World Offshore Maintenance, Modifications & Operations Market Forecast 2017 - 2021
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World Offshore Maintenance, Modifications and Operations (MMO) market shows a positive outlook for the sector. A steady recovery from the recent oil price downturn is forecast, with Modifications spend expected to improve significantly between 2017 and 2021. Whilst industry feedback highlights significant pricing pressure among MMO providers, the number of global fixed and floating platforms, coupled with ageing population and industry regulation will continue to drive offshore MMO expenditure over the forecast period.
Over the 2017 to 2021 period we expect to see a 4.1% CAGR growth in global offshore MMO expenditure – global MMO expenditure for the world’s global offshore platform population of approximately 8700 fixed and floating assets is expected to increase from $81bn in 2017 to $95bn in 2021. Driving this spend is degradation of existing asset infrastructure and the need for adherence to industry standards.
By service line, Asset Services accounts for over a half of total expenditure, 60%, with Modifications, 21%, Asset Integrity, 14% and Support Services, 6%. Asia and North America dominate global expenditure, with 24% and 20% of spend over the forecast period.
The World Offshore Maintenance, Modifications and Operations Market Forecast 2017-2021 presents a ‘bottom-up’ (platform-by-platform) analysis of the sector with extensive industry interviews to give a granular and realistic evaluation of current and expected activity in the sector.
The World Offshore Maintenance, Modifications and Operations Market Forecast 2017-2021 analyses the demand for offshore maintenance related work across four main service lines, split into niche sub-service lines in ten regions worldwide. The report includes:
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An essential report – for financial institutions, equipment manufacturers, operations & maintenance companies and contractors, oil & gas companies and government agencies & departments wanting to make more informed investment decisions.
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