Inspection, Repair, and Maintenance Market Size, Share & COVID-19 Impact Analysis, By Service Type (Inspection {Visual Inspection, Ultrasonic, Electromagnetic, Radiography, Pigging, Others}, Maintenance {Reactive Maintenance, Preventive Maintenance, Predictive Maintenance, Reliability Centered Maintenance}, Repair), By Type (Offshore Support Vessels, AUVs/ROVs), By Location (Onshore, Offshore), By Application (Oil & Gas {Upstream, Midstream, Downstream}, Renewables {Solar, Wind, Hydro}, Marine, Power Generation, Infrastructure, Manufacturing, Automotive), and Regional Forecast, 2022-2029

The global inspection, repair, and maintenance market size was valued at USD 40.25 billion in 2021. The market is projected to grow from USD 42.66 billion in 2022 to USD 72.46 billion by 2029, exhibiting a CAGR of 7.9% during the forecast period. Asia Pacific dominated the global market with a share of 26.73% in 2021.

The global COVID-19 pandemic has been unprecedented and staggering, with inspection, repair, and maintenance experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global market exhibited a decline of -7.2% in 2020 as compared to 2019. 

Inspection, repair, and maintenance (IRM) refers to services across multiple industry verticals to identify equipment or system threats, damages, or losses. The identification helps the industry and companies undertake certain measures to avoid and tackle the damage that could further cause system and equipment failure. IRM services also help minimize system equipment losses and improve effective operation.  

COVID-19 IMPACT

Disruptions in Multiple Industry Verticals Along with Travel Restrictions Slow Down Growth amid Pandemic

The outbreak of COVID-19 pandemic resulted in slowing down the economic activity across the globe. The global health problem outbreak has affected the market. IRM products & services are used at various locations to ensure plant operations and provide insights into the strength potential of tools. The volatility in the application of inspection, repair, and maintenance caused by the impact of COVID-19 was felt due to restrictions on investments caused by the interruption of operation of various industrial processes such as dwindling sea-born trades, exploration, hydrocarbon production, construction, expansion of production facilities, and others. This resulted in a significant decline in the operational revenue of key players operating in the market.

LATEST TRENDS

Integration of Digital Technologies in Industrial Operations to Spur Lucrative Opportunities

Integration of digital solutions, such as artificial intelligence and cloud computing, in the maintenance technique across the industry propels the market opportunity for inspection, repair, and maintenance services. The techniques are used to ensure high quality and safety level of various components to mitigate the risk of defects creation in machinery.

For example, Coca-Cola built the AI-based visual inspection app. The app diagnoses the facility system and detects issues. Technical specialists receive notifications about detected problems and take further action. Hence, the process of defect detection in production lines is getting smarter. Moreover, deep neural network integration allows a computerized system to recognize such surface defects as scratches, cracks, leaks, and others, further enhancing the market growth.

DRIVING FACTORS

Increasing Adoption of Renewable Energy to Aid Market Growth

The growing emphasis on renewable energy sources to reduce carbon emissions has resulted in vast green energy targets for near and long-term periods. It is bound to create new potential for clean energy deployment and is likely to complement the growth of IRM services during the forecast period.

As per the International Renewable Energy Agency (IRENA) data published, the installed capacity rose to 714 GW, reaching closer to wind energy's cumulative 733 GW. Visual inspection using infrared cameras is the most deployed technique for solar farms as it helps identify faulty PV panels that heat up owing to physical damage and connection issues. This marks the growth of renewable energy and, subsequently, the market in the renewable sector.

Growing Energy Demand to Drive IRM Services Market Growth 

The population growth and growing urbanization have increased electricity consumption across various sectors. Rapid explosion of population rises across different countries, coupled with a paradigm shift of residents to urban locations, has substantially increased the electricity consumption among users. This compels governments to take proactive steps to ensure a steady power supply, which will act as an opportunity for the inspection, repair, and maintenance market growth. Among various non-destructive testing techniques for power plants, eddy current measurements and ultrasonic measurements are the most deployed. These act as cost-effective solutions and reliable methods for any given equipment and structure in power plants.

