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Soaring Demand Set to Propel Offshore Structural Analysis Software Market to $0.97 Billion by 2029
Offshore Structural Analysis Software
How Large Will the Offshore Structural Analysis Software Market Size By 2025?
The market size for offshore structural analysis software has seen robust growth over the past few years. This industry, which is valued at $0.7 billion in 2024, is expected to expand to $0.75 billion in 2025, showcasing a compound annual growth rate (CAGR) of 7.1%. The historical growth of this market can be linked to varying oil prices, changes in offshore activity regulations, global economic scenarios, environmental issues, and the demand for energy.
How Big Is the Offshore Structural Analysis Software Market Size Expected to Grow by 2029?
The market size of offshore structural analysis software is projected to exhibit significant expansion in the coming years, increasing to $0.97 billion in 2029, with a Compound Annual Growth Rate (CAGR) of 6.9%. The anticipated growth within this period can be linked to factors such as the shift towards renewable energy, adaptation to climate change policies, alterations in geopolitical associations, economic recuperation, and fortified supply chain resilience. Key trends expected during this prediction term span digital twin technology, cloud-computing solutions, triumphant implementation of 3D visualization, along with the incorporation of machine learning and Artificial Intelligence.
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Which Key Market Drivers Powering Offshore Structural Analysis Software Market Expansion and Growth?
The escalation in need for renewable energy sources is projected to boost the expansion of the offshore structural analysis software market in the future. These renewable sources of energy, such as solar, wind, geothermal, hydro, and biomass, are naturally existing resources that can be indefinitely replenished. The surging demand for these sources can be attributed to the concerns over climate change, energy safety, and the lessening costs of renewable technologies. Offshore structural analysis software plays a pivotal role in refining the design and ensuring the safety of renewable energy installations, particularly in offshore settings. For example, the US Energy Information Administration, a governmental bureau based in the US, reported in March 2022 that power generation's reliance on renewable energy is expected to nearly triple, rising from 21% in 2021 to 44% in 2050, a growth spurred primarily by novel wind and solar power projects. Thus, the amplified demand for renewable energy sources is spurring the growth of the offshore structural analysis software market.
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Which Fast-Growing Trends Are Poised to Disrupt the Offshore Structural Analysis Software Market?
Key players in the offshore structural analysis software market are strategically partnering with other entities to secure a competitive position in the industry. Such partnerships are cooperative alliances made between two or more groups to attain mutual objectives that are in alignment with their long-term goals. For example, Akselos, a Swiss-based company specializing in unique structural performance management software, formed a partnership with Denmark's BEPA A/S, an engineering consultancy firm, in May 2023. Their goal was to improve wind turbine design and operation by utilizing Akselos' unique reduced basis finite element analysis (RB-FEA) technology which has been developed over a decade at MIT. This partnership sought to enhance wind asset designs and performance by harnessing the potential of RB-FEA in the wind industry. This technology reshapes the way floating offshore wind design engineering is approached, by introducing a more streamlined process. RB-FEA enables designers to use one comprehensive model and mesh for the whole structure, speeding up simulations and bolstering structural integrity.
What Are the Emerging Segments in the Offshore Structural Analysis Software Market?
The offshore structural analysis softwaremarket covered in this report is segmented -
1) By Components: Service, Software
2) By Offshore Structure Type: Compliant Towers, Gravity Base, Shallow Water Complex
3) By Deployment Method: Cloud, On-Premise Platforms
4) By End Use: Oil And Gas, Power Generation, Maritime, Government And Defense, Other End Use
Subsegments:
1) By Service: Consulting Services, Training Services, Technical Support Services, Maintenance And Upgrade Services, Cloud-Based Services
2) By Software: Finite Element Analysis (FEA) Software, Computational Fluid Dynamics (CFD) Software, Structural Design Software, Simulation Software, Project Management Software, Structural Health Monitoring (SHM) Software
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Who Are the Global Leaders in the Offshore Structural Analysis Software Market?
Major companies operating in the offshore structural analysis software market are Siemens AG, KBR Inc., Hexagon AG, John Wood Group PLC, DNV GL AS, ANSYS Inc., Oceaneering International Inc., Ramboll Group A/S, AVEVA Group plc, Bentley Systems Inc., L&T Technology Services Limited, BMT Group, Dlubal Software GmbH, Iron Ox Inc., Vard Marine Inc., Zebec Marine Consultant and Services, Stewart Technology Associates, Lonadek Global Services, Energid Technologies Corporation., SAFI Quality Software Inc., Viking Systems International, CAPFOS Inc., Orcina Ltd., SkyCiv Engineering
Which are the Top Profitable Regional Markets for the Offshore Structural Analysis Software Industry?
Asia-Pacific was the largest region in the offshore structural analysis software market in 2024. The regions covered in the offshore structural analysis software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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