Inspection, repair, and Maintenance Market: Global Industry Analysis and Forecast (2023-2029)

Inspection, repair, and Maintenance Market Definition:

The inspection, repair, and maintenance (IRM) operations in offshore rigs are a dangerous undertaking. To prevent human casualties that may occur during such activities, several hydrocarbon giants have been deploying drones, bringing a new level of efficiency to 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. As a key component of the maintenance program, inspections include tasks that check the condition of equipment and determine what tools, materials, and labor are required to service them. Maintenance inspections can identify minor issues before they turn into costly repairs.

Further, the Inspection, repair, and maintenance market is segmented by Type, service type, application, and geography. Based on product type, the Inspection, repair, and maintenance markets are segmented under Offshore support vessels, AUV, and Others. Based on service type, the market is segmented under Inspection, Repair, and Maintenance. By geography, the market covers the following regions North America, Europe, Asia-Pacific, South America, and Middle East & Africa. For each segment, the market sizing and forecasts have been done based on value  (in USD Billion).

Inspection, repair, and Maintenance Market Dynamics:

Rapid technological innovation, a rise in urbanization, and a surge in the demand for renewable energy are the major factors driving the growth of the Inspection, repair, and maintenance market. The growth of the world’s capacity to generate electricity from solar panels, wind turbines, and other renewable technologies is on course to accelerate over the coming years. The global renewable electricity capacity is forecast to rise more than 60% from 2021. Government can further accelerate the growth of renewables by addressing key barriers, such as permitting and grid integration challenges, social acceptance issues, inconsistent policy approaches, and inconsistent remuneration.

The major challenges faced by the inspection, repair, and maintenance market are low maintenance productivity, operational visibility, and inventory accuracy, caused by insufficient paper-based operations. Companies have invested significant sums in their enterprise resource planning systems but many remote workers in the field factory and warehouses remain disconnected and have to manage with an inefficient, paper-based process. There is a time lag between physical work and updates to the ERP system, so managers don’t have true real-time visibility of operations.

The introduction of augmented reality in the inspection, repair, and maintenance market improves services, assets, safety, and the utility operator’s bottom line. However, the trend toward digitized maintenance and inspections gave rise to augmented reality technology especially significant for subsurface infrastructure, enabling precise location, depth, and identification of utility assets before digging inspection, maintenance, and repair activities. However, the danger of potential damage to underground utilities during digging, inspection, maintenance, or repair poses severe risks to workers and public safety. Most underground electrical systems are classified as Zone 1 environments in which explosions may occur. Only specialized mobile devices certified as Zone 1-safe are permitted in these locations. A standard smartphone is not acceptable in such an environment because non-certified devices may potentially cause a spark leading to a catastrophic explosion. The 3D models of underground utilities significantly reduce the cost of maintenance and the risks and costs of injuries/fatalities associated with damage during digging. In the electrical utility industry, reducing long-term costs and increasing reliability are the primary objectives of planned maintenance. Now, with cutting-edge AR, these technologies can help transform your planned maintenance into digitized maintenance.

Inspection, repair, and Maintenance Market Segment Analysis:

By Type, Based on type the market is bifurcated into offshore support vessels, Autonomous Underwater Vehicles (AUVs), and Others. The Autonomous Underwater Vehicles segment holds the largest market share in 2021 and is expected to grow at the highest CAGR during the forecast period. An autonomous underwater vehicle is a self-propelled, unmanned, untethered underwater vehicle capable of carrying out single activities with little or no human supervision. It is often used as a survey platform to map the seafloor or characterize the physical, chemical, or biological properties of water. AUV carry a variety of sensors such as video or still cameras, sonar, magnetometers, fluorometers, dissolved oxygen sensors, conductivity, pH sensors, etc, and are also equipped with GPS navigation, however, because radio waves cannot travel through water, an AUV can only acquire a GPS signal while at the surface. These are the factors responsible for the growth of Autonomous Underwater Vehicles in the Inspection, repair, and maintenance market.

By Application Based on application, the market is segmented into Oil and Gas, Power Generation, Manufacturing, Aerospace, Automotive, Infrastructure, Renewable, Marine, and Others. The oil and gas segment held the largest market share of 22% in 2021 and is expected to remain the same during the forecast period. The growing industrialization along with the growing investment in oil and gas and hydrocarbon exploration is the major factor driving the growth of the segment.

Inspection, repair, and Maintenance Market Regional Insights:

The Asia Pacific region dominates the market and is expected to remain the same during the forecast period. The increasing electricity demand is the major factor felling the growth of the market in the region. The growth of renewable in India is outstanding, supported by the government’s newly announced goals of reaching 500GW of renewable power capacity by 2030. Deployments in Europe and North America are also on track to speed up significantly.

Inspection, repair, and Maintenance Market Key Players Insights:

The market is characterized by the existence of several well-known firms. These companies control a large portion of the market, have a wide product portfolio, and have a global presence. In addition, the market comprises small to mid-sized competitors that sell a limited variety of items, some of which are self-publishing organizations.

The market's major companies have a significant impact because most of them have extensive global networks through which they can reach their massive client bases. To drive revenue growth and strengthen their positions in the global market, key players in the market, particularly in North America and Europe, are focusing on strategic initiatives such as acquisitions, new collection launches, and partnerships.

The objective of the report is to present a comprehensive analysis of the Global Inspection, repair, and Maintenance market to the stakeholders in the industry. The report provides trends that are most dominant in the Global Inspection, repair, and Maintenance market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the Global Inspection, repair, and Maintenance of Market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.

The qualitative and quantitative data provided in the Global Inspection, repair, and Maintenance market report is to help understand which market segments, and regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the Global Inspection, repair, and maintenance market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the Global Inspection, repair, and maintenance market.

The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals exist, who they are, and how their product quality is in the Global Inspection, repair, and maintenance market. The report also analyses if the Global Inspection, repair, and Maintenance market are easy for a new player to gain a foothold in the market, do they enter or exit the market regularly,  and if the market is dominated by a few players, etc.

The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the Global Inspection, repair, and maintenance market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Global Inspection, repair, and maintenance market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the Global Inspection, repair, and Maintenance market is aided by legal factors.

Inspection, repair, and Maintenance Market Scope:

Inspection, repair, and Maintenance Market Key Players: 

• Fugro
• Bluestream
• James Fisher Offshore
• Boskalis
• Starke Marine
• Sapura Energy Berhad
• Petrofac
• Technip FMC
• Oceaneering
• Schlumberger
• Baker Hughes
• Aker Solutions