Pune, India, Jan. 31, 2023 (GLOBE NEWSWIRE) — The global inspection, repair, and maintenance market size valued at USD 40.25 billion in 2021. The global market is expected to grow from USD 42.66 billion in 2022 to USD 72.46 billion in 2029, exhibiting a CAGR of 7.9% during the forecast period. Strong demand for effective protection systems and incorporation of digital technologies may enhance the market growth. Fortune Business Insights™ shares this information in its report titled “Inspection, Repair, and Maintenance Market, 2022-2029.”
Inspection, repair, and maintenance services are provided across several industry verticals to identify system losses, damages, and threats. This identification helps companies secure themselves against cyber threats and safeguard confidential and crucial information. Furthermore, the rising demand for effective protection systems is expected to boost the demand. Moreover, incorporating digital technologies in industries may enhance the demand for the service. These factors may propel the industry progress in the coming years.
Key Industry Development
February 2022: Petrofac was awarded two new contracts with Cairn Oil & Gas, Vedanta Limited company with a combined value of approximately USD 100 million. The contract includes Petrofac’s first significant Operations and Maintenance (O&M) contract in India, further evidencing its geographical growth strategy in action.
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Market Drivers and Restraints:
Inspection, repair, and maintenance services are utilized extensively in renewable energy production. The rising demand for the service to create new and clean energy resources is expected to foster this industry’s progress. Further, rising installation facilities for the service development are likely to foster service adoption. As per the International Renewable Energy Agency’s (IRENA) published data, the installation capacity rose to nearly 714 GW, reaching close to 733GW. These factors may propel the inspection, repair, and maintenance market growth.
However, difficulties in operations and industry demand may hinder the market’s progress.
Multiple Industry Verticals Disruptions to Impede Market Development
This market is expected to be negatively affected during the COVID-19 pandemic due to disruptions in multiple industry verticals. The alarming spike in COVID-19 patients may lead to the closure of transport activities. Furthermore, the closure of manufacturing facilities significantly reduced the service demand. However, the resumption of manufacturing activities may enhance manufacturing activities, thereby fostering the demand for the service. These factors may propel the market development during the pandemic.
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The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
By service type, the market is segmented into inspection, maintenance, and repair. As per type, it is trifurcated into AUVs/ROVs, offshore support vessels, and others. By location, it is bifurcated into offshore and onshore. Based on application, it is classified into oil & gas, renewable, marine, power generation, infrastructures, manufacturing, automotive, aerospace & defense, and others. Regionally, it is clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Strong Electricity Demand to Foster Market Growth in Asia Pacific
Asia Pacific is expected to dominate the inspection, repair, and maintenance market share due to strong electricity demand. The market value in Asia Pacific stood at USD 10.76 billion in 2021 and is expected to gain a significant portion of the global market share. Further, the rising population in China, India, and others is expected to boost the adoption. In addition, the rising renewable energy installations in India may foster industry growth.
In North America, presence of several aerospace companies, such as Chevrolet, General Motor, and Boeing, is expected to propel the demand. These factors may propel the industry’s progress.
In Europe, the presence of several automotive and aerospace companies is expected to boost the service adoption. These factors may propel the industry’s growth in the coming years.
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Prominent companies operating in the market expand contracts to boost their brand presence. For example, Petrofac declared its early award for extending its Integrated Services contract with NEO energy. The extension shall undertake Petrofac’s construction, engineering, maintenance, and operations contracts. This development may allow the company to boost its brand presence and expand its activities. Furthermore, companies adopt research, development, partnerships, acquisitions, novel production strategies, and other strategies to reinforce the market stance.
A List of Key Manufacturers Operating in the Global Market:
- Royal Boskalis Westminster N.V.
- Baker Hughes
- Aker Solutions
- Oceaneering International, Inc.
- TechnipFMC plc
- Sapura Energy Berhad
- James Fisher and Sons Plc
- Bluestream Offshore B.V.
Inspection, Repair, and Maintenance Market Segmentation:
By Service Type:
- Offshore Support Vessels
- Oil & Gas
- Power Generation
- Aerospace & Defense
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Table of Content:
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions & Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends – For Major Countries
4.2. Key Development: Merger, Acquisitions, Partnerships, Etc.
4.3. Latest Technological Advancement
4.4. Insight on Regulatory Landscape
4.5. Porters Five Forces Analysis
5. Qualitative Analysis – Impact of COVID-19
5.1. Impact of COVID-19 on the Inspection, Repair, and Maintenance Market
5.2. Steps Taken by the Government to Overcome the Impact
5.3. Key Developments in the Industry in Response to COVID-19
5.4. Potential Opportunities and Challenges due to COVID-19 Outbreak
6. Global Inspection, Repair, and Maintenance Market (USD Billion) Analysis, Insights, and Forecast, 2018-2029
6.1. Key Findings
6.2. Market Analysis, Insights and Forecast – By Service Type
22.214.171.124.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 Location
6.5. Market Analysis, Insights and Forecast – By Application
6.5.1. Oil & Gas
6.5.4. Power Generation
6.5.8. Aerospace & Defense
6.6. Market Analysis, Insights and Forecast – By Region
6.6.1. North America
6.6.3. Asia Pacific
6.6.4. Latin America
6.6.5. Middle East & Africa
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