Offshore Structural Analysis Software Market Trends

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