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The global inspection, repair, and maintenance market size is expected to grow strongly by reaching USD 72.46 billion by 2029. Fortune Business Insights™ in its report titled “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, Others), By Location (Onshore, Offshore), By Application (Oil & Gas {Upstream, Midstream, Downstream}, Renewables {Solar, Wind, Hydro}, Marine, Power Generation, Infrastructure, Manufacturing, Automotive, Aerospace & Defense, Others}), and Regional Forecast, 2022-2029” observes that the market size in 2021 valued at USD 40.25 billion in 2021 and reached USD 42.66 billion by 2022, exhibiting a CAGR of 7.9% during 2022-2029. Strong demand for effective protection systems and incorporation of digital technologies may enhance the industry's growth.
James Fisher Completed its Inspection, Repair, and Maintenance Project for Ithaca Energy in its Plant
In December 2021, James Fisher completed its 21-day Air Diving and ROV inspection, repair, and maintenance project. This service was undertaken for the production of Ithaca Energy in its Floating Production Facility, FPF-1, which is located approximately 280 kilometers from Aberdeen’s East-Southeast region. This strategy may boost the company’s production facility and enable them to achieve organizational goals
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Disruption of Multiple Industry Verticals to Hinder Industry Progress
Due to multiple industry verticals disruptions, this market may be negatively affected during the COVID-19 pandemic. The alarming spike in COVID patients may lead to the closure of transport activities. Furthermore, the closure of manufacturing facilities significantly reduced the service demand. However, the resumption of manufacturing activities may propel production activities, thereby fostering the service’s demand. These factors may propel industry growth during the pandemic.
Extensive Adoption of Renewable Energies to Propel Market Progress
The service is used extensively for the production of renewable energy resources. The increasing demand for the service to create new and clean energy resources may foster this industry’s growth. Further, the rising installation facilities for the service’s development may foster its adoption. According to the International Renewable Energy Agency (IRENA)’s published data, installation capacities’ noticed a spike of nearly 714 GW and reached close to 733GW. These factors may fuel the inspection, repair, and maintenance market growth.
Companies Expand Contracts to Boost Brand Presence
The prominent companies operating in the market expand their contracts to enhance their brand presence. For example, Petrofac declared its early award to extend its Integrated Services contract with NEO energy. This extension shall overlook Petrofac’s construction, operations, maintenance, and engineering contracts. This development may allow the company to boost its brand image and expand its production activities. Furthermore, companies adopt automated production strategies, acquisitions, research and development, partnerships and other strategies to strengthen their market position worldwide.
Key Industry Development
List of Key Players Profiled in the Report
Further Report Findings
Table of 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
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By Type
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By Location
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By Application
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By Region
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