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Inspection, Repair, and Maintenance Market Size, Share & Industry Analysis, By Service Type (Inspection {Visual Inspection, Ultrasonic}, Maintenance {Reactive Maintenance, Preventive Maintenance}, Repair), By Type (Offshore Support Vessels, AUVs/ROVs), By Location (Offshore, Onshore) By Application (Oil & Gas {Upstream, Midstream, Downstream}, Renewable {Solar, Wind}, Power Generation, Manufacturing) and Regional Forecasts, 2020-2027

Region : Global | Format: PDF | Report ID: FBI102983

 

KEY MARKET INSIGHTS

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This report covers COVID-19 impact analysis on Inspection, Repair, and Maintenance Market

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Inspection, repair, and maintenance are some of the most important services for any industry as these help in the identification of any threat and enable taking the required measures to tackle such events. This helps in reducing losses and help to continue the effective operations. As these services are deployed across various sectors, the growth and slowing down of these industries such as power generation, oil & gas, renewables and others certainly impacts the IRM market growth. Growth in population, increasing energy demand, and more emphasis on renewable energy are some of the factors that are anticipated to fuel this market in the coming years.  


LATEST TRENDS


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Drift Towards Adoption of Renewable Energy to Fuel Demand for IRM Services


Over the last decade, increasing  carbon emissions and temperature rise across the globe have compelled countries to look for alternative sources of energy. Renewable energy sources are being looked upon as the best possible replacement for these conventional sources. No emissions and capacity to deliver required performances have accelerated  solar and wind power installations. This trend is expected to continue over the forecast period and is in turn driving the inspection, repair, and maintenance services market growth.  


Focus on Reducing Risk of Failure and Improving Operational Efficiency by Organizations to Boost the Market


The implementation of inspection, repair, and maintenance services for any organization helps in early identification of  possible threats along with a proper mitigation program. Given the importance of these services, many industries are adopting these systems for proper inspections and maintaining safety. For instance, in the oil and gas industry, every company must have an adequate integrity management program as per the guidelines laid down by the concerned authority in the country. Similarly, every industry has laid down guidelines that need to be followed for maintaining safety during operations. These factors  will drive the adoption of IRM services for new industries and compel their adoption in the present ones, thus driving the market growth. 


DRIVING FACTORS


Growing Demand for Energy to Drive the IRM Services Market Growth 


The recent years have witnessed  rising  population across the globe at an exponential rate. As per the report by the Department of Economic and Social Affairs, population of the world is anticipated to be around 9.8 billion in 2050 and 11.2 billion in the year 2100. This trend in recent years has directly impacted the energy sector, which has expanded with new power plants and new sources for energy production. Oil and gas activities are being carried out at more depths, and power transmission is being carried out with new technologies for ease of management. This has certainly had positive impact on the demand for these services. 


Expansion of End-use Application Areas  to Surge the Market Growth 


 IRM services are used across different industry verticals such as infrastructure, automotive, power generation, manufacturing, marine, aerospace & defense, and others.  These industries have grown in the last decade and are anticipated to grow even bigger, with rising demand for automobiles, power, goods, and infrastructure. Rising population and urbanization are the major reasons  which are  directly impacting the growth of these industries, which therefore creates opportunities for IRM services.  New technologies are being developed for inspection in every industry that will further help the market growth. 


RESTRAINING FACTORS


Difficulties Faced and  Dependence on Industry Demand May  Hamper  Growth


Inspection, repair, and maintenance services are needed to be carried out, but facing many difficulties, sometimes they do not deliver the desired results. Also, these services require  substantial investment to be done upfront. For instance, drone surveillance is an important part of the inspection of the oil & gas pipelines in locations that are inaccessible by personnel. These factors can restrict industries personnels from adopting these services, which can therefore obstruct the growth of the market.  


SEGMENTATION


By Service Type Analysis


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High Expenditure on Replacement to Fuel the Repairs Segment


Based on service type, the inspection, repair, and maintenance market is segmented into inspection {Visual Inspection, Ultrasonic, Electromagnetic, Radiography, Pigging, Others}, maintenance {Reactive Maintenance, Preventive Maintenance, Predictive Maintenance, Reliability Centered Maintenance}, and Repair. Repair services are carried out at the highest priority, as any negligence would result in loss in production time. Also, this sometimes requires replacement of small parts or sometimes replacement of the whole equipment. This leads to more expenditure on repairs as compared to regular inspection and  maintenance cycles. New inspection techniques are being explored to report any small disruptions and avoid heavy investment in repairs.  


By Type Analysis


Others Segment to  Dominate  Owing to New Innovations for IRM Services


Based on the type of method used, the  market is segmented into offshore support vessels, AUVs/ROVs, and others. The others segment has dominated the market over the years and is anticipated to lead this market share in the coming years. The others segment includes new technologies such as drones and sensors that are being increasingly adopted owing to their operational advantages. Offshore support vessels are limited to offshore activities, and therefore, have a little share in the market. Similarly, AUVs and ROVs are also only applicable to specific industries.  


By Location Analysis


Increasing Activities on Onshore Locations to  Drive  Segment Growth


Based on location, the market is segmented into onshore and offshore. The onshore segment is anticipated to lead the market for the coming years as most of the industries requiring IRM services work onshore. For instance, the infrastructure and automotive sectors that hold a significant share in the market are always present onshore. In recent years, the growth in urbanization and rising  disposable income have resulted in an increase in the number of residential homes and vehicles on the road and, in turn, expansion of the infrastructure and automotive industries, respectively. At offshore locations, the revenue is mainly generated by exploration activities, pipelines, and offshore wind structures. Offshore wind power is expected to grow in the coming years, increasing  revenue from offshore locations.  


