Report: Offshore maintenance market spend to reach $672bn by 2018

Research and Markets has announced the addition of the “World Offshore Maintenance, Modifications & Operations Market Forecast 2014-2018” report to their offering.

In 2013, demand for offshore maintenance, modifications and operations services totaled $112 billion (bn) for the world’s nearly nine thousand offshore platforms. Over the period 2014 to 2018 spend of $672bn is forecast; a 31% growth on the previous five-year period.

This growth is driven by a combination of high oil prices, buoyant offshore development activity, ageing infrastructure (requiring modification) and price inflation for equipment and services.

Asia is forecast to overtake North America’s spend during the forecast period 2014-2018 to account for 30%, compared to North America’s 27%. Asia’s large installed and operational base of infrastructure, combined with increasing offshore developments, will drive demand in the region.

Asset services, asset integrity and support service markets are to be dominated by North America, whilst Asia has the largest modification spend over the forecast period. By sector, asset services accounts for the largest share of spend (46%), followed closely by modifications (41%).

The World Offshore Maintenance, Modifications & Operations Market Forecast 2014-2018 analyses the demand for services in four key equipment and service lines: offshore asset services, asset integrity services, support services and modifications.