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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
    • U.S.
    • Canada
  • 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

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Offshore Remote Monitoring Solutions Market

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