Press Release

What is Driving the Offshore Inspection, Repair & Maintenance Market

Top Players in Offshore Inspection, Repair & Maintenance Market are Subsea 7, Technip FMC, McDermott International, Sapura Energy, Petrofac, Bonatti International, Fluor Corporation, Oceaneering International, Baker Hughes, Jacobs, Aker Solutions, Bibby Oshore Limited, Force Technologies, and Industrial Sky Works

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.

For more information in the analysis of this report, visit https://www.fortunebusinessinsights.com/industry-reports/offshore-inspection-repair-maintenance-market-100405

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

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.

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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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.

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Key Segmental Overview:

1. By Type

  • Offshore Support Vessels
  • Platform Supply Vessels
  • Remotely Operated Vehicle (ROV) & Autonomous Underwater Vehicle (AUV)
  • Drone Inspection
  • Others

2. By Application

  • Drilling Rigs
  • Wind Farms
  • Others

3. By End User

  • Oil & Gas
  • Navy
  • 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)

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:

  1. Introduction
  2. Executive Summary
  3. Market Dynamics
  4. Key Insights
  5. Global Market Analysis, Insights and Forecast, 2026
  6. North America Market Analysis, Insights and Forecast, 2026
  7. Europe  Market Analysis, Insights and Forecast, 2026
  8. Asia Pacific Offshore Inspection, Repair & Maintenance Market Analysis, Insights and Forecast, 2026
  9. Middle East and Africa  Market Analysis, Insights and Forecast, 2026
  10. Latin America Smart Mining Market Analysis, Insights and Forecast, 2026
  11. Competitive Landscape
  12. Company Profile
  13. Conclusion

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Joseph Johnson

Joseph Johnson is an awarded Journalist and previously has worked for several renowned newspapers. At Green Energy Analysis, he leads a section- Renewable Energy. There is a team of three journalists assisting him. Joseph thoroughly analyses every news article before sending for publishing. Following on his belief that ‘single man can cause a huge difference’, Joseph has published several impeccable case studies on subjects concerning nature.

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