"Actionable Insights to Fuel Your Growth"

Inspection, Repair, and Maintenance Market Size, Share & COVID-19 Impact 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), By Location (Onshore, Offshore), By Application (Oil & Gas {Upstream, Midstream, Downstream}, Renewables {Solar, Wind, Hydro}, Marine, Power Generation, Infrastructure, Manufacturing, Automotive), and Regional Forecast, 2022-2029

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

 

KEY MARKET INSIGHTS

Play Audio Listen to Audio Version

The global inspection, repair, and maintenance market size was valued at USD 40.25 billion in 2021. The market is projected to grow from USD 42.66 billion in 2022 to USD 72.46 billion by 2029, exhibiting a CAGR of 7.9% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with inspection, repair, and maintenance experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global market exhibited a decline of -7.2% in 2020 as compared to 2019. 


Inspection, repair, and maintenance (IRM) refers to services across multiple industry verticals to identify equipment or system threats, damages, or losses. The identification helps the industry and companies undertake certain measures to avoid and tackle the damage that could further cause system and equipment failure. IRM services also help minimize system equipment losses and improve effective operation.  


COVID-19 IMPACT


Disruptions in Multiple Industry Verticals Along with Travel Restrictions Slow Down Growth amid Pandemic


The outbreak of COVID-19 pandemic resulted in slowing down the economic activity across the globe. The global health problem outbreak has affected the market. IRM products & services are used at various locations to ensure plant operations and provide insights into the strength potential of tools. The volatility in the application of inspection, repair, and maintenance caused by the impact of COVID-19 was felt due to restrictions on investments caused by the interruption of operation of various industrial processes such as dwindling sea-born trades, exploration, hydrocarbon production, construction, expansion of production facilities, and others. This resulted in a significant decline in the operational revenue of key players operating in the market.


LATEST TRENDS


Request a Free sample to learn more about this report.


Integration of Digital Technologies in Industrial Operations to Spur Lucrative Opportunities


Integration of digital solutions, such as artificial intelligence and cloud computing, in the maintenance technique across the industry propels the market opportunity for inspection, repair, and maintenance services. The techniques are used to ensure high quality and safety level of various components to mitigate the risk of defects creation in machinery.


For example, Coca-Cola built the AI-based visual inspection app. The app diagnoses the facility system and detects issues. Technical specialists receive notifications about detected problems and take further action. Hence, the process of defect detection in production lines is getting smarter. Moreover, deep neural network integration allows a computerized system to recognize such surface defects as scratches, cracks, leaks, and others, further enhancing the market growth.


DRIVING FACTORS


Increasing Adoption of Renewable Energy to Aid Market Growth


The growing emphasis on renewable energy sources to reduce carbon emissions has resulted in vast green energy targets for near and long-term periods. It is bound to create new potential for clean energy deployment and is likely to complement the growth of IRM services during the forecast period.


As per the International Renewable Energy Agency (IRENA) data published, the installed capacity rose to 714 GW, reaching closer to wind energy's cumulative 733 GW. Visual inspection using infrared cameras is the most deployed technique for solar farms as it helps identify faulty PV panels that heat up owing to physical damage and connection issues. This marks the growth of renewable energy and, subsequently, the market in the renewable sector.


Growing Energy Demand to Drive IRM Services Market Growth 


The population growth and growing urbanization have increased electricity consumption across various sectors. Rapid explosion of population rises across different countries, coupled with a paradigm shift of residents to urban locations, has substantially increased the electricity consumption among users. This compels governments to take proactive steps to ensure a steady power supply, which will act as an opportunity for the inspection, repair, and maintenance market growth. Among various non-destructive testing techniques for power plants, eddy current measurements and ultrasonic measurements are the most deployed. These act as cost-effective solutions and reliable methods for any given equipment and structure in power plants.


RESTRAINING FACTORS


Difficulties in Industry Demand & Operations to Hinder Market Growth


Oil and gas price volatility is a major element that could hamper this market in oil and gas applications. The production and price are purely determined by global demand; consistent demand leads to a stable market, and any deficit directly impacts production and the market. According to the Energy Information Administration (EIA), In February 2022, Brent crude oil spot prices averaged USD 87 per barrel in January, which increased to USD 12 per barrel from December 2021. This volatility affects disruption in supply & demand and affects the operations of the oil & gas industry, further acting as a major market restraint for the market. Moreover, the renewable sector is dependent on weather conditions for efficient setup coupled with difficulties faced in large-scale energy production. This has led to the constrained installation of sustainable plants in certain regions, replacing existing conventional energy sources.


SEGMENTATION


By Service Type Analysis


Repair Service Type to Hold Dominant Market Shares due to Increasing Equipment/System Installation


By service type, the market is divided into inspection, maintenance, and repair. The repair segment is holding the dominating share of the market owing to the increase in need of installing equipment equipped with advanced technologies for better operational efficiency and substantial cost savings.


