Offshore Structural Analysis Software Market – Snapshot
Offshore structural analysis software helps in construction of offshore structures used in the marine, oil & gas, power generation, government & defense environment. The offshore structural analysis software provides dynamic response & impact effect analysis due to environmental loads and nonlinear structural analysis. It also reduces the risk of offshore structural failure. The software can also predict the offshore structural performance.
The global offshore structural analysis software market has been segmented based on component, end-user industry, and geography. In terms of component, the market is segmented into software and services, where software is further segmented into cloud and on-premise and services is segmented into managed and professional. Based on end-use industry, the market is segmented into maritime, oil and gas, power generation, and government and defense. The on-premise software segment is expected to have strong market attractiveness. This is primarily due to strong penetration of on-premise software across the world as well as security concerns associated with online or cloud-based software. However, cloud-based software is estimated to hold a high CAGR index for offshore structural analysis software. This is mainly due to increasing demand for dynamic, cost effective, and efficient offshore structural analysis software from end-users such as architects, engineers, contractors, and owners across the oil and gas, marine, power generation, and government and defense industry.
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Significant opportunities are being witnessed in marine, and oil and gas, power generation, and government and defense engineering domains, which deal with extreme weather conditions, physical space constraints, and remote locations.
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In terms of region, Asia Pacific led the offshore structural analysis softwaremarket in the year 2017 and is expected to remain dominant throughout the forecast period from 2018 to 2026. This is due to growing demand for structures with high maintenance power along with growing investments in the oil and gas industry. North America has prominent market share on account of the growing awareness about offshore structural analysis software and rise in cloud-based services which is reducing the high maintenance and operating cost associated with the offshore structural analysis software. Europe also is expected to witness significant growth in the coming years due to adoption of offshore structural analysis software and technical awareness about the functioning of offshore structural analysis software.
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