The growing demand for environmentally friendly building work, as well as increased demand from the oil and gas end-use industry, is driving up demand for offshore structural analysis software. These are some of the primary drivers behind rising offshore structural analysis software sales and the expansion of the global offshore structural analysis software market share. According to FMI research, the offshore structural analysis software market was valued at $637.2 million in 2022 and is expected to reach $1.1 billion by 2032, growing at a 5.4% CAGR.
Furthermore, an increase in demand for offshore structural analysis software by engineers, contractors, and architects influences the global offshore structural analysis software market’s growth trajectory.
KEY LESSONS:
- The software segment is expected to dominate the offshore structural analysis software market by component, with a CAGR of 5.7% through 2032.
- This increase is primarily due to increased demand for offshore structural analysis software from end-users in the oil and gas, maritime, power generation, and government and defense industries for dynamic, cost-effective, and efficient offshore structural analysis software.
- The oil and gas industry is expected to lead the offshore structural analysis software market share with a CAGR of 5.9% through 2032.
- This is because this industry has a large number of offshore projects that require offshore structural analysis software for structural design. The use of offshore structural analysis software by architects, engineers, and contractors is increasing, which is driving sales.
LANDSCAPE COMPETITION:
Some of the major players in the global offshore structural analysis software market include Baker Engineering and Risk Consultants, Inc., Bentley Systems, Inc., BMT Group Ltd, Dlubal Software GmbH, and DNV GL AS.