Offshore Structural Analysis Software Market Size & Share, by Offshore Structure (Compliant Towers, Gravity Base, Shallow Water Complex); Product (Cloud, On-Premise); End-user (Electricity Production, Oil & Gas, Marine) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

Global Offshore Structural Analysis Software Market Definition

The offshore structural analysis software is an engineering tool utilized to analyze and design structures for many industries including oil, gas, petroleum, and marine sectors. This provides easy solutions and procedures for the building engineers during the construction of an offshore structure. This is an automated modeling software for analyzing critical decisions.

The offshore construction structures include the installation of heavy structures for the production of fuel, electricity, oil, gas, and other renewable resources from the deep waters. The risk and cost of installation are totally different in the case of offshore. So new technologies are developed for different construction strategies. Some structures are completely built onshore and then carried offshore to installation and in other cases, the foundation structures are placed at the bottom of the seabed and the floating structures are held with mooring systems.

The applications of structural analysis software include offshore and marine structural engineering for load-out, launching, installing, code checking, accidents, earthquake, and explosion analysis. Many modern solutions are adopted by professionals to solve and produce accurate results. The use of structural analysis software in civil engineering saves a lot of time and effort for many engineers. The engineers spend months and years drawing, calculating the risk, and analyzing the results whereas the software performs the tasks in no time.

Global Offshore Structural Analysis Software Market: Key Insights

Global Offshore Structural Analysis Software Market Size, Forecast, and Trend Highlights Over 2023 - 2035

The global offshore structural analysis software market is estimated to garner a revenue of ~USD 2071 Billion by the end of 2035 by growing at a CAGR of ~10% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of ~USD 660 Billion in the year 2022. The growth of the market can be attributed to the heavy demand for offshore analysis in multiple industries, for instance, oil & gas, power generation, marine, and others.  The growing need for oil and other petroleum products is estimated to boost the market growth. For instance, globally the demand for oil is estimated to be more than 4 billion metric tons annually, meanwhile, in 2019, the industry for oil and gas storage amounted to around USD 2.5 billion which is further projected to reach approximately USD 3.5 billion during the forecast period.

Additionally, the higher utilization of offshore structural analysis software in the marine sector is also considered to be one of the major growth factors for the market. As of 2021, more than 40,000 ships are evaluated to be trading on an international scale, while the number of seafarers working on those ships is estimated to be about 1.6 million globally. Furthermore, the escalating demand for offshore structural analysis software in electricity generation is also anticipated to hike the growth of the market over the forecast period. For instance, the electricity generation capacity was estimated to be about 2 terawatts in 2020 across the globe. Such factors are expected to propel the growth of the market over the forecast period.

Global Offshore Structural Analysis Software Market: Growth Drivers and Challenges

Growth Drivers

• Rising Utilization of Petroleum Products with Rising Industries and Automobile Sectors – The increasing number of automobiles produced worldwide and a growing number of industries are estimated to increase the utilization of petroleum products, thereby boosting the market growth. Petroleum products are widely used in industries to run heavy machinery operating in production and manufacturing units. Furthermore, rising disposable income leads to an increase in automobile purchases, which increases fuel consumption. As per the estimations, in 2022 about 1.5 billion cars are available worldwide, with about 20% of cars belonging to the U.S.

• Increasing Need for Data Analytics Owing to the Availability of Huge Data – According to the reports, about 3 quintillion bytes of data is produced worldwide every day as of 2022.

• Rising Number of Data Centers with Growing Software Companies – It is estimated that in the United States, there are over 2700 data centers as of 2022.

• Growing Adoption of Digitalization by People Across the World – As per the observations, the spending on digital transformation worldwide is estimated to be USD 2 trillion in 2021.

Challenges

• Lack of Skilled Professionals for the Maintenance of the System - The lack of availability of experienced personnel with creativity, IT, mathematical, and analytical skills are estimated to hamper the market growth. The knowledge of IT and offshore civil engineering is necessary for the proper analysis and designing of structures offshore.

• High Cost of Installment for Offshore Structural Analysis Software
• Growing Difficulties Among Ground Level Workers

Global Offshore Structural Analysis Software Market Segmentation

The global offshore structural analysis software market is segmented and analyzed for demand and supply by product in the cloud and on-premise. Out of the two segments, the cloud segment is estimated to gain the largest market share over the projected time frame. The growth of the segment can be attributed to the increasing penetration of cloud software among people around the world. More than 90% of companies across the world prefer using cloud server service according to the reports in 2022 as it reduces the workloads of businesses. The rising use of cloud software in many IT industries owing to flexibility, security, reliability, and remote working facilities is boosting the market growth. Also, the cost of cloud software is cheaper compared to on-premise infrastructures as there is no need for hardware replacement. The security and fear of losing data and business details are absent in the cloud software segment. Additionally, the cloud allows users to deliver their applications to market users easily.

The global offshore structural analysis software market is also segmented and analyzed for demand and supply by end-user industry into electricity production, oil & gas, marine, and others, out of which, the marine segment is anticipated to hold the notable share in the global offshore structural analysis software market during the forecast period on account of its higher utilization in marines. The software is very helpful for marines to deliver cost-effective, compliant, and timely offshore engineering. The need for advanced solutions for engineers is rising to speed up the designing process of offshore structures. The emergence of building of unique structures for shipbuilders, designers, marine equipment, vessel operators, and crew is increasing. The offshore structural analysis software helps to validate the design of ships, underwater vehicles, and other structures included in marine mining and wind turbine generator installations. According to the statistics, in 2020 an underwater vehicle was estimated to have a share of 88% in marine mining around the world.

Our in-depth analysis of the global offshore structural analysis software market includes the following segments:

Global Offshore Structural Analysis Software Market Regional Synopsis

The Asia Pacific offshore structural analysis software market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035. The growth of the market can be attributed majorly to the rising demand for investment in the oil & gas industry and a higher demand for electricity production. The electricity in the region is usually generated by two types of sources that are conventional and renewable. Moreover, the data provided by the Central Electricity Authority in 2020, the demand for electricity in India was stated to be 179098.26 MW while the total production was valued at 176387.56 MW. All these factors are anticipated to influence the growth of the market positively over the forecast period in the region.

Furthermore, the North America region is also estimated to provide lucrative growth opportunities for the global offshore structural analysis software market during the forecast period. The growth of the market in the region can be ascribed to similar factors such as escalating investment in the oil & gas industry and increasing awareness regarding offshore structural analysis software. For instance, the investment in the oil & gas industry in 2021 was observed to be around USD 1 billion while it is further estimated to reach more than USD 1.5 billion in the region over the forecast period. 

Top Featured Companies Dominating the Global Offshore Structural Analysis Software Market

• Zebec Marine Consultants and Services Pvt Ltd
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• Abundant Robots, Inc.
• WAX, Inc.
• Stewart Technology Associates
• AvL Motion BV
• John Wood Group PLC
• Dlubal Software GmbH
• Dogtooth Technologies Limited
• Energid Technologies Corporation
• BMT Group Ltd.