Press release
Inspection, Repair, and Maintenance Market 2022 Industry Growth, Size, Share, Top Players, Emerging Trends, New Opportunity And Forecast 2028
Inspection, Repair, and Maintenance Market 2022-2028
New study report" Inspection, Repair, and Maintenance Market 2022 Market Opportunities, Challenges, Strategies, and Forecasts 2028″ has been added to Fortune Business Insights.
Market Overview:
The global inspection, repair, and maintenance market size was USD 65.81 billion in 2028, exhibiting a CAGR of 7.3% during the forecast period. The market stood at USD 38.24 billion in 2020 and is estimated to reach USD 40.25 billion in 2021. Rising emphasis on renewable energy resource production and growing population and energy demand may boost the market growth. Fortune Business Insights™ provides this information in its report titled "Inspection, Repair, and Maintenance Market, 2021-2028."
Key Industry Development:
January 2021: Boskalis completed the acquisition of Rever Offshore's subsea services, which was previously known as Bibby Offshore. Rever Offshore specializes in subsea construction, IRM services, and operation handling across its North Sea assets from Aberdeenshire and Westhill.
List of Companies Covered in the Inspection, Repair, and Maintenance Market Report:
Fugro
Bluestream
James Fisher Marine Services
Rever Offshore
Starke Marine Sdn. Bhd.
Sinovoltaics Group
Petrofac
Technip FMC
FLIR Systems
MISTRAS Group, Inc.
Baker Hughes
ABJ Drones
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Method of Research:
Fail-safe, modern research methodologies are employed for the Inspection, Repair, and Maintenance market analysis. An exhaustive primary and secondary research conducted on the market using robust research techniques aid in the prediction of the market size at the end of forecast period. Top-up and bottom-down approaches were maintained in the entire market study.
Report Coverage:
Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
Comprehensive insights into the regional developments.
List of major industry players.
Key strategies adopted by the market players.
Latest industry developments such as product launches, partnerships, mergers, and acquisitions.
Driving Factors:
Rising Energy Demand and Increasing Applications in Several Industries to Boost Market Development
The rising population and increased dependence upon electricity have led to the adoption of renewable energy resources. As per the United Nations (UN) Department of Economic and Social Affairs' estimation in June 2017, the global population is expected to reach 9.8 billion in 2050 and approximately 11.2 billion in 2100. The rising number of power plants globally is likely to attract demand for inspection, repair, and maintenance services and tools. Further, increasing oil & gas extractions at higher depths may boost product demand. Moreover, IRM services' increased adoption in aerospace & defense, marine, manufacturing, power generation, automotive, and infrastructure industries is likely to boost its demand. In addition, the development of new technologies and rising automation may increase its adoption. These factors are likely to drive the inspection, repair, and maintenance market growth.
However, concerns regarding the inconsistency of IRM services are likely to hamper the industry's progress.
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Segmentation:
By service type, the market is segmented into repair, maintenance, and inspection. As per type, it is classified into ROVs/AUVs, offshore support vessels, and others. By location, it is bifurcated into onshore and offshore. Based on application, it is categorized into aerospace & defense, automotive, manufacturing, infrastructure, power generation, marine, renewable, and oil & gas. Geographically, it is clubbed into Europe, North America, Asia-Pacific, Latin America, Middle East & Africa.
Regional Insights:
Rising Population and Extensive Renewable Energy Production to Boost Market Growth in Asia-Pacific
Asia-Pacific is expected to dominate the inspection, repair, and maintenance market share because of the rising population and extensive renewable energy reserve production investments. The market in Asia-Pacific stood at USD 10.21 billion in 2021 and is projected to grow positively during the market in the upcoming years. In addition, the adoption of new technology such as offshore wind power is likely to boost the market growth.
In North America, the presence of a long oil & gas pipeline network globally is expected to boost inspection, repair, and maintenance adoption in the upcoming years. For example, KMI admitted that it has a huge natural gas transmission network with approximately 1,200 miles of natural gas liquids pipelines, 700 billion cubic feet (bcf) working storage capacity, and 70,000 miles of natural gas pipelines in September 2021. This factor can propel market growth in the region.
In Europe, the rising focus on attaining green energy targets by the extensive adoption of renewable sources is estimated to increase inspection, repair, and maintenance demand. For example, the UK is expected to provide nearly USD 34.2 million in subsidies to renewable energy developers in September 2021. Under this contract, offshore wind energy developers will be provided with a contract worth USD 256.7 million annually, and onshore wind energy and solar farms shall join the contract for the first time in 5 years. These factors may boost the market growth.
Major Table of Content:
Introduction
Executive Summary
Market Dynamics
Key Insights
Inspection, Repair, and Maintenance Market Analysis, Insights and Forecast, 2022-2028
North America Inspection, Repair, and Maintenance Market Analysis, Insights and Forecast, 2022-2028
Europe Inspection, Repair, and Maintenance Market Analysis, Insights and Forecast, 2022-2028
Asia Pacific Inspection, Repair, and Maintenance Market Analysis, Insights and Forecast, 2022-2028
Middle East and Africa Inspection, Repair, and Maintenance Market Analysis, Insights and Forecast, 2022-2028
Latin America Inspection, Repair, and Maintenance Market Analysis, Insights and Forecast, 2022-2028
Market Share Analysis, By Key Players, 2022
Competition Matrix
Company Profile
Continue….
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