The maintenance market size, share, and industry are likely to experience substantial growth during the forecast timeframe due to the indispensable need for maintenance in periodic cycles. Maintenance types such as preventive, reactive, and others can be carried out across various industry verticals.


Furthermore, the inspection segment is likely to grow significantly. Different service type inspection like visual, ultrasonic, electromagnetic, and other demand is stimulated by increasing usage of various Non-Destructive Testing (NDT) methods in rapidly rising onshore & offshore wind farms coupled with growing concerns over pipeline security.


By Type Analysis


AUVs/ROVs Type to Hold Dominant Market Shares due to Increasing Offshore Activities


The type segment includes offshore support vessels, AUVs/ROVs, and others. Autonomous Underwater vehicles (AUV)/ Remotely Operated Vehicles (ROV) market are generally used in completing subsea maintenance, repair, and cleaning services equipped with a range of custom tooling. The increase in research and development activities to increase efficiency and preciseness during inspections is one of the major factors driving segmental growth in the forecast timeframe.


Subsequently, the offshore support vessel is likely to grow significantly due to the tremendous expansion of the offshore oil & gas industry, increasing demand for offshore support vessels (OSVs) to initiate different operations in floating drilling rigs or fixed types of production platform.


Other types such as cameras, drones, data analytics tools, sensors, and many different types of equipment are also applied during IRM operations.


By Location Analysis


Onshore Location Type to Hold Dominant Inspection, Repair, and Maintenance Market Share due to Increasing Oil & Gas Exploration, Renewable Installation


Based on location, the market is bifurcated into onshore and offshore. The onshore location dominates the market due to Favorable deployment of renewable energy systems plants and favorable government targets to add suitable energy generation. Moreover, the deployment of oil & gas pipelines to transport the fuel also improves the market outlook or onshore market segment across various oil & gas industries. Furthermore, the repair services by offshore type location have potential opportunities in the forecast time frame due to continuous investments in deep-water hydrocarbon reserves, rapidly increasing waterborne trade, and growing offshore wind and solar installations, which propel the demand for renewable-powered repair services equipment.


By Application Analysis


To know how our report can help streamline your business, Speak to Analyst


Oil & Gas to Hold Dominant Market Share Largely Due to its Increasing Demand


The market is segmented into oil & gas, power generation, renewables, marine, infrastructure, manufacturing, automotive, aerospace & defense, and others based on the application. The oil & gas industry dominates the market of inspection, repair, and maintenance services due to growing investments in oil & gas and hydrocarbons exploration, majorly across North America, Latin America, and the Middle East & Africa. 


In addition, there is an increase in shift toward renewable energy sources and power generation by various countries to reduce fossil fuel dependency and carbon emission. Countries have started installing renewable energies, such as solar PV, wind, and hydro, which is the major factor for the demand for inspection, repair, and maintenance services in the renewable industry.


With increased offshore activities such as offshore installation, offshore exploration drives the demand for IRM services across the marine industry. Moreover, the rapid increase in energy demand from developing countries across the Asia Pacific, Latin America, and the Middle East propel the demand for IRM services across the power generation industry. Subsequently, urbanization and industrialization are growing rapidly across developing countries, which drives inspection, repair, and maintenance services across the infrastructure industry.


REGIONAL INSIGHTS


Asia Pacific Inspection, Repair, and Maintenance Market Size, 2021 (USD Billion)

To get more information on the regional analysis of this market, Request a Free sample


The market size, share, and market analysis are studied across North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.  The Asia Pacific region holds the dominant share of the market due to the rise in electricity demand due to the growing population across developing countries such as China, India, and others. Moreover, several countries such as India have significant growth in installing renewable energy, which will drive the demand for inspection and maintenance services across the region. North America is the home to leading automotive aerospace companies such as Boeing, General Motors, Chevrolet, which act as major drivers for the market across the region. In Europe, countries such as Germany and the U.K. are leading countries for the manufacturing industry due to various automotive and aerospace companies. Additionally, increase in renewable energy installation to meet clean energy targets set by governments also propels the market across the region.


Furthermore, the Middle East & Africa is rich in potential oil & gas exploration. With increased hydrocarbon exploration to mitigate the growing energy demand, various companies are investing in production activities, resulting in maintenance, repair, and inspection of equipment. Subsequently, countries like Brazil across Latin America also ranked within the top countries for the oil & gas industry. With the growing demand for fossil fuel, the services demand in the oil & gas industry will experience substantial growth across the region.


KEY INDUSTRY PLAYERS


Exciting New Opportunities to be Lapped up by Market Players


The global inspection, maintenance & repair market is highly fragmented, with a large number of players providing different services at various stages of the value chain. Numerous companies are actively operating across different regions to cater to the specific demands of the customers.


Furthermore, Fugro is expected to generate significant market share due to the growing demand for its electric & hydraulic-powered inspection class and work class remotely operated vehicles (ROVs). The company recently added a modern fleet of ROVs to its portfolio to enhance its position across various verticals.


