Inspection, Repair, and Maintenance Market to Hit $60.26Bn
05 May 2021
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Pune, India, May 04, 2021 (GLOBE NEWSWIRE) -- Global inspection, repair, and maintenance market size is projected to reach USD 60.26 billion by 2027, exhibiting a CAGR of 8.9% during the forecast period. A report by Fortune Business Insights, titled “Inspection, Repair, and Maintenance Market Size, Share & Industry Analysis, By Service Type (Inspection {Visual Inspection, Ultrasonic}, Maintenance {Reactive Maintenance, Preventive Maintenance}, Repair), By Type (Offshore Support Vessels, AUVs/ROVs), By Location (Offshore, Onshore) By Application (Oil & Gas {Upstream, Midstream, Downstream}, Renewable {Solar, Wind}, Power Generation, Manufacturing) and Regional Forecasts, 2020-2027”, states that the value of the market stood at USD 34.54 billion in 2019.
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Increasing Deployment of Drones for IRM Operations to Propel the Market
Conducting inspection, repair, and maintenance (IRM) operations in offshore rigs is a risky undertaking. To prevent human casualties that may occur during such activities, several hydrocarbon giants have been deploying drones, bringing a new level of efficiency in IRM operations. For example, Chevron, the US-based oil multinational, is equipping its drones with augmented reality (AR) tools to assess field equipment and infrastructure while performing inspection works. The Norwegian energy giant, Equinor, is planning on expanding its drone usage over the next few years to automate its oilfield operations in the North Sea. The primary focus of companies is to optimize IRM activities, particularly in spaces that cannot be accessed by technicians, through drones. This development will, thus, positively impact the market during the forecast period.
COVID-19 Impact
The eruption of the COVID-19 pandemic has shaken the hydrocarbon industry as the demand for oil plummeted in 2020, with prices reaching an all-time in April 2020. This was mainly observed due to the fact that large swathes of people were confined to their homes for an extended period of time in 2020 as governments imposed lockdowns and offices adopted remote working policies to contain the spread of the coronavirus. The inspection, repair, and maintenance market growth is likely to have been hampered as a result of these adverse turn of events last year as IRM operations are essential for oil & gas conglomerates to ensure the continued production of hydrocarbons.
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Segmentation
By service type, this market has been trifurcated into inspection, maintenance, and report. Based on type, the market has been divided into offshore support vessels and AUVs/ROVs. On the basis of location, the market is bifurcated into offshore and onshore. In terms of application, the market’s segments include oil & gas, renewables, power generation, and manufacturing. Geographically, the market has been grouped into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Highlights
This report incorporates an all-encompassing overview of the industry trends and outlook. Further, the report offers a holistic examination of the impact of the COVID-19 outbreak on the market and contains actionable research into the market drivers, restraints, and segments. Besides this information, the report also provides a granular study of the competitive landscape and regional prospects of the market.
Driving Factor
Incorporation of Robotics in IRM to Accelerate Market Growth
With efficiency being the core value pursued across industries, the adoption of robotics is steadily increasing in the inspection, repair, and maintenance domain. For example, in July 2019, Sandia collaborated with Dophitech and International Climbing Machines to develop a climbing robot that can scale surfaces and inspect wind turbine blades. These robots will play an instrumental role in the renewables sector as the installation of offshore wind farms and solar farms are surging in several parts of the world. Similarly, Lufthansa Technik has been deploying robots to perform IRM operations on engines, while Rolls-Royce is experimenting with snake robots that can inspect lines and make patch repairs. Artificial intelligence (AI), too, is establishing its presence in the IRM space. For example, in February 2019, the US Armed Forces began utilizing AI to maintain their high-value assets.
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Regional Insights
Escalating Demand for Energy to Catalyze the Market in Asia Pacific
Asia Pacific is expected to lead the inspection, repair, and maintenance market share during the forecast period on account of the heightening demand for energy, primarily electricity, in the region’s rapidly developing economies. The strengthening of power infrastructure in India, China, etc. will necessitate the employed efficient IRM processes and equipment, which contribute to the regional market growth. In 2020, the Asia Pacific market size stood at USD 9.27 billion.
In Europe, the demand for inspection, repair, and maintenance services is likely to spike in the upcoming years owing to the increasing adoption of renewables in the region, especially offshore wind. On the other hand, the market in North America will be driven by the growing need to efficiently maintain the region’s huge oil & gas pipeline network.
Competitive Landscape
Co-development of AI-based IRM Platforms by Key Players to Charge up the Market
Key players in the inspection, repair, and maintenance space are actively engaging in strategic collaborations to jointly develop and deploy AI-based solutions to companies in the energy sector. Through these partnerships and product developments, companies are expanding their global market footprint and capitalizing on opportunities in emerging economies.
List of Key Players Profiled in the Inspection, Repair, and Maintenance Market Report
Industry Development
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