Global Offshore Structural Analysis Software Market:
About this market
Technavio’s offshore structural analysis software market analysis considers sales from oil and gas, maritime, power generation, and government and defense. Our analysis also considers the sales of offshore structural analysis software in APAC, Europe, North America, South America, and MEA. In 2018, the oil and gas segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as extensive use of offshore drilling structures and platforms and improved offshore workforce collaboration will play a significant role in the oil and gas segment to maintain its market position. Also, our global offshore structural analysis software market report looks at factors such as increasing demand from the oil and gas industry, managing risks via compliance with design codes, and growing demand for cost-effective offshore engineering. However, lack of workers with digital skills, lack of standardization of data across platforms, and the need for enhanced cybersecurity may hamper the growth of the offshore structural analysis software industry over the forecast period.
Global Offshore Structural Analysis Software Market: Overview
Growing demand for cost-effective offshore engineering
Offshore structural analysis software enables enhanced quality control and provides companies the benefits of cost-effectiveness and better compliance and risk management. Offshore structural analysis software is equipped with a sophisticated and user-friendly graphical interface, which enables automated structural workflows. The capital-intensive nature of the global offshore industry makes cost-effectiveness a critical factor in offshore structures analysis, which is one of the reasons driving the adoption of offshore structural analysis software. This will lead to the expansion of the global offshore structural analysis software market at a CAGR of over 8% during the forecast period.
Evolution of digital twins in subsea operations
A digital twin is a computer simulation, which represents a physical or statistical model of a system, asset, or facility. The virtual replica of offshore structure allows companies to manage the operation or integrity of the modeled asset from inception to decommissioning. Digital twin technology has special applications for optimized operational performance and predicted lifecycle management. The digital twin technology makes it possible to assess the structural health of an asset and provide valuable knowledge about its expected future behavior. This development is expected to influence the market positively during the forecast period.
For the detailed list of factors that will drive the global offshore structural analysis software market during the forecast period 2019-2023, click here.
With the presence of several major players, the global offshore structural analysis software market is moderately fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading offshore structural analysis software manufacturers, that include Bentley Systems Inc., BMT Group Ltd., Dlubal Software GmbH, DNV GL AS, John Wood Group Plc.
Also, the offshore structural analysis software market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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