According to a new market research report published by Credence Research “Offshore Structural Analysis Software Market (Component- Software (Cloud and On-premise) and Services (Professional and Managed), End-use (Maritime, Oil & Gas, Power Generation, Government & Defense) Market – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the overall offshore structural analysis software market worldwide was valued at US$ 450.8 Mn in 2018 and is set to grow with a CAGR of 6.4% during the forecast period.
Significant growth of the cost-effective offshore industry is increasing demand for the offshore structural analysis software market. Offshore structural analysis software helps to improve quality control, automated structural workflows and others. Offshore structural analysis software has various benefits, such as project planning and estimation, virtual design, 3D design and others, which help the market grow. Wide application of these applications in a variety of industries, such as oil & gas, maritime, government & defense and others, is helping the market to grow. As a result of the above factors, we expect to see significant growth in the offshore structural analysis software market during the forecast period 2019-2027.
Based on end-use, we have segmented the offshore structural analysis market for marine, oil & gas, power generation and government & defense applications. The oil & gas sector has the largest market share and contributes about 40% of industry sales in 2018. The growth of the oil & gas industry worldwide is the main reason for the growth of the market.
In 2018, the oil & gas industry was estimated to be around US$ 85 billion and will grow by almost 7% with CAGR in the years to come. A large number of offshore projects in the sector are also helping the segment to expand. We therefore expect the oil & gas segment to continue to lead the market throughout the forecast period.
Based on geography, Asia Pacific has the largest share of the offshore structural analysis software market in 2018. Asia Pacific contributed approximately 35% of the world’s revenue share in the same year. Growing offshore structures, increased offshore investment and rising demand for oil and gas in the region are key factors driving the region’s growth. The increasing adoption of technology in the area is another factor driving the growth of the market. Developing Asia-Pacific economies, such as China and India, will be the main contributors to development. As a result, we expect Asia Pacific to remain dominant in the offshore structural analysis software market throughout the forecast period.
Some of the major companies profiled in the report include DNV GL AS, John Wood Group PLC, Ramboll group A/S, Stewart technology Associates, Viking Systems, Inc., Zebec Marine Consultants and Services, Dlubal Software GmbH, Baker Enginnering & Risk Consultants Inc., BMT Group Ltd., Bentley Systems Inc. among others.