Offshore Remote Monitoring Solutions Market: Overview
- Offshore remote monitoring solutions help operators and regulators optimize efficiency and enhance safety of offshore operations. Offshore operations of oil & gas and wind energy industries require round-the-clock monitoring of numerous equipment and parameters (temperature, vibration, pressure, flow rates, corrosion, gas leaks, etc.).
- Remote monitoring solutions employ ultra-sensitive sensors that detect the possible malfunctioning early and trigger a quick inspection. Data collected from sensors gets transferred to control rooms for further processing and analyzing. This helps accelerate decision making, resulting in a higher level of operational efficiency.
- Offshore remote monitoring solutions offer various benefits in terms of asset maintenance, hazard management and worker safety, facility management, regulatory compliance, and security and access control
Key Drivers and Restraints of Offshore Remote Monitoring Solutions Market
- Offshore wind is a rapidly growing renewable energy technology that is poised to play an important role in future energy systems. The offshore wind industry has been expanding in European countries bordering the North Sea. Brazil, Mexico, India, Sri Lanka, and Australia are in the preparation phase to install offshore wind farms. Hence, new installations are expected to drive the offshore remote monitoring solutions market during the forecast period.
- The number of offshore oil & gas exploration activities has increased of late owing to the large discoveries of reserves in deep water. For instance, in March 2020, Australia-based oil and gas company, Beach Energy, made a gas discovery at the Artisan-1 exploration well located offshore Victoria Otway Basin in Australia. This is expected to boost the offshore remote monitoring solutions market during the forecast period.
- High installation and maintenance costs of offshore remote monitoring solutions are projected to hamper the offshore remote monitoring solutions market during the forecast period
Global Offshore Remote Monitoring Solutions Market: Segmentation
- The global offshore remote monitoring solutions market can be segmented based on end-user
- In terms of end-user, the global offshore remote monitoring solutions market can be divided into oil & gas industry and wind energy industry. The wind energy industry segment is expected to expand at a high CAGR during the forecast period, due to exponential growth in installation capacity of wind energy across the globe.
Global Offshore Remote Monitoring Solutions Market: Regional Segmentation
- In terms of region, the global offshore remote monitoring solutions market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- The market in Asia Pacific and Middle East & Africa is estimated to expand at a significant pace during the forecast period. The market in China and Australia is anticipated to expand significantly in the next few years owing to rise in offshore oil & gas activities in these countries.
- North America is expected to be a vital region of the global offshore remote monitoring solutions market in the near future. Upcoming offshore wind farms and growing offshore oil & gas exploration in Gulf of Mexico are estimated to boost the market in the region.
- Europe is the major and the most lucrative region of the global offshore remote monitoring solutions market. Rising percentage of renewable energy in the energy mix in countries in European and their ambitious plans to further expand renewable energy are likely to create immense opportunities for offshore remote monitoring solutions.
COVID-19 Impact on Global Offshore Remote Monitoring Solutions Market
- The COVID-19 pandemic has adversely affected the global offshore remote monitoring solutions industry. Solution providers have suffered delays in solution implementation on projects owing to the lockdown measures implemented by various countries to curb the spread of the disease along with the disruption of the supply chain. Demand for offshore remote monitoring solutions has declined significantly owing to the decrease in oil & gas prices. However, easing of lockdowns offers opportunities for the offshore remote monitoring solutions market, especially in offshore wind farms. The market is expected to expand gradually slowly in the long run.
Key Players in Market
The global offshore remote monitoring solutions market is fragmented. Key players operating in the global offshore remote monitoring solutions market include:
- KFC Technologies
- Fugro
- BMT Group Ltd
- Schlumberger Limited
- HMS Networks
- Deutsche Windtechnik
- General Electric
- Romax Technology
- Strainstall
- Siemens
Global Offshore Remote Monitoring Solutions Market: Research Scope
Global Offshore Remote Monitoring Solutions Market, by End-user
- Oil & Gas Industry
- Wind Energy Industry
Global Offshore Remote Monitoring Solutions Market, by Region
- North America
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Russia & CIS
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- ASEAN
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
