Global Offshore Structural Analysis Software Market

Global Offshore Structural Analysis Software Market Size, Share, Growth Analysis, By Components(Software (Cloud Software, On-premise Software)), By End-use(Maritime, Oil & Gas) - Industry Forecast 2024-2031

Report ID: SQMIG45E2182 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 65 | Figures: 75

Global Offshore Structural Analysis Software Market Dynamics

Offshore Structural Analysis Software Market Drivers

  • Rising demand of offshore structural analysis software services in the oil and gas sector: The International Monetary Fund (IMF) estimates that the global economy grew by 5.9 percent in 2021, and that all regions would do well in 2022. Additionally, by 2026, developing economies like China and India collectively are predicted to account for up to 50% of the world's total oil demand. A crucial differentiator for the worldwide oil and gas business in its rivalry with the global renewable energy sector will be the increased openness in the value chain and efficiency when it comes to using software. By combining wind and gravity load analysis, tools and offshore structural analysis software enable the creation and verification of structural models, ensuring design code compliance. Therefore, during the forecast period, these factors will influence the market.

Offshore Structural Analysis Software Market Restraints

  • Insufficiency of digitally skilled personnel: The workforce needs to be capable of using software platforms to create models and designs and evaluate the results of these software solutions. Utilizing software platforms and understanding offshore structures and designs go hand in hand when using offshore structural analysis software. The workforce must be able to evaluate complicated structures using this platform, make appropriate adjustments, and confirm structure and design compliance using offshore structural analysis software first. As a result, a significant obstacle preventing businesses from implementing offshore structural analysis software is the scarcity of workers with combined capabilities for both software platforms and offshore structure analysis. This, in turn, limits the expansion of the industry under consideration.
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Offshore Structural Analysis Software Market was valued to be USD 586.2 million in 2019, and USD 680.2 milliion in 2019 and it is expected to reach USD 1192.3 million by 2031 at a CAGR of 9.13% over the forecast period (2024-2031).

The market for offshore structural analysis software is moderately fragmented. The provision of solutions and joint ventures are the main drivers of the worldwide offshore structural analysis software market. The development of innovative and effective services is another focus of market participants in the offshore structural analysis software industry. 'Bentley Systems Inc.', 'DNV GL AS', 'AVEVA Group plc', 'Wood PLC', 'Ramboll Group A/S', 'Siemens AG', 'ANSYS, Inc.', 'MSC Software Corporation', 'L&T Technology Services Limited', 'SNC-Lavalin Group Inc.', 'KBR, Inc.', 'Altair Engineering Inc.', 'ESI Group', 'Nauticus Group', 'HCL Technologies Limited', 'Hexagon AB', 'Civilserve GmbH', 'Oceaneering International, Inc.', 'Wärtsilä Corporation', 'Vard Marine Inc.'

Rising demand of offshore structural analysis software services in the oil and gas sector: The International Monetary Fund (IMF) estimates that the global economy grew by 5.9 percent in 2021, and that all regions would do well in 2022. Additionally, by 2026, developing economies like China and India collectively are predicted to account for up to 50% of the world's total oil demand. A crucial differentiator for the worldwide oil and gas business in its rivalry with the global renewable energy sector will be the increased openness in the value chain and efficiency when it comes to using software. By combining wind and gravity load analysis, tools and offshore structural analysis software enable the creation and verification of structural models, ensuring design code compliance. Therefore, during the forecast period, these factors will influence the market.

Increasing adoption of cloud computing in offshore structural analysis: When offshore structural analysis is performed using cloud computing technology, the pre- and post-processing tasks are still carried out locally, but the model is delivered to the cloud platform for interpretation, freeing the customer to finish other tasks on their local computers until the results are returned to them. For instance, Bentley Systems offers cloud-enabled offshore structural analysis software (SACS Cloud Services), that facilitates the analysis of large and compute-intensive models on the most recent cloud, employing top-of-the-line technology without wasting desktop bandwidth. These elements will help the market's expansion even more in the coming years.

Based on the region, the Asia Pacific region currently dominates the global offshore structural analysis software market. Asia Pacific currently dominates the offshore structural analysis software market as a result of the rising need for structures with high maintenance power. The offshore structure analysis software market in the region is also anticipated to grow over the course of the research period as a result of increased investments in the oil and gas sector.

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