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.
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 offshore inspection repair and maintenance market. They include
- Bonatti International
- Subsea 7
- Industrial Sky Works
- Sapura Energy
- Oceaneering International
- Bibby Offshore Limited
- Technip FMC
Fortune Business Insights provides a detailed evaluation of the global market by analyzing the factors driving the market. Besides this, it also discusses some of the economic trends prevailing in the energy and power industry. These trends are analyzed in the report to see an overall impact on the global market.
Increasing use of smart grids and smart metering are likely to help for the better management of power services. Better infrastructural facilities are also expected to encourage growth in the market.
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
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.
The increased spending on oil and gas across the world is another factor likely to drive the Market. Rising investments in energy efficiency projects backed by governments may also stimulate growth in the market. The penetration of renewable sources is increasing, fueling demand for energy and which is expected to drive the Market.
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
4. By Geography
- 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)
The information used is derived from various primary and secondary sources. It also throws light on some of the major players operating in the market. The report studies profiles of these leading companies and their share in the market. It provides insights on some of the strategies adopted by these companies to survive competition and maintain their stronghold.
Major Table of Content For Offshore Inspection, Repair & Maintenance Market:
- Executive Summary
- Market Dynamics
- Key Insights
- Global Offshore Inspection, Repair & Maintenance Market Analysis, Insights and Forecast, 2026
- North America Offshore Inspection, Repair & Maintenance Market Analysis, Insights and Forecast, 2026
- Europe Offshore Inspection, Repair & Maintenance Market Analysis, Insights and Forecast, 2026
- Asia Pacific Offshore Inspection, Repair & Maintenance Market Analysis, Insights and Forecast, 2026
- Middle East and Africa Offshore Inspection, Repair & Maintenance Market Analysis, Insights and Forecast, 2026
- Latin America Smart Mining Market Analysis, Insights and Forecast, 2026
- Competitive Landscape
- Company Profile
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