The global offshore inspection, repair & maintenance market is set to surge as demand for efficient upkeep of clean energy structures increases. Fortune Business Insights shares valuable market analysis in its report, titled “Offshore Inspection, Repair & Maintenance” Market Size, Share and Global Trend By Type (Offshore Support Vessels, Platform Supply Vessels, Remotely Operated Vehicle (ROV) & Autonomous Underwater Vehicle (AUV), Drone Inspection), By Application (Drilling Rigs, Wind Farms), By End User (Oil & Gas, Navy, Offshore Wind Farms) and By Geography Forecast till 2026”. The report also brings out an in-depth evaluation of the various market forces that will play a key role during the forecast period.
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Offshore inspection and maintenance refer to activities that primarily involve repair and maintenance of subsea facilities and installations. The vessels that are designed for such work can operate in harsh weather conditions and are well-equipped to carry out a variety of functions.
Fortune Business Insights covers some of the major players in the global market. They include
- Bonatti International
- Subsea 7
- Industrial Sky Works
- Sapura Energy
- Oceaneering International
- Bibby Offshore Limited
- Technip FMC
Rising Fears of Oil Spilling Disasters to Boost Market Growth
Increasing offshore exploration activities that involve huge ships and oil rigs have elevated the fears about oil-related disasters at sea. Such disasters not only cause huge economic losses but also deeply affect the surrounding marine life. For example, the effects of the 2010 Deepwater Horizon oil spill disaster in the Gulf of Mexico are being felt even today by the marine life in the region. The global offshore inspection, repair, and maintenance market is expected to benefit as disaster prevention measures will require higher grade repair and maintenance activities.
Market Landscape and Market Scenario Includes:
- Current market size estimate
- Revenues by players Top Companies
- Market size by product categories
- Market size by regions/country
Growing Demand for Clean Energy to Spur the Market
The global offshore inspection, repair, and maintenance market are set to experience substantial growth owing to the rising awareness and demand for clean energy solutions. As a result, many countries are investing in offshore wind farms to generate power through renewable energy sources. These farms require frequent repair and maintenance for their long-term functioning, stability, and efficiency. This augurs well for the global offshore inspection, repair, and maintenance market which will expand as new offshore technologies come to the fore.
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Important Features that are under Offering and Key Highlights of the Market Report:
- Detailed overview of Market Share
- Changing market dynamics of the industry
- In-depth market segmentation by Type, Application, etc.
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape of Market
- Strategies of key players and product offerings
- Potential and niche segments/regions exhibiting promising market growth
Safety Concerns May Hamper the Market
Offshore inspection, repair, and maintenance activities involve various risks, especially if the vessels contain human operators. Accidents, equipment failure, and loss of communication pose a direct threat to the lives of the humans involved. Similarly, Remotely Operated Vehicles (ROVs) may not function as efficiently. These vehicles are costly and any damage to them may seriously make the company reconsider their investments. Moreover, the rising frequency of oil spill cases is leading to widespread speculation and disruptions in the oil market. These factors are anticipated to emerge as major roadblocks in the development of the global offshore inspection, repair, and maintenance market during the forecast period.
Key Market Driver – Rise in exploration of oil & gas along with booming offshore wind farms
Key Market Restraint – Fluctuating prices of hydrocarbon
Market Competition to Intensify; Novel Innovations to Lead the Way
The global offshore inspection, repair, and maintenance market is poised to witness intense competition with leading players making greater investments in innovation and strategic collaborations to enhance their market presence. For example, in February 2019, Austria-based OMV Aktiengesellschaft announced its partnership with Malaysia-based Sapura Energy to expand their presence into the Asia-Pacific region. In June 2019, Oceaneering International launched the Inform Inspect digital asset inspection system, a tablet-based technology, to streamline non-destructive testing (NDT) and inspection management.
Key Industry Developments
- In March 2019, Bhagwan Marine has recognized for inspection, reporting, and maintenance of the Port of Melbourne’s infrastructure assets. Bhagwan Marine will provide a skilled workforce, construction vessels and workboats to undertake tasks inclusive of diving, inspection, maintenance, and repairs.
- In February 2019, Subsea7 S.A. has been awarded a contract by BP exploration for the subsea construction, inspection, repair and maintenance services covering BP’s North Sea region.
- In January 2019, Bureau Veritas has been awarded a four-year contract by Neptune Energy to provide second and third party inspection services for the new Fenja oil and gas project in Norway.
