Frequently Asked Questions:
The global offshore structural analysis software market was valued at USD 0.684 Billion in 2022.
The offshore structural analysis software market is anticipated to grow at a CAGR of 9.5% between 2023 and 2030, reaching USD 1.29 Billion in 2030.
On-premise Software is the leading segment by material, holding over 55% share in terms of value in 2022.
The oil & gas segment governs the demand for offshore structural analysis software in the world, holding a massive share of over 68% in 2022.
The cloud software segment will post the highest CAGR during the forecast period.
Asia Pacific is fueling the growth of the offshore structural analysis software industry, with an over one-third share in 2022.
The top players include DNV GL, Root AI Inc, Ramboll Group A/S, and John Wood Group PLC. Other major players include Smart Harvest Ltd, Deere & Company, BMT Group Ltd, and Bentley Systems Incorporated.
The main drivers of the global offshore structural analysis software market are increasing offshore exploration and production activities, rising investments in offshore wind energy, and the need for regulatory compliance and safety requirements.
The major market restraint of the offshore structural analysis software industry is the high cost associated with implementing and maintaining advanced software solutions, limiting their adoption by smaller organizations and projects with budget constraints.
The adoption of advanced technologies such as AI and ML, the incorporation of sustainability considerations in software solutions, and the expansion of the offshore energy sector, particularly in emerging markets, are the major market opportunities for the offshore structural analysis software industry, presenting new avenues for software providers to cater to the industry’s evolving needs.