Research Nester assesses the growth of the global offshore structural analysis software market which is anticipated to be on account of the high demand for offshore structural analysis software in many sectors such as oil & gas, power production, marine, and other industries. The increasing marine transportation across the world with rising oil and petroleum mining is estimated to boost the market analysis.
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New York – February 28, 2023 – Research Nester’s recent market research analysis on “Offshore Structural Analysis Software Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global offshore structural analysis software market in terms of market segmentation by offshore structure, product, end-user industry, and by region.
A Surge in the Consumption of Petroleum Products with Increasing Automobiles to Drive Growth of the Global Offshore Structural Analysis Software Market
The global offshore structural analysis software market is estimated to grow majorly on account of the growing use of automobile vehicles that require a huge quantity of fuel for operation. Increasing consumption of petroleum products for the functioning of heavy machinery in industries for manufacturing and production processes. The increasing disposable income of people rises the spending capacity of people causing growth in automobiles on road. All these factors are expected to drive the growth of the market as per the market analysis. The availability of cars around the world in 2022 was estimated to be around 1.5 billion with the U.S. comprising 20% of cars.
The increasing use of offshore structural analysis software for the construction, designing, validation, and analysis of marine structures is anticipated to drive market growth. The market growth is also attributed to the growing demand for electricity with the increasing population around the world. Rapid digitalization and increasing industrialization as well as urbanization propelling market growth rising the demand for power generation. Fixing wind turbines in the marine can be done in two ways including complete offshore construction or onshore construction and installation offshore.
Some of the major growth factors and challenges that are associated with the growth of the global offshore structural analysis software market are:
Growth Drivers:
- Growing Demand for Data Analytics Owing to Rising Data
- Increasing Software Technology with Increasing Data Centers
- Escalating Digital Transformation and Adoption Among People
Challenges:
The absence of skilled professionals that can handle the task of mathematical, analytical, creative, and IT fields is anticipated to hamper the market growth in the coming years. The rising need for experienced civil and marine engineering personnel in the field of offshore structure construction is some of the major factors anticipated to hamper the growth of the global offshore structural analysis software market.
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By indication, the global offshore structural analysis software market is segmented into electricity production, oil & gas, marine, and others. The marine segment is to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. The increasing use of software analysis by marine or civil engineers in designing, validating, and analyzing the results is estimated to propel market growth. As per the market analysis, the increasing construction of structures across the marine shore for electricity and oil mining is driving the market in the coming years. Additionally, the growing utilization of structural analysis software for vessel operation, the building of ships and underwater vehicles, and the construction of marine equipment hike the growth of the market. As per reports, underwater vehicle share was estimated to be 88% of the total marine mining in the year 2020 across the world.
By region, the Asia Pacific offshore structural analysis software market is to generate the highest revenue by the end of 2035. This growth is anticipated by increasing investment in the oil & gas industry and increasing demand for electricity generation. The growing electricity consumption with the increasing use of electronic devices including smartphones, laptops, and consumer electronics is also estimated to drive the market growth. The growing use of conventional and renewable sources such as petroleum products, and electricity driving the market growth in this region. For instance, the demand for electricity across India in 2020 was estimated to be 179098.26 MW as per the available data from the Central Electricity Authority. The increasing use of offshores for transport to improve fuel efficiency and time is also estimated to drive market growth.
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This report also provides the existing competitive scenario of some of the key players of the global offshore structural analysis software market which includes company profiling of Zebec Marine Consultants and Services Pvt Ltd, Abundant Robots, Inc., WAX, Inc., Stewart Technology Associates, AvL Motion BV, John Wood Group PLC, Dlubal Software GmbH, Dogtooth Technologies Limited, Energid Technologies Corporation, BMT Group Ltd.,
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