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The global offshore inspection, repair, and maintenance market size was USD 7.19 billion in 2018 and is projected to reach USD 17.33 billion by 2026, exhibiting a CAGR of 11.9% during the forecast period.
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.
“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.
“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.
“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.
“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.
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.
“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.
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.
Value (USD Billion)
By Service Type
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.
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