Menu ×

IT & TELECOM

Offshore Structural Analysis Software Market Segmentation by Offshore Structure (Compliant Towers, Gravity Base, Shallow Water Complex, and Others); by Product (Cloud, and On-Premise); and by End-User Industry (Electricity Production, Oil & Gas, Marine, and Others) – Global Demand Analysis & Opportunity Outlook 2031

  • Text Size:

Extensive insights into the Growth of Offshore Structural Analysis Software Market amidst COVID-19

Get the detailed impact analysis of COVID-19 that has disrupted the entire world and affected many industries.

Request Insights


IN THE NEWS

  • May 10, 2022: BMT Group to provide an enhanced concept design belonging to its multi-role logistics ship design family, ELLIDA, that works for the Joint Support Ship project, SEA2200 of the Royal Australian Navy.  

  • January 22, 2020: The Actin Control Software of Energid’s technologies to facilitate Robo Mantis by making it capable of quadrupedal walking in wheeled motion. Such a facility can be quite helpful in academic research applications, mining, agriculture, defense, and industrial inspection.

Global Offshore Structural Analysis Software Market Highlights Over 2022 - 2031

The global offshore structural analysis software market is estimated to garner robust revenue by growing at a CAGR of ~8% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to 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, the demand for oil is estimated to be more than 4 billion metric tons annually, meanwhile, in 2019, the industry for the 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 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.

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.

Offshore Structural Analysis Software Market

Get more information on this report: Request Sample PDF

The market is segmented 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.

Major Macro-Economic Indicators Impacting the Market Growth

Research and Development Expenditure (% of GDP), 2015-2018

The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in the ICT sector has significantly contributed to GDP growth, labour productivity, and R&D spending among other transformations of economies in different nations around the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.

Global Offshore Structural Analysis Software Market Regional Synopsis

Regionally, the global offshore structural analysis software market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in the Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of 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. 

Offshore Structural Analysis Software Market Share

Get more information on this report: Request Sample PDF

The global offshore structural analysis software market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook

  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook

  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of the Middle East and Africa) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

Market Segmentation

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

By Offshore Structure

  • Compliant Towers
  • Gravity Base
  • Shallow Water Complex
  • Others

By Product

  • Cloud
  • On-Premise

By End-User Industry

  • Electricity Production
  • Oil & Gas
  • Marine
  • Others

Growth Drivers

  • Escalating Demand for Analysis Software in Power Generation Sector
  • Rising Demand for Petroleum Products  

Challenges

  • Lack of Skilled Professionals for the Maintenance of the System

Top Featured Companies Dominating the Market

  • Zebec Marine Consultants and Services Pvt Ltd
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis 
  • 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.

FREQUENTLY ASKED QUESTIONS


Related Reports


Disclaimer | Privacy Policy | Terms & Conditions

Copyright © 2021 Research Nester. All Rights Reserved