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Offshore Inspection, Repair, and Maintenance Market Size, Share & Industry Analysis, By Service Type (Inspection {Visual Inspection, Ultrasonic, Electromagnetic}, Maintenance {Reactive Maintenance, Preventive Maintenance, Predictive Maintenance}, Repair), By Type (Offshore Support Vessels, AUVs/ROVs, Others), By Application (Oil & Gas, Wind Farms, Others) and Regional Forecast, 2019-2026

Region : Global | Published Date: Dec, 2019 | Report ID: FBI100405

 

KEY MARKET INSIGHTS

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Rising concerns to cut down greenhouse gas (GHG) emissions along with favorable government initiatives to promote green energy will propel the offshore wind farm installations. This, in turn, will boost the inspection, repair, and maintenance market growth. Also, rising energy demand will foster the exploration activities being carried out. Following the upraised energy demand, exploration activities are being carried out at increased depths and in harsh environments using the upgraded technology developed in recent years. All these factors add up to propel the offshore inspection, offshore repairs, and offshore maintenance needed for various structures. These services are also provided to other industries operating in offshore locations, which include ship husbandry, offshore mooring, offshore civil engineering projects, and others.  


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The offshore inspection, repair, and maintenance market currently holds a major stake in Asia Pacific, resulting from the extensive exploration activities at offshore locations being carried out in China, India, and other Southeast Asian countries. These countries form a major share in the oil & gas industry in the region and also in offshore wind energy. China has plans of heavily investing in offshore wind farms and achieve the green energy target of 2030 set by the government. India also has a good capacity of offshore wind currently and is anticipated to add to its existing capacity.      


MARKET DRIVERS


“Revitalization of the Oil & Gas Industry to Boost the Market


The downturn faced by the oil & gas industry in 2014 is over and recovery is now progressing with operators producing hydrocarbons more efficiently than ever before. The industry’s revitalization can be seen with the increasing investments being done in the offshore sector by various countries around the globe. The other factor driving the offshore inspection, repair, and maintenance market trends is the rising energy demand, due to social and demographic factors that include rising population across the world. As per the study of the United Nations in 2011, the global population will continue to grow at 0.8% per year during 2010-2040, taking the population from 6.9 Billion in 2010 to 8.9 Billion in 2040.


“Increasing Focus on Advanced Unmanned Vehicles for Offshore Operations to Favor Growth”


The various advantages offered by advanced unmanned vehicles, which include stability, low deployment cost, improved data quality, and excellent navigation algorithms, have resulted in their increased utilization for offshore inspection, repair and maintenance services. The use of these advanced unmanned vehicles has grown in the oil & gas industry as well as in the defense sector. This has driven the investments being made in this domain and boosting the offshore inspection, repairs, and maintenance market revenue. 


SEGMENTATION


By Service Type Analysis


“Repair Service Is Anticipated to Observe the Dominating Share


Based on the service type, this market can be majorly divided into inspection, repair, and maintenance. Repair services are anticipated to lead the market, as any repair services which are carried out at offshore locations mainly involve a change in part or the whole system depending on the fault detected. This makes the process of repair services a costly one. The other services in the segment include inspection and maintenance.


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The frequency of carrying out these services is higher than the repair services, but the revenue generation through repairs is high. The inspection services are further segmented into visual inspection, ultrasonic, electromagnetic, radiography, pigging, and others. Similarly, maintenance services are further divided into reactive maintenance, predictive maintenance, preventive maintenance, and reliability-centered maintenance.


By Type Analysis


“Characteristic of Precise Readings and Continued Observation Will Drive AUVs/ROVs Segment Growth


Based on type, the offshore IRM market can be segmented into offshore support vessels, AUVs/ROVs, and others. The Autonomous Unmanned Vehicles (AUVs) and Remotely Operated Vehicles (ROVs) are anticipated to dominate the market owing to their growing adoption witnessed in recent years. These are mainly utilized for inspecting the underlying structures. This equipment ensures continuous observation and provide precise results. The other equipment used includes offshore support vessels and others, which mainly consist of cameras and sensors. Offshore support vessels are primarily used for carrying out offshore repair & offshore maintenance activities. Other equipment like cameras & sensors for used for offshore inspection activities.


By Application Analysis


“Increased Demand for Oil Products Will Drive Oil & Gas Industry Growth


Based on the application, the offshore IRM market can be segmented into oil & gas, wind farm, and others. The upsurge in the oil & gas industry witnessed after the 2014 downfall has driven the offshore exploration activities at various locations around the globe. Also, the recent drift towards green energy has led to the deployment of offshore wind farms in various countries. This trend is set to continue with the rising population and rising energy demand. This, in turn, will eventually drive the offshore inspection, repair, and maintenance market growth.


REGIONAL ANALYSIS


Geographically, the market has been analyzed across five major regions, which are North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa. Asia Pacific is projected to most robust growth in the given forecast period. The major reasons contributing to the growth are the upcoming exploration activities being carried out at offshore locations from countries like China, India and other Southeast Asian countries. Government initiatives of green energy have led to offshore wind farm installations being carried out at a rapid pace in the region, further aiding its dominance of the offshore inspection, repair, and maintenance market share.


Asia Pacific Offshore Inspection, Repair, and Maintenance Market Size, 2018

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In Europe, the major attraction for the market is the planned installations of offshore wind farms in the coming years. The green energy targets rolled out by countries have helped the offshore wind installations to rise in number which in turn possess growth opportunities for the IRM market. In North America, the major contributor to the offshore IRM market has been the oil & gas industry. Shale gas activities have risen at an exponential rate in the region and offshore exploration has also grown with the identification of unexplored reserves.


