Global Offshore Structural Analysis Software Market is Projected to Register a HGlobal Offshore Structural Analysis Software Market By Component (Software, Services), End-use Industry (Maritime, Oil and Gas, Power Generation, Government and Defense)
Market Definition: Global Offshore Structural Analysis Software Market
Offshore structure software are widely used in marine, oil and gas, power generation and in defense environment, also it helps in construction of offshore structure. The software helps in providing quality off structure, prediction of performance, dynamic response and gives positive results using a unified analysis environment and nonlinear structural analysis.
Market Drivers:
- Rising demand for ecofriendly work environment is expected to increase the demand for offshore structural analysis software market
- Increasing demand for offshore structure software by architects, engineers, and contractors drives the growth of this market.
- Technological advancement and development is also driving the industry of offshore.
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Market Restraints:
- High investment cost will act as a restraints for the industry
- Complexity faced by ground level workers in the adoption of offshore structure software market hampers the growth
Market Analysis: Global Offshore Structural Analysis Software Market
Global offshore structural analysis software market is expected to rise at estimated value of USD 871.84 billion by 2026, registering a substantial CAGR of 8.70% in the forecast period of 2019-2026.The growing need of technology advanced equipment’s and rising risk of offshore structural failure is the major reason for the growth of this industry.
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Segmentation: Global Offshore Structural Analysis Software Market
By Component
- Software
- Cloud
- On-premise
- Services
- Professional
- Managed
End-use Industry
- Maritime
- Oil and Gas
- Power Generation
- Government and Defense
Key Developments in the Market:
In June 2017, John Wood Group Plc one of the leading player of offshore structural analysis software market announced its acquisition with AMEC Foster Wheeler plc an international technical service company. This will benefit John Wood group to expand their product portfolio and strengthening its position in the market.
In October 2013, Bentley Systems, Incorporated announced that they have acquired MOSES software business. This acquisition will help the miraculous comprehensiveness in offshore engineering, in particular for the analysis and design of floating production, storage, and offloading (FPSO) structures. This will also help the company to extend their software capabilities and provide better services to the customers.
Competitive Analysis: Global Offshore Structural Analysis Software Market
Global offshore structural analysis software market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of offshore structural analysis software market for global, Europe, North America, Asia Pacific and South America.
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