Press release
Inspection, Repair, and Maintenance Market 2021 Net Worth is US$ 60.26 billion and Forecasts by 2028 | With Top Leaders: ABJ Drones (US), MISTRAS Group, Inc. (US), Technip FMC (UK), Sinovoltaics Group (Hong Kong), Rever Offshore (UK)....
Inspection, Repair, and Maintenance Market 2021-2028
New study report " Inspection, Repair, and Maintenance Market 2021 Global Market Opportunities, Challenges, Strategies, and Forecasts 2028" has been added to Fortune Business Insights.
Market Overview-
The global inspection, repair, and maintenance market size is projected to reach USD 60.26 billion by 2028, exhibiting a CAGR of 8.9% during the forecast period. Increasing power generation from renewable energy sources will be a key growth determinant for this market, shares Fortune Business Insights™ in its new report, titled “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 Location (Offshore, Onshore) By Application (Oil & Gas {Upstream, Midstream, Downstream}, Renewable {Solar, Wind, Hydro}, Power Generation, Manufacturing, Infrastructure, Marine, Aerospace & Defense, Automotive, Others) and Regional Forecasts, 2020-2027”. Recently released data on renewables by the International Renewable Energy Agency (IRENA) revealed that global renewable energy capacity grew by 7.9% throughout 2018, reaching 2,351 GW as 2018 ended. In terms of generation capacity, the addition was of 171 GW in 2018, with majority of it seen in hydro, wind, and solar. Expanding capacity of renewables through increased installations is likely to surge the demand for inspection, repair, and maintenance (IRM) services in the forthcoming years as these services will ensure that the power plants function smoothly with minimal downtime losses. This demand will be further bolstered as global population rises and with it, the demand for energy.
Key Players-
The key players have an essential part to play in fostering the product improvement as per the demand of the consumers with ample supply in particular regions. The well-known brands are also acknowledged and aware of the potential links with the global Inspection, Repair, and Maintenance Market 2021-2028 for showing a prominent place to the key players in the market.
Top Key Players in this market are:
ABJ Drones (US)
MISTRAS Group, Inc. (US)
Technip FMC (UK)
Sinovoltaics Group (Hong Kong)
Rever Offshore (UK)
Bluestream (Netherlands)
Baker Hughes (US)
FLIR Systems (US)
Petrofac (UK)
Starke Marine Sdn. Bhd. (Malaysia)
James Fisher Marine Services (UK)
Fugro (Netherlands)
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Competitive Landscape-
Release of Advanced IRM Solutions to be Central Focus of Market Players
Key market players are increasingly investing in R&D to develop next-gen IRM services and solutions, powered by intelligent technologies such as Internet of Things (IoT). Besides this, companies are also securing service contracts to expand their operational horizons and enlarge their global footprint.
Market Restraint-
Slump in Energy Demand Caused by the COVID-19 Pandemic to Stall Market Growth
While the growth of the IRM services market is firmly based on escalating energy demand worldwide, the outbreak of the COVID-19 pandemic has put the energy sector in doldrums as energy consumption has slumped significantly. According to a recent assessment report of the International Energy Agency (IEA), energy demand in countries that have imposed full lockdown is falling by 25% every week and in countries with partial lockdown the decline is around 18% per week. For oil, the forecasts are gloomier, because IEA’s analysis has predicted that demand for oil is likely to fall by 9% on average during this year, as global road transport has slumped by 50% since the pandemic broke out. Such drastic turn of events in the energy sector will inevitably hamper the IRM market growth in 2020.
Regional Analysis-
Asia-Pacific to Command Market Share Back by Increasing Investments in Renewables
Boasting a market size of USD 9.27 billion in 2019, Asia-Pacific seems strongly positioned to dominate the inspection, repair, and maintenance market share in the coming years. This is chiefly attributable to the increasing investments by the public and private sectors in renewable energy in the region. Compounding this is the rapid population growth in the region, which has fueled the demand for energy, especially in India and China.
North America has a well-established network of oil & gas pipelines along with rising production of shale gas, making the region one of the largest consumers of IRM services. The market in Europe is envisioned to perform impressively, primarily as a result of shifting focus on green energy production through massive deployment of renewables.
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The report also contains the following:
In-depth analysis of the various market drivers and trends;
Detailed assessment of the hindrances blocking the market’s progress;
Exhaustive evaluation of the regional prospects of the market;
Careful study of all market segments; and
Comprehensive examination and profiling of the prominent players and their strategies.
Table of Content:
1.Introduction
2.Executive Summary
3.Market Dynamics
4.Key Insights
5.Qualitative Analysis – Impact of COVID-19
6.Global Inspection, Repair, and Maintenance Market Analysis (USD Billion), Insights and Forecast, 2021-2028
7.North America Inspection, Repair, and Maintenance Market Analysis (USD Billion), Insights and Forecast, 2021-2028
8.Latin America Inspection, Repair, and Maintenance Market Analysis (USD Billion), Insights and Forecast, 2021-2028
9.Europe Inspection, Repair, and Maintenance Market Analysis (USD Billion), Insights and Forecast, 2021-2028
10Asia Pacific Inspection, Repair, and Maintenance Market Analysis (USD Billion), Insights and Forecast, 2021-2028
11.Middle East & Africa Inspection, Repair, and Maintenance Market Analysis (USD Billion), Insights and Forecast, 2021-2028
12.Competitive Analysis
Continue….
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About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
At Fortune Business Insights™, we aim at highlighting the most lucrative growth opportunities for our clients. We therefore offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
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