In Latin America and the Middle East & Africa, currently, since only offshore oil and gas exploration activities are present, they will be the sole contributors to the IRM market. Planned installations of offshore wind in countries in both regions further open up opportunities for offshore inspection, repair, and maintenance services to flourish. 


INDUSTRY KEY PLAYERS


Companies Such as Schlumberger, Fugro, and Baker Hughes are Among the Leading Players Shaping the Market Size


The offshore inspection, repair, and maintenance market forecast predicts that the market will be mainly dominated by the services being provided by major participants. In recent years, new players have entered the market and continuous research and development activities are being carried out to keep pace with the evolving technologies and market players. This has fragmented the market and expanding exploration activities at new locations offer new opportunities for market growth.


LIST OF KEY COMPANIES PROFILED:



  • Fugro

  • Bluestream

  • James Fisher Marine Services

  • Rever Offshore

  • Starke Marine Sdn. Bhd.

  • Sapura Energy Berhad

  • Petrofac

  • Technip FMC

  • Oceaneering International

  • Schlumberger

  • Baker Hughes

  • Aker Solutions


REPORT COVERAGE


Offshore inspection, repair, and maintenance is a type of service provided to ensure a long life of equipment and structure that has been deployed offshore. The inspection services form a major part of the life cycle of a structure, and these inspections are carried out to prevent any significant damage to it and to ensure its efficient operation. The inspection can be carried out on a periodic scale and in case of fluctuations in the outputs. The various structures which require these services include offshore rigs, offshore mooring structures, offshore civil engineering projects, offshore wind farms, and others.


An Infographic Representation of Offshore Inspection, Repair & Maintenance Market

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The offshore inspection, repair, and maintenance market report provides detailed information regarding various insights into the market. Some of them are growth drivers, restraints, competitive landscape, regional analysis, and challenges. It further offers an analytical depiction of the market trends and estimations to illustrate the forthcoming investment pockets. The market is quantitatively analyzed from 2019 to 2026 to provide the financial competency of the market. The information gathered in the report has been taken from several primary and secondary sources.


Report Scope & Segmentation











































 ATTRIBUITE



 DETAILS



Study Period



  2015-2026



Base Year



  2018



Forecast Period



  2019-2026



Historical Period



  2015-2017



Unit



  Value (USD Billion)



Segmentation



By Service Type



  • Inspection

    • Visual Inspection

    • Ultrasonic

    • Electromagnetic

    • Radiography

    • Pigging

    • Others



  • Maintenance

    • Reactive Maintenance

    • Predictive Maintenance

    • Preventive Maintenance

    • Reliability Centered Maintenance



  • Repair



By Type



  • Offshore Support Vessel

  • AUVs/ROVs

  • Others



By Application



  • Oil & Gas

  • Wind Farm

  • Others



By Region



  • North America (U.S. and Canada)

  • Europe (U.K., Germany, France, Italy, Spain, Russia, Norway, and Rest of Europe)

  • Asia Pacific (China, India, Japan, Australia, Southeast Asia, and Rest of Asia Pacific)

  • Latin America (Brazil, Mexico and Rest of Latin America)

  • Middle East & Africa (GCC, South Africa and Rest of the Middle East & Africa)



INDUSTRY DEVELOPMENT:



  • In November 2019, Fugro, one of the leading geo-data specialists, awarded a contract to Bosch Rexroth to fully maintain and have further improvements in Fugro Synergy's hydraulic equipment. The two companies have earlier worked together to ensure the best hydraulic system and software solutions on board. As part of the overall maintenance, Bosch Rexroth is implementing a solution.

  • In November 2019, Weatherford introduced a flow measurement solution driven by production 4.0 intelligence, and the device is being named ForeSite Flow. Built for every production environment from heavy oil to wet gas, this technology provides precise flow measurements for any fluid mixture without separation. ForeSite Flow reduces both capital and operating expenses while increasing well-test frequency and accuracy, as said by Weatherford, that is the manufacturer of the equipment. 

  • In November 2019, Baker Hughes, C3.ai, and Microsoft Corp. announced a collaboration to bring enterprise artificial intelligence solutions to the energy industry on the Microsoft Azure cloud computing platform. This alliance will enable users to streamline the adoption of scalable AI solutions for the energy industry that help promote safety, reliability, and sustainability. These solutions are tailored to address challenges across the entire value chain, from inventory optimization and energy management to predictive maintenance and process and equipment reliability.


Frequently Asked Questions

Fortune Business Insights says that the offshore inspection, repair, and maintenance market was valued at USD 7.19 billion in 2018.

The offshore inspection, repair, and maintenance market is projected to reach USD 17.33 billion by 2026.

The offshore inspection, repair, and maintenance market is projected to grow at a CAGR of 11.9%.

Asia Pacific offshore inspection, repair, and maintenance market was valued at USD 2.23 billion in 2018.

The oil & gas application is anticipated to be the leading segment in the offshore inspection, repair, and maintenance market during the forecast period.

Revitalization of the oil & gas industry and increasing focus on unmanned vehicles for offshore IRM services are the major drivers for market growth. Drift towards onshore energy and renewables may have a negative impact on market size during the given forecast period.

Fugro, Baker Hughes, and Schlumberger are among the top players in the offshore inspection, repair, and maintenance market.

With the introduction of stringent guidelines to reduce the carbon footprint, the adoption of renewables has increased. This will boost the offshore wind farm installations which will ultimately drive the offshore IRM market growth.

Offshore inspection, repair, and maintenance find major applications in the oil & gas industry with offshore wind farms still being a new form of energy and are yet to be adopted by many countries.

Offshore Inspection, Repair & Maintenance Market Size, Share and Global Industry Trend Forecast till 2026
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