress |
| Companies Acquire Crucial Market Players to Enhance their Service Portfolio | |
| Rising Energy Demand and Increasing Applications in Several Industries to Boost Market Development |
Impact of COVID-19:
Halt on Manufacturing and Oil & Gas Extraction Operations to Impede Market Progress
This market is expected to be negatively affected during the COVID-19 pandemic because of the restrictions on manufacturing activities. The sudden spike in COVID-19 has led to the imposition of stringent lockdown measures, which, in turn, may negatively affect production activities. Further, the halt on oil & gas operations has declined IRM’s adoption. The lack of demand and supply leads to huge losses for manufacturers. However, the ease of lockdown restrictions and the adoption of safety measures, production machinery, reduced capacities, and part-time shifts have helped companies resume their activities and design efficient solutions. This factor may propel the industry's growth during the pandemic.
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Competitive Landscape:
Companies Acquire Crucial Market Players to Enhance their Service Portfolio
Prominent companies operating in the market devise acquisition strategies to enhance their services and boost market reach. For example, an offshore logistics and support services company named OFCO- Offshore International, owned jointly by Allianz Marine & Logistics Services (AMLS) and SAFEEN, announced the acquisition of nearly seven support vessels for the company’s offshore marine service fleets in August 2021. In addition to subsea services, the company’s portfolio consists of IRM and O&G and EPC logistics. These services are backed by the Abu Dhabi Ports’ logistical assets. This strategy may enable the company to boost its portfolio and boost its market reach globally.
Industry Development:
- January 2021: Boskalis completed the acquisition of Rever Offshore’s subsea services, which was previously known as Bibby Offshore. Rever Offshore specializes in subsea construction, IRM services, and operation handling across its North Sea assets from Aberdeenshire and Westhill.
Highlights of the Report:
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Segments:
By service type, the market is segmented into repair, maintenance, and inspection. As per type, it is classified into ROVs/AUVs, offshore support vessels, and others. By location, it is bifurcated into onshore and offshore. Based on application, it is categorized into aerospace & defense, automotive, manufacturing, infrastructure, power generation, marine, renewable, and oil & gas. Geographically, it is clubbed into Europe, North America, Asia-Pacific, Latin America, Middle East & Africa.
Regional Insights:
Rising Population and Extensive Renewable Energy Production to Boost Market Growth in Asia-Pacific
Asia-Pacific is expected to dominate the inspection, repair, and maintenance market share because of the rising population and extensive renewable energy reserve production investments. The market in Asia-Pacific stood at USD 10.21 billion in 2021 and is projected to grow positively during the market in the upcoming years. In addition, the adoption of new technology such as offshore wind power is likely to boost the market growth.
In North America, the presence of a long oil & gas pipeline network globally is expected to boost inspection, repair, and maintenance adoption in the upcoming years. For example, KMI admitted that it has a huge natural gas transmission network with approximately 1,200 miles of natural gas liquids pipelines, 700 billion cubic feet (bcf) working storage capacity, and 70,000 miles of natural gas pipelines in September 2021. This factor can propel market growth in the region.
In Europe, the rising focus on attaining green energy targets by the extensive adoption of renewable sources is estimated to increase inspection, repair, and maintenance demand. For example, the UK is expected to provide nearly USD 34.2 million in subsidies to renewable energy developers in September 2021. Under this contract, offshore wind energy developers will be provided with a contract worth USD 256.7 million annually, and onshore wind energy and solar farms shall join the contract for the first time in 5 years. These factors may boost the market growth.
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Drivers and Restraints:
Rising Energy Demand and Increasing Applications in Several Industries to Boost Market Development
The rising population and increased dependence upon electricity have led to the adoption of renewable energy resources. As per the United Nations (UN) Department of Economic and Social Affairs’ estimation in June 2017, the global population is expected to reach 9.8 billion in 2050 and approximately 11.2 billion in 2100. The rising number of power plants globally is likely to attract demand for inspection, repair, and maintenance services and tools. Further, increasing oil & gas extractions at higher depths may boost product demand. Moreover, IRM services’ increased adoption in aerospace & defense, marine, manufacturing, power generation, automotive, and infrastructure industries is likely to boost its demand. In addition, the development of new technologies and rising automation may increase its adoption. These factors are likely to drive the inspection, repair, and maintenance market growth.
However, concerns regarding the inconsistency of IRM services are likely to hamper the industry’s progress.
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 Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Inspection, Repair, and Maintenance 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, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Service Type
- Inspection
- Visual Inspection
- Ultrasonic
- Electromagnetic
- Radiography
- Pigging
- Others
- Maintenance
- Inspection
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-
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- Reactive Maintenance
- Preventive Maintenance
- Predictive Maintenance
- Reliability Centered Maintenance
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-
-
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- Repair
- 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
- Market Analysis, Insights and Forecast – By Region
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TOC Continued…!
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Have a Look at Related Research Insights:
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