Key Features of Market Research Report:
- This report provides detail analysis of the market and have a comprehensive understanding of the market and its commercial landscape.
- Learn about the various market strategies that are being adopted by leading companies.
- It provides a five-year forecast assessed based on how the market is predicted to grow.
- It provides insightful analysis of changing competition dynamics and keeps you ahead of competitors.
- To understand the future scope and outlooks for the market.
- Market Forecast by regions, type and application, with sales and revenue, from 2020 to 2026.
- Market Share, distributors, major suppliers, changing price patterns and the supply chain of raw materials is highlighted in the report.
- Market Size (sales, revenue) forecast by regions and countries from 2020 to 2023 of industry.
- The global market Growth is anticipated to rise at a considerable rate during the forecast period, between 2020 and 2023. In 2020, the market was growing at a steady rate and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.
- Market Trend for Development and marketing channels are analysed. Finally, the feasibility of new investment projects is assessed and overall research conclusions offered.
- Market Report also mentions market share accrued by each product in the market, along with the production growth.
Lastly, this report covers the market landscape and its growth prospects over the coming years, the Report also brief deals with the product life cycle, comparing it to the relevant products from across industries that had already been commercialized details the potential for various applications, discussing about recent product innovations and gives an overview on potential regional market shares.
Key Segmental Overview
1. By Type
- Offshore Support Vessels
- Platform Supply Vessels
- Remotely Operated Vehicle (ROV) & Autonomous Underwater Vehicle (AUV)
- Drone Inspection
2. By Application
- Drilling Rigs
- Wind Farms
3. By End User
- Oil & Gas
- Offshore Wind Farms
- North America (USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
North America and Europe to Dominate the Market Share
Increasing investments in development offshore windfarms and heightened hydrocarbon exploration activities are expected to propel the market in North America. Europe, with its intense focus on combating global warming, is expected to emerge as a leading contributor in the global offshore inspection, repair, and maintenance market during the forecast period. Countries like the UK and Germany have already spruced up their installations of offshore windfarms and other clean energy facilities. Asia-Pacific is going to be a significant region owing to the rapidly developing economies, mainly India and China. These countries, with their increasing energy demands and their geographical locations, are encouraging more investment in hydrocarbon exploration activities, which is good news for the global inspection, repair, and maintenance market.
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Major Table of Content For Offshore Inspection, Repair & Maintenance Market:
6.Global Offshore Inspection, Repair and Maintenance Market Analysis (USD Billion), Insights and Forecast, 2015-2026
6.1.Key Findings / Summary
6.2. Market Analysis, Insights and Forecast – By Service Type
126.96.36.199.Reliability Centered Maintenance
6.3. Market Analysis, Insights and Forecast – By Type
6.3.1.Offshore Support Vessels
6.4. Market Analysis, Insights and Forecast – By Application
6.4.1.Oil & Gas
6.5. Offshore Inspection, Repair & Maintenance Market Analysis, Insights and Forecast – By Region
6.5.5.Middle East & Africa
7.North America Offshore Inspection, Repair and Maintenance Market Analysis (USD Billion), Insights and Forecast, 2015-2026
7.1.Key Findings / Summary
7.2. Offshore Inspection, Repair & Maintenance Market Analysis, Insights and Forecast – By Service Type
188.8.131.52.Reliability Centered Maintenance
7.3. Offshore Inspection, Repair & Maintenance Market Analysis, Insights and Forecast – By Type
7.3.1.Offshore Support Vessels
7.4. Offshore Inspection, Repair & Maintenance Market Analysis, Insights and Forecast – By Application
7.4.1.Oil & Gas
7.5. Offshore Inspection, Repair & Maintenance Market Analysis, Insights and Forecast – By Country
8.Europe Offshore Inspection, Repair and Maintenance Market Analysis (USD Billion), Insights and Forecast, 2015-2026
8.1.Key Findings / Summary
8.2. Offshore Inspection, Repair & Maintenance Market Analysis, Insights and Forecast – By Service Type
184.108.40.206.Reliability Centered Maintenance
8.3. Offshore Inspection, Repair & Maintenance Market Analysis, Insights and Forecast – By Type
8.3.1.Offshore Support Vessels
8.4. Offshore Inspection, Repair & Maintenance Market Analysis, Insights and Forecast – By Application
8.4.1.Oil & Gas
8.5.Insights and Forecast – By Country
(Have a Look at Reports Trending in “Energy & Power” Industry)
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