Overview and Scope
Offshore structural analysis software is a specialized digital tool utilized by offshore engineers and structural designers to facilitate the design, analysis, and simulation of various offshore structures. The software is essential for ensuring the safety, reliability, and cost-effectiveness of offshore engineering projects by helping engineers to model, simulate, and analyze the behavior of offshore structures under different conditions.
Sizing and Forecast
The offshore structural analysis software market size has grown strongly in recent years. It will grow from $0.65 billion in 2023 to $0.7 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to fluctuations in oil prices, shifts in regulations governing offshore activities, global economic conditions, environmental concerns, and energy demand.
The offshore structural analysis software market size is expected to see strong growth in the next few years. It will grow to $0.94 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to shifts towards renewable energy sources, climate change mitigation policies, changes in geopolitical relationships, economic recovery, and supply chain resilience. Major trends in the forecast period include digital twin technology, cloud-based solutions, 3D visualization, machine learning and AI integration.
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Segmentation & Regional Insights
The offshore structural analysis software market covered in this report is segmented –
1) By Components: Service, Software
2) By Offshore Structure Type: Compliant Towers, Gravity Base, Shallow Water Complex
3) By Deployment Method: Cloud, On-Premise Platforms
4) By End Use: Oil And Gas, Power Generation, Maritime, Government and Defence, Other End Use
Asia-Pacific was the largest region in the offshore structural analysis software market in 2023. The regions covered in the offshore structural analysis software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing demand for renewable energy sources is expected to propel the growth of the offshore structural analysis software market going forward. Renewable energy sources are natural resources that can be replenished indefinitely, such as solar, wind, hydro, geothermal, and biomass. There is increasing demand for renewable energy sources due to concerns about climate change, energy security, and the declining costs of renewable technologies. Offshore structural analysis software is crucial for optimizing the design and safety of renewable energy installations, particularly in offshore environments. For instance, in May 2022, according to the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, the annual renewable capacity additions broke a new record in 2021, increasing by 6% to reach 295 GW. Furthermore, renewables are predicted to make up nearly 95% of the augmentation in global power capacity by 2026. Therefore, the increasing demand for renewable energy sources is driving the growth of the offshore structural analysis software market.
Key Industry Players
Major companies operating in the offshore structural analysis software market are Siemens AG, KBR Inc., Hexagon AG, John Wood Group PLC, DNV GL AS, ANSYS Inc., Oceaneering International Inc., Ramboll Group A/S, AVEVA Group plc, Bentley Systems Inc., L&T Technology Services Limited, BMT Group, Dlubal Software GmbH, Iron Ox Inc., Vard Marine Inc., Zebec Marine Consultant and Services, Stewart Technology Associates, Lonadek Global Services, Energid Technologies Corporation., SAFI Quality Software Inc., Viking Systems International, CAPFOS Inc., Orcina Ltd., SkyCiv Engineering
The offshore structural analysis software market report table of contents includes:
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List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Offshore Structural Analysis Software Market, Segmentation By Components, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Offshore Structural Analysis Software Market, Segmentation By Offshore Structure Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Offshore Structural Analysis Software Market, Segmentation By Deployment Method, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 75: Siemens AG Financial Performance
Table 76: KBR Inc. Financial Performance
Table 77: Hexagon AG Financial Performance
Table 78: John Wood Group PLC Financial Performance
Table 79: DNV GL AS Financial Performance
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