Inspection, Repair, and Maintenance Market to Reach USD 72.46 Billion in 2029; Rising Demand for Effective Protection Systems to Propel Market Development

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

• February 2022: Petrofac undertook 2 novel contracts with Cairn Oil & Gas Vedanta Limited for USD 100 million. It includes the company’s first significant Operations and Maintenance (O&M) contract, which, in turn, may enhance its growth in India.

List of Key Players Profiled in the Report

• 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)

Further Report Findings

• The market in Asia Pacific stood at USD 10.76 billion in 2021 and is expected to gain a significant portion of the global market share. The rising electricity demand may boost the service’s adoption.
• Furthermore, increasing population in India, China, and others may boost the service adoption. In addition, the rising renewable energy installations in India may foster the industry growth.
• In North America, the presence of major players, such as Chevrolet, General Motors, and Boeing, may boost the demand for inspection, repair, and maintenance services.

Table of Segmentation