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 cost-effective offshore worldwide is boosting the demand for offshore structural analysis software market. The offshore structural analysis software helps in enhancing quality control, automated structural workflows and others. The offshore structural analysis software has various benefits such as planning & estimation of projects, virtual designing, 3D designing and others, which helps the market to grow. Wide application of these software’s in various industries such as oil & gas, maritime, government & defense and others are helping the market to grow. As a result of abovementioned factors, we are expecting significant growth in the offshore structural analysis software market during the forecast period 2019- 2027.
Based on end-use, we segmented the offshore structural analysis software market into maritime, oil & gas, power generation and government & defense. The oil & gas segment has the largest market share and contributes around 40% of the market revenue in 2018. Growth of oil & gas industry worldwide is the major reason for the growth of the segment. In 2018, the oil & gas industry was estimated around US$ 85 Bn and growing with a CAGR of nearly 7% in years to come. Large number of offshore projects in the industry are also helping the segment to grow. Therefore, we expect that the oil & gas segment will continue leading the market throughout the forecast period.
Based on the geography, in 2018, Asia Pacific has the largest share in offshore structural analysis software market. Asia Pacific contributes nearly 35% of the world revenue share in the same year. Growing offshore structures, increased investments in offshore and rising oil & gas demand in the region are the major factors driving the growth of the region. Growing adoption of technology in the region is the other factor driving the growth of the market. Developing economies of Asia Pacific such as China and India will be the major growth contributors. Thus, we expect that Asia Pacific will continue its dominance 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.
Browse the full report at https://www.credenceresearch.com/report/offshore-structural-analysis-software-market
The Global Offshore Structural Analysis Software Market is Segmented into:
|Segmentation||By Component (2017–2027; US$ Mn)|
|By End-use (2017–2027; US$ Mn)|
|By Geography Segment (2017–2027; US$ Mn)|
*Complete segmentation list is on report page