Major industry players also include Baker Hughes, Schlumberger, Oceaneering International, and Technip, which are leading in delivering inspection, repair, and maintenance services to different industries. For instance, in January 2022, James Fisher Renewables obtained a high voltage safety management commissioning contract from Iberdrola’s Baltic Eagle offshore wind plant. The contract calls for managing all areas of high-voltage safety during the wind farm's development and overseeing system safety for all on-site staff to ensure the wind farm is electrified safely and efficiently. Numerous other players operating across the industry are focused on delivering IRM services for renewable structures, power generation, marine engineering projects, aerospace & defense operations, petrochemicals, automotive production, manufacturing, chemicals, pharmaceuticals, and other industry verticals. Consequently, the market is highly fragmented, and a large number of such small corporations all together form a significant share in the global landscape.


List of Key Companies Profiled:



  • Fugro (Netherlands)

  • SeaTec (Scotland)

  • Royal Boskalis Westminster N.V. (Netherlands)

  • Baker Hughes (U.S.)

  • Schlumberger (U.S.)

  • Aker Solutions (Norway)

  • Oceaneering International, Inc (U.S.)

  • TechnipFMC plc (U.S.)

  • Petrofac (Jersey)

  • Sapura Energy Berhad (Malaysia)

  • James Fisher and Sons Plc (U.K.)

  • Bluestream Offshore B.V. (Netherlands)


KEY INDUSTRY DEVELOPMENTS:



  • January 2022 - Petrofac announced its five-year contract extension with NEO Energy for Well Management and Well Operator Services. The contract includes a five-year framework for Well Management and Well Operator support for 27 wells across the Affleck, Balloch, Dumbarton, Lochranza, and Finlaggan fields in the Central North Sea, U.K. The contract also positions Petrofac to support future well construction and intervention campaigns.

  • April 2021 - Petrofac announced the early award for a one-year extension to its Integrated Services contract with NEO Energy. The extension takes Petrofac’s contract for operations, maintenance, engineering, and construction support for NEO Energy’s U.K. activities through December 2022.


REPORT COVERAGE


To gain extensive insights into the market, Request for Customization


The research report presents a comprehensive industry assessment by offering valuable insights, facts, industry-related information, and historical data. Several methodologies and approaches are adopted to make meaningful assumptions and views to formulate the report. Furthermore, it covers a detailed analysis of market segments, including service type, type, location, application, and region, helping our readers understand the global industry.


REPORT SCOPE & SEGMENTATION






















































  ATTRIBUTE



  DETAILS



Study Period



2018-2029



Base Year



2021



Estimated Year



2022



Forecast Period



2022-2029



Historical Period



2018-2020



Unit



Value (USD Billion)



Segmentation



By Service Type, Type, Location, Application, and Region



 


Segmentation



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 Location



  • Offshore

  • Onshore



By Application



  • Oil & Gas

    • Upstream

    • Midstream

    • Downstream



  • Renewable

    • Solar

    • Wind

    • Hydro



  • Marine

  • Power Generation

  • Infrastructures

  • Manufacturing

  • Automotive

  • Aerospace & Defense

  • Others



By Region



  • North America (By Service Type, By Type, By Location, By Application, and by Country)

    • U.S. (By Application)

    • Canada (By Application)



  • Europe (By Service Type, By Type, By Location, By Application, and by Country)

    • U.K. (By Application)

    • Germany (By Application)

    • France (By Application)

    • Italy (By Application)

    • Spain (By Application)

    • Russia (By Application)

    • Norway (By Application)

    • Rest of Europe (By Application)



  • Asia Pacific (By Service Type, By Type, By Location, By Application, and by Country)

    • China (By Application)

    • India (By Application)

    • Japan (By Application)

    • Australia (By Application)

    • Southeast Asia (By Application)

    • Rest of Asia Pacific (By Application)



  • Latin America (By Service Type, By Type, By Location, By Application, and by Country)

    • Brazil (By Application)

    • Mexico (By Application)

    • Rest of Latin America (By Application)



  • Middle East & Africa (By Service Type, By Type, By Location, By Application, and by Country)

    • GCC (By Application)

    • South Africa (By Application)

    • Rest of Middle East & Africa (By Application)





Frequently Asked Questions

As per the Fortune Business Insights, the global market was USD 40.25 billion in 2021.

The global market is projected to grow at a CAGR of 7.9% over the forecast period.

The market size of Asia Pacific stood at USD 10.76 billion in 2021.

The repair segment holds the dominating share in the global market based on service type.

The global market is expected to reach USD 72.46 billion by 2029.

The key market drivers are rising hydrocarbons exploration and digital service type adoption.

The top players in the market are Fugro, Baker Hughes, Bluestream Offshore, Petrofac, Boskalis, and others.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

Speak to an Expert
Inspection, Repair, and Maintenance Market Size, Share and Global Industry Trend Forecast till 2026
  • Apr, 2022
  • 2021
  • 2018-2020
  • 270

    CHOOSE LICENSE TYPE

  • $4850
    $5850
    $7850
    Buy Now

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Client Testimonials

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X