RESTRAINING FACTORS

Difficulties in Industry Demand & Operations to Hinder Market Growth

Oil and gas price volatility is a major element that could hamper this market in oil and gas applications. The production and price are purely determined by global demand; consistent demand leads to a stable market, and any deficit directly impacts production and the market. According to the Energy Information Administration (EIA), In February 2022, Brent crude oil spot prices averaged USD 87 per barrel in January, which increased to USD 12 per barrel from December 2021. This volatility affects disruption in supply & demand and affects the operations of the oil & gas industry, further acting as a major market restraint for the market. Moreover, the renewable sector is dependent on weather conditions for efficient setup coupled with difficulties faced in large-scale energy production. This has led to the constrained installation of sustainable plants in certain regions, replacing existing conventional energy sources.

SEGMENTATION

By Service Type Analysis

Repair Service Type to Hold Dominant Market Shares due to Increasing Equipment/System Installation

By service type, the market is divided into inspection, maintenance, and repair. The repair segment is holding the dominating share of the market owing to the increase in need of installing equipment equipped with advanced technologies for better operational efficiency and substantial cost savings.

The maintenance market size, share, and industry are likely to experience substantial growth during the forecast timeframe due to the indispensable need for maintenance in periodic cycles. Maintenance types such as preventive, reactive, and others can be carried out across various industry verticals.

Furthermore, the inspection segment is likely to grow significantly. Different service type inspection like visual, ultrasonic, electromagnetic, and other demand is stimulated by increasing usage of various Non-Destructive Testing (NDT) methods in rapidly rising onshore & offshore wind farms coupled with growing concerns over pipeline security.

By Type Analysis

AUVs/ROVs Type to Hold Dominant Market Shares due to Increasing Offshore Activities

The type segment includes offshore support vessels, AUVs/ROVs, and others. Autonomous Underwater vehicles (AUV)/ Remotely Operated Vehicles (ROV) market are generally used in completing subsea maintenance, repair, and cleaning services equipped with a range of custom tooling. The increase in research and development activities to increase efficiency and preciseness during inspections is one of the major factors driving segmental growth in the forecast timeframe.

Subsequently, the offshore support vessel is likely to grow significantly due to the tremendous expansion of the offshore oil & gas industry, increasing demand for offshore support vessels (OSVs) to initiate different operations in floating drilling rigs or fixed types of production platform.

Other types such as cameras, drones, data analytics tools, sensors, and many different types of equipment are also applied during IRM operations.

By Location Analysis

Onshore Location Type to Hold Dominant Inspection, Repair, and Maintenance Market Share due to Increasing Oil & Gas Exploration, Renewable Installation

Based on location, the market is bifurcated into onshore and offshore. The onshore location dominates the market due to Favorable deployment of renewable energy systems plants and favorable government targets to add suitable energy generation. Moreover, the deployment of oil & gas pipelines to transport the fuel also improves the market outlook or onshore market segment across various oil & gas industries. Furthermore, the repair services by offshore type location have potential opportunities in the forecast time frame due to continuous investments in deep-water hydrocarbon reserves, rapidly increasing waterborne trade, and growing offshore wind and solar installations, which propel the demand for renewable-powered repair services equipment.

By Application Analysis

Oil & Gas to Hold Dominant Market Share Largely Due to its Increasing Demand

The market is segmented into oil & gas, power generation, renewables, marine, infrastructure, manufacturing, automotive, aerospace & defense, and others based on the application. The oil & gas industry dominates the market of inspection, repair, and maintenance services due to growing investments in oil & gas and hydrocarbons exploration, majorly across North America, Latin America, and the Middle East & Africa. 

In addition, there is an increase in shift toward renewable energy sources and power generation by various countries to reduce fossil fuel dependency and carbon emission. Countries have started installing renewable energies, such as solar PV, wind, and hydro, which is the major factor for the demand for inspection, repair, and maintenance services in the renewable industry.

With increased offshore activities such as offshore installation, offshore exploration drives the demand for IRM services across the marine industry. Moreover, the rapid increase in energy demand from developing countries across the Asia Pacific, Latin America, and the Middle East propel the demand for IRM services across the power generation industry. Subsequently, urbanization and industrialization are growing rapidly across developing countries, which drives inspection, repair, and maintenance services across the infrastructure industry.

