Offshore Structural Analysis Software Global Market Report 2024

The offshore structural analysis software market size has grown strongly in recent years. It will grow from $0.65 billion in 2023 to $0.7 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth observed in the historical period can be attributed to various factors, including fluctuations in oil prices, changes in regulations governing offshore activities, global economic conditions, environmental considerations, and shifts in energy demand.

The offshore structural analysis software market size is expected to see strong growth in the next few years. It will grow to $0.94 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The anticipated growth in the forecast period can be attributed to several factors, including the transition towards renewable energy sources, the implementation of climate change mitigation policies, shifts in geopolitical relationships, economic recovery efforts, and a focus on enhancing supply chain resilience. Major trends expected in the forecast period encompass the adoption of digital twin technology, the utilization of cloud-based solutions, advancements in 3D visualization capabilities, and the integration of machine learning and AI technologies.

The escalating demand for renewable energy sources is poised to drive the growth of the offshore structural analysis software market. Renewable energy sources, such as solar, wind, hydro, geothermal, and biomass, are garnering increasing interest due to concerns surrounding climate change, energy security, and declining costs of renewable technologies. This surge in demand for renewable energy installations necessitates sophisticated offshore structural analysis software to optimize design and ensure safety, particularly in offshore environments. For instance, data from the International Energy Agency (IEA) in May 2022 revealed record-breaking annual renewable capacity additions in 2021, with renewables projected to constitute nearly 95% of the global power capacity augmentation by 2026. Consequently, the surge in demand for renewable energy sources is fueling the expansion of the offshore structural analysis software market.

Key players in the offshore structural analysis software market are actively forging strategic partnerships to gain a competitive edge. These partnerships entail collaborative ventures between multiple entities to achieve mutually beneficial objectives aligned with their strategic goals. For example, in May 2023, Akselos, a Switzerland-based provider of structural performance management software, joined forces with BEPA A/S, a Denmark-based engineering consultancy firm, to advance wind turbine design and operations. Leveraging Akselos' patented reduced basis finite element analysis (RB-FEA) technology, developed over a decade at MIT, the partnership aims to enhance wind asset designs and performance. By exploring RB-FEA's potential in the wind industry, the collaboration aims to revolutionize floating offshore wind design engineering, streamlining processes and ensuring enhanced structural integrity.

In August 2021, Altair, a US-based leader in engineering analysis and optimization tools, bolstered its portfolio by acquiring S-FRAME Software Inc., a Canada-based innovator in structural engineering software, for an undisclosed amount. This strategic move combined Altair's advanced structural optimization solutions with S-FRAME Software's expertise in finite element analysis and code support, empowering architects and civil engineers with comprehensive tools for structural engineering across various industries, including oil and gas.

Major companies operating in the offshore structural analysis software market are Siemens AG, KBR Inc., Hexagon AG, John Wood Group PLC, DNV GL AS, ANSYS Inc., Oceaneering International Inc., Ramboll Group A/S, AVEVA Group plc, Bentley Systems Inc., L&T Technology Services Limited, BMT Group, Dlubal Software GmbH, Iron Ox Inc., Vard Marine Inc., Zebec Marine Consultant and Services, Stewart Technology Associates, Lonadek Global Services, Energid Technologies Corporation., SAFI Quality Software Inc., Viking Systems International, CAPFOS Inc., Orcina Ltd., SkyCiv Engineering.

Asia-Pacific was the largest region in the offshore structural analysis software market in 2023. The regions covered in the offshore structural analysis software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the offshore structural analysis software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Offshore structural analysis software serves as a specialized digital solution employed by offshore engineers and structural designers to streamline the design, analysis, and simulation processes for a range of offshore structures. Its pivotal role lies in ensuring the safety, reliability, and cost-efficiency of offshore engineering ventures by enabling engineers to effectively model, simulate, and analyze the performance of offshore structures under diverse conditions.

The key constituents of offshore structural analysis software encompass both service and software components. Services encompass activities or tasks provided by one entity to another, often intangible in nature, with the aim of meeting specific needs or requirements. This software is tailored for analyzing a variety of offshore structure types, including compliant towers, gravity bases, and shallow water complexes. It is deployed across both cloud-based and on-premise platforms. Its usage extends across various end-user sectors such as oil and gas, power generation, maritime, government and defense, among others.

The offshore structural analysis software market research report is one of a series of new reports that provides offshore structural analysis software market statistics, including the offshore structural analysis software industry global market size, regional shares, competitors with offshore structural analysis software market share, detailed offshore structural analysis software market segments, market trends, and opportunities, and any further data you may need to thrive in the offshore structural analysis software industry. This offshore structural analysis software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The offshore structural analysis software market includes revenues earned by entities by providing services such as professional and managed services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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