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Offshore Inspection, Repair, and Maintenance Market to Reach USD 17.33 billion by 2026; Rising Investment in Increasing Offshore Wind Capacity to Favor Growth

December 20, 2019 | Energy & Power

The global offshore inspection, repair, and maintenance market size is set to hit USD 17.33 billion by 2026 owing to the active measures taken worldwide to reduce greenhouse gas (GHG) emissions. Fortune Business Insights, in its report, titled “Offshore Inspection, Repair, and Maintenance Market Size, Share & Industry 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, 2019-2026”, pegs the value of the market at USD 7.19 billion in 2018. The report further states that the market will progress at a CAGR of 11.9% from 2019 to 2026.


Increasing Deployment of Unmanned Vehicles to Foster Growth Opportunities


Unmanned vehicles offer a variety of operational and economic advantages to offshore IRM companies. For example, these vehicles have high-accuracy navigation algorithms and programs, making exploration activities easier and cost-effective. Moreover, the advanced data collection systems installed in these devices ensure capturing of improved data and images. This also makes analysis of the data captured more precise. Most importantly, the deployment of UAVs is not an expensive enterprise, thereby augmenting their adoption rate and making this one of the leading offshore inspection, repair, and maintenance market trends.


To get a detailed report summary and research scope of this market, click here


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


Market Segmentation:



  • By Service: In terms of service, the market is classified into inspection, repair, and maintenance. Here, the repair segment is slated to lead, with a share of 39.2% in the market. This is mainly on account of the high cost involved in repair services, since repairing IRM equipment usually entails replacement of parts, which are expensive. The other two segments will also register substantial growth in the market.

  • By Type: On the basis of type, the market is segmented into offshore support vessels, AUVs/ROVs, and others. Here, the Autonomous Unmanned Vehicles (AUVs) and Remotely Operated Vehicles (ROVs) segment will lead owing to the increasing uptake of these advanced devices to inspect underlying, subsea structures. Furthermore, this equipment provides more accurate results and also allows for continuous monitoring of the facilities. The other segments are also anticipated to showcase considerable growth during the forecast period.

  • By Application: Based on application, the offshore IRM market is divided into oil & gas, wind farm, and others. Amongst these, the oil & gas segment is poised to lead as a result of the upsurge in oil and gas exploration and production activities, following the 2014 slowdown in the industry. This segment will be further driven by the increasing global energy demand, majority of which is expected to be met by fossil fuels. The wind farm segment also holds promising prospects.

  • By Region: Geographically, this market is categorized into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. Here, Asia-Pacific is projected to dominate the offshore inspection, repair, and maintenance market share, with the size of the regional market standing at USD 2.23 billion in 2018. This commanding position of Asia-Pacific is attributable to the escalating pace at which countries such as India and China are installing offshore wind energy plants and facilities. The other regions are also anticipated to grow at a considerable rate in the upcoming decade.


Rising Focus on Upping R&D Capacities to Stimulate Competition


Major companies in the offshore IRM market are increasingly focusing on enhancing their R&D capabilities to develop and launch innovative solutions to diversify their product portfolio. Some of the key players covered in the offshore inspection, repair, and maintenance market report include:



  • Rever Offshore

  • Technip FMC

  • Aker Solutions

  • Petrofac

  • James Fisher Marine Services

  • Schlumberger

  • Fugro

  • Oceaneering International

  • Starke Marine Sdn. Bhd.

  • Baker Hughes

  • Sapura Energy Berhad


Key Industry Developments:



  • November 2019: Weatherford launched an AI-powered solution called ForeSite Flow which provides accurate flow measurements for any fluid combination without separation.

  • November 2019: Baker Hughes teamed up with Microsoft Corp. and C3.ai to develop an artificial intelligence-enabled solution for the energy industry using the Microsoft Azure cloud platform.


The Global Offshore Inspection, Repair, and Maintenance Market is segmented in the Following Manner:











































 ATTRIBUTE



 DETAILS



Study Period



  2015-2026



Base Year



  2018



Forecast Period



  2019-2026



Historical Period



  2015-2017



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 Application



  • Oil & Gas

  • Wind Farm

  • 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)

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


Offshore Inspection, Repair, and Maintenance Market
  • PDF
  • 2018
  • 2015-2017
  • 180

    CHOOSE LICENSE TYPE

  • 4850
    6850
    8850

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