Offshore Structural Analysis Software Market size was valued at USD 726 Billion in 2023 and is poised to cross USD 2.5 Billion by the end of 2036, expanding at more than 10% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of offshore structural analysis software is estimated at USD 798.6 Billion.. 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.
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
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
10% |
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Base Year Market Size (2023) |
USD 726 Billion |
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Forecast Year Market Size (2036) |
USD 2.5 Billion |
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Regional Scope |
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Product (Cloud, On-Premise)
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.
End-user (Electricity Production, Oil & Gas, Marine)
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 market includes the following segments:
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By Offshore Structure |
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By Product |
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By End-User Industry |
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APAC Market Statistics
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 2036. 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.
North American Market Forecast
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.
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.
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.
Author Credits: Abhishek Verma
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