REGIONAL INSIGHTS

The market size, share, and market analysis are studied across North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.  The Asia Pacific region holds the dominant share of the market due to the rise in electricity demand due to the growing population across developing countries such as China, India, and others. Moreover, several countries such as India have significant growth in installing renewable energy, which will drive the demand for inspection and maintenance services across the region. North America is the home to leading automotive aerospace companies such as Boeing, General Motors, Chevrolet, which act as major drivers for the market across the region. In Europe, countries such as Germany and the U.K. are leading countries for the manufacturing industry due to various automotive and aerospace companies. Additionally, increase in renewable energy installation to meet clean energy targets set by governments also propels the market across the region.

Furthermore, the Middle East & Africa is rich in potential oil & gas exploration. With increased hydrocarbon exploration to mitigate the growing energy demand, various companies are investing in production activities, resulting in maintenance, repair, and inspection of equipment. Subsequently, countries like Brazil across Latin America also ranked within the top countries for the oil & gas industry. With the growing demand for fossil fuel, the services demand in the oil & gas industry will experience substantial growth across the region.

KEY INDUSTRY PLAYERS

Exciting New Opportunities to be Lapped up by Market Players

The global inspection, maintenance & repair market is highly fragmented, with a large number of players providing different services at various stages of the value chain. Numerous companies are actively operating across different regions to cater to the specific demands of the customers.

Furthermore, Fugro is expected to generate significant market share due to the growing demand for its electric & hydraulic-powered inspection class and work class remotely operated vehicles (ROVs). The company recently added a modern fleet of ROVs to its portfolio to enhance its position across various verticals.

Major industry players also include Baker Hughes, Schlumberger, Oceaneering International, and Technip, which are leading in delivering inspection, repair, and maintenance services to different industries. For instance, in January 2022, James Fisher Renewables obtained a high voltage safety management commissioning contract from Iberdrola’s Baltic Eagle offshore wind plant. The contract calls for managing all areas of high-voltage safety during the wind farm's development and overseeing system safety for all on-site staff to ensure the wind farm is electrified safely and efficiently. Numerous other players operating across the industry are focused on delivering IRM services for renewable structures, power generation, marine engineering projects, aerospace & defense operations, petrochemicals, automotive production, manufacturing, chemicals, pharmaceuticals, and other industry verticals. Consequently, the market is highly fragmented, and a large number of such small corporations all together form a significant share in the global landscape.

List of Key Companies Profiled:

• Fugro (Netherlands)


• SeaTec (Scotland)


• Royal Boskalis Westminster N.V. (Netherlands)


• Baker Hughes (U.S.)


• Schlumberger (U.S.)


• Aker Solutions (Norway)


• Oceaneering International, Inc (U.S.)


• TechnipFMC plc (U.S.)


• Petrofac (Jersey)


• Sapura Energy Berhad (Malaysia)


• James Fisher and Sons Plc (U.K.)


• Bluestream Offshore B.V. (Netherlands)

KEY INDUSTRY DEVELOPMENTS:

• January 2022 - Petrofac announced its five-year contract extension with NEO Energy for Well Management and Well Operator Services. The contract includes a five-year framework for Well Management and Well Operator support for 27 wells across the Affleck, Balloch, Dumbarton, Lochranza, and Finlaggan fields in the Central North Sea, U.K. The contract also positions Petrofac to support future well construction and intervention campaigns.


• April 2021 - Petrofac announced the early award for a one-year extension to its Integrated Services contract with NEO Energy. The extension takes Petrofac’s contract for operations, maintenance, engineering, and construction support for NEO Energy’s U.K. activities through December 2022.

REPORT COVERAGE

The research report presents a comprehensive industry assessment by offering valuable insights, facts, industry-related information, and historical data. Several methodologies and approaches are adopted to make meaningful assumptions and views to formulate the report. Furthermore, it covers a detailed analysis of market segments, including service type, type, location, application, and region, helping our readers understand the global industry.

REPORT SCOPE & SEGMENTATION