As per the study at FMI, the offshore structural analysis software market was valued at US$ 637.2 Million in 2022 and is predicted to reach US$ 1.1 Billion by 2032, growing at a 5.4% CAGR.
The demand for offshore structural analysis software is rising due to growing demand for environmentally friendly building work and increasing demand from the oil and gas end-use industry. These are some of the primary drivers responsible for rising sales of offshore structural analysis software and the development of global offshore structural analysis software market share.
Furthermore, the global offshore structural analysis software market’s growth trajectory is influenced by an increase in demand for offshore structural analysis software by engineers, contractors, and architects.
The offshore structural analysis software technology breakthroughs are providing end users with far more effective and valuable solutions. As a result, the sales of offshore structural analysis software are predicted to rise. However, issues encountered by ground-level workers in implementing this software, as well as a costly initial investment, may limit the global offshore structural analysis software market size during the forecast period.
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Increased technological advancements in subsea platforms, protective structures, drilling templates, tension decks, substitutes connected to various offshore structures, and skidding systems, on the other hand, are expected to provide additional growth opportunities for players and developers in the global offshore structural analysis software market in the coming years. As a result, the sales of offshore structural analysis software are anticipated to grow rapidly.
Other significant factors propelling the sales of offshore structural analysis software in the coming years include rising demand for offshore structures with increased maintenance power, rising expenditure in the oil and gas industry, increased use of cloud-based computing and deployment services, and increasing awareness of the effective and timely analysis of various offshore structures.
Furthermore, the demand for offshore structural analysis software is growing as extreme weather conditions, physical space limits and distant locations present significant growth opportunities in marine, oil and gas, power production, and government and defence engineering sectors.
The demand for offshore structural analysis software is forecasted to rise as engineers can utilise offshore structural analysis software to design a safe and reliable operating platform in an extreme environment because of these constraints. As a result, the sales of offshore structural analysis software are anticipated to rise throughout the forecast period.
KEY TAKEAWAYS:
- By component, the software segment is predicted to dominate the offshore structural analysis software market with a CAGR of 5.7% through 2032.
- This growth is mostly due to increased demand for offshore structural analysis software from end-users such as architects, engineers, contractors, and owners in the oil and gas, maritime, power generation, and government and defence industries for dynamic, cost-effective, and efficient offshore structural analysis software.
- By end use industry, the oil and gas industry segment is predicted to lead offshore structural analysis software market share with a CAGR of 5.9% through 2032.
- This is due to the significant number of offshore projects in this industry that require offshore structural analysis software for structure design. Architects, engineers, and contractors are increasingly emphasising the usage of offshore structural analysis software, which is driving the sales.
- In terms of region, Asia Pacific dominated the offshore structural analysis software market in 2021 and is likely to continue during 2022 and 2032. This is due to an increase in the need for structures with high maintenance capabilities, as well as increased investments in the oil and gas industry.
- Due to the growing awareness of offshore structural analysis software and the development in cloud-based services, which are lowering the high maintenance and operating costs connected with offshore structural analysis software; North America is anticipated to hold a significant market share.
- Europe is also likely to see significant development in the next years as a result of the adoption of offshore structural analysis software and increased technical awareness of how it works.
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COMPETITIVE LANDSCAPE:
Baker Engineering and Risk Consultants, Inc., Bentley Systems, Inc., BMT Group Ltd, Dlubal Software GmbH, and DNV GL AS are some of the major players in the global offshore structural analysis software market.
Key Segments
By Components:
- Service
- Software
By End Use:
- Power Generation
- Oil and Gas
- Maritime
- Government and Defence
By Region:
- North America
- South America
- Europe
- Asia Pacific
- Middle East & Africa
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