Offshore Inspection, Repair, and Maintenance Market to Reach USD 18.04 Billion by 2028; Stoked by Increasing Drone Development

The global offshore inspection, repair, and maintenance market is anticipated to exhibit monumental growth by reaching USD 18.04 billion by 2028. Fortune Business Insights™ has presented this information in its report titled, “Offshore 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 Application (Oil & Gas, Wind Farms, Others) and Regional Forecast, 2021-2028.” and observes that the market size stood at USD 8.93 billion in 2020 and USD 9.64 billion in 2021. It is expected to exhibit a CAGR of 9.4% between 2021 and 2028. The rising focus on advanced unmanned aerial vehicles (UAVs) for offshore operations and the surging demand for energy are projected to bolster the offshore inspection, repair, and maintenance market growth.

DeepOcean’s Collaboration with Solstad Offshore to Propel Growth of Industry

In June 2021, DeepOcean signed an agreement with Solstad Offshore to partner on carbon dioxide reducing measures by using low emission technologies and other alternative fuels. The collaboration is anticipated to be a key strategy for DeepOcean in becoming a global market leader. The CSV Normand Ocean will be retrofitted with shore power connection and hybrid battery technology during early 2022. Norman Ocean is a multipurpose construction vessel that has been a part of DeepOcean’s fleet since 2014. The upgrade will help to reduce carbon dioxide emissions significantly.

Growing Use of Advanced UAVs to Bolster Market’s Growth During Forecast Period

The utilization of advanced UAVs has grown across the oil & gas industry and also the defense sector. Advanced UAVs offer various advantages such as improved data quality, low deployment costs, excellent navigation algorithm, and stability. These attributes have surged their utilization in offshore inspection, repair, and maintenance services. These attributes also attract significant investments, which are likely to complement market’s growth. Hence, the growing utilization of UAVs in offshore inspection, repair, and maintenance services is anticipated to augment the market’s growth.

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https://www.fortunebusinessinsights.com/industry-reports/offshore-inspection-repair-maintenance-market-100405

Key Players Adopt Innovative Growth Strategies to Acquire Growth

The market comprises Furgo, Baker, and Schlumberger as the top players. The key players in the market emphasize research and development, coupled with advanced technologies, to stay at the top of the game. They adopt ingenious growth strategies such as new product developments, technological advancements, collaborations, partnerships, mergers, and acquisitions, among others. For instance, The Israel Shipyards entered into an agreement in August 2021 with Chevron to perform a 16-month coating program for onshore and offshore assets of Chevron. 

­Industry Developments-

• June 2021: DeepOcean signed an agreement with Solstad to partner on carbon dioxide reducing measures by using low emission technologies and other alternative fuels.

Key Players in The Global Market are:

• Fugro (Netherlands)


• Bluestream (Netherlands)


• James Fisher Offshore (U.K.)


• Boskalis (Netherlands)


• Starke Marine (Malaysia)


• Sapura Energy Berhad (Malaysia)


• Petrofac (U.K.)


• Technip FMC (U.K.)


• Oceaneering (U.S.)


• Schlumberger (U.S.)


• Baker Hughes (U.S.)


• Aker Solutions (Norway)

Further Report Findings-

• The market size in Asia Pacific stood at USD 2.73 billion in 2020 and is projected to gain the highest growth in the global offshore inspection, repair, and maintenance market share. The favorable government initiatives for green energy boost the installation of new offshore wind farms and are likely to be the key growth driver for the market. Additionally, the increasing exploration activities by India, China, and other Southeast Asian countries are expected to fuel the market’s growth.


• According to the segmentation based on service type, the repair segment is anticipated to witness the highest growth in the global market. According to the fault detected, the repair services are costly and involve a part change or the whole system’s change.

Table of Segmentation-