By Application Analysis


Oil & Gas Sector to  Dominate the Market With Rising Exploration Activities


In terms of application, the market is segmented into oil & gas {Upstream, Midstream, Downstream}, renewable {Solar, Wind, Hydro}, power generation, manufacturing, infrastructure, marine, aerospace & defense, automotive, and other onshore and offshore locations. The oil and gas sector has witnessed healthy growth in the last few years.  Owing to the increased demand for crude oil, exploration activities are being carried out at increased depths at offshore locations and new shale gas reserves are searched at onshore locations. Renewable energy has entered the energy frame, but it still cannot suffice the whole power demand, and therefore, the oil and gas sector will play a major role in years to come.


REGIONAL INSIGHTS


Asia-Pacific Inspection, Repair and Maintenance Market Size, 2019 (USD Billion)

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The inspection, repair, and maintenance market size in Asia-Pacific stood at USD 9.27 billion in 2019. The market for these services has been rising at a healthy rate in recent years, owing to the development of various application industries. Asia-Pacific is the leading region in terms of renewable energy production, and it also has the maximum adoption of offshore wind power, which is a relatively new technology and requires these services on a regular basis. The region also has also had the highest  population growth in the last decade, which has fueled the energy demand and is therefore resulting in the growth of power generation, infrastructure, oil & gas, and other industries. Following Asia-Pacific, North America and Europe are the other regions having  maximum deployment of these services. North America has the longest oil & gas pipeline network in the world, making the region  one of the prime users of these services. Europe is currently working on achieving its green and clean energy targets via the maximum adoption of renewables, which will help the growth of the IRM market in the coming years. Latin America and the Middle East &  Africa will be witnessing slow growth. In the Middle East, the maximum revenue generated is from the oil & gas sector as it has abundant reserves of the same. But the deployement of the IRM services in other application sectors such as renewables which have just been introduced in the region hold the market growth. Lack of investments has been the major factor holding the growth of the market in Latin America, but with secured contracts that are expected to be rolled out in the coming years, the region is expected to witness healthy growth.


The novel COVID-19 virus has certainly impacted the inspection, repair, and maintenance market. Many of the renewable energy plan rollouts are stuck as the supply of raw materials from China has been stopped. Similarly, oil & gas operations have stopped, and many ships are stuck in the middle of nowhere following this pandemic. The automotive industry, which was already witnessing slow growth in recent years, has been stagnant since the outbreak of the pandemic. Following this, the set  targets of 2020 are looking hard to achieve for any industry, and it may not be  possible to make up the lost ground in 2021. Furthermore, the outlook of the IRM services market will also be dependent on the effectiveness of the recovery plans by different nations.  


KEY INDUSTRY PLAYERS


Fugro, Sinovoltaics Group, and ABJ Drones are Among the Leading Players Providing IRM Services for Different Applications  


The competition landscape of this market depicts a market dominated by different players in different application industries. The recent drift towards renewable energy adoption has led companies such as Sinovoltaics Group and ABJ Drones to come up with  specialized IRM services for the solar and wind industries, respectively. On a similar note, a recent innovation in inspection services  such as unmanned vehicles for offshore structures of exploration has compelled the leading players to adopt these technologies. This has resulted in a fragmented market for the oil & gas sector. Players are investing heavily in research and development activities to stand apart from other players in the industry.  


However, other players in the industry, such as Petrofac, Rever Offshore, Baker Hughes etc., are landing contracts, which has resulted in a healthy competition within the market. This is projected to positively impact the global market as these new players anticipated to gain market share during the forecast period.


LIST OF KEY PLAYERS PROFILED:



KEY INDUSTRY DEVELOPMENTS:



  • November 2019: With the aim of improvement inspection standards, Weatherford introduced Forsite Flow, a solution for flow measurement having production 4.0 intelligence. The device is capable of working in any production environment, from wet gases to heavy oil. This will allow precise flow measurements for any fluid mixture without separation. The device will also help in reducing operating expenses along with capital expenditure and improving frequency & preciseness in well testing.

  • October 2019: Mermaid Maritime announced the contract extension for its inspection, repair, and maintenance services by a major oil company in the Middle East. The contract is worth $162 million, and it is said to be a result of continuous satisfying services over the last 7 years.  


REPORT COVERAGE


The inspection, repair, and maintenance market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading applications of the product. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over recent years.


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Report Scope & Segmentation














































 ATTRIBUTE



 DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



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 Location



  • Offshore

  • Onshore



By Application



  • Oil & Gas

    • Upstream

    • Midstream

    • Downstream



  • Renewable

    • Solar

    • Wind

    • Hydro



  • Marine

  • Power Generation

  • Infrastructure

  • Manufacturing

  • Automotive

  • Aerospace & Defense

  • 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)

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



Frequently Asked Questions

Fortune Business Insights says that the market size was at USD 34.54 billion in 2019.

The market is projected to reach USD 60.26 billion by 2027.

The market is projected to grow at a CAGR of 8.9%.

The market size in Asia-Pacific was USD 9.27 billion in 2019.

The oil & gas application is anticipated to be the leading segment during the forecast period.

Expansion of the various industries using IRM services and operational advantages offered by new technologies will drive the IRM market growth. Volatility in crude oil prices and various complications during IRM can hamper market growth.

Fugro, Baker Hughes, and Schlumberger are among the top players in the market.

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

Find major applications in the oil & gas industry as the offshore structures and long connecting pipelines require continuous monitoring.

Inspection, Repair, and Maintenance Market Size, Share and Global Industry Trend Forecast till 2026
  • Jun, 2020
  • 2019
  • 2016-2018
  • 160

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