Albany, NY -- (SBWIRE) -- 02/05/2019 -- Buoyancy Repair & Service Market: Overview
With advances in the technology, the man's desire for offshore exploration of valuable resources or for studying marine life forms has grown. This desire has made the man explore deep and ultra-deep water areas of oceans to uncover the hidden mysteries and resources. Currently, a specific type of material known as buoyancy foam is used in several marine applications across the globe. These synthetic, closed-cell buoyancy foams are tightly covered by tough aramid- and fiberglass-integrated skin to form a buoyancy system. These systems are utilized for mooring and marine installation purposes. These systems is an essential part of marine operations and hence, their repair is essential for proper running of marine operations.
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Buoyancy systems need to function in harsh operating environments, which usually leads to abrasion or fracture of these systems. Continuous usage of damaged buoyancy systems could lead to a safety hazard, endangering both the equipment and the personnel. Hence, buoyancy repair is essential. For buoyancy repair services, the repair company usually sends its engineers for inspection in order to estimate the extent of damage. Then, the company sends its skilled technicians for repair work at the client site. If the client wants, it can ship the components to the repair company premises for repair. Repair services can range from minor skin damage to the large-scale laser repair of circumferential or longitudinal full breaks and reconstruction of lost portions.
Based on end-user, the buoyancy repair & service market can be segregated into remotely operated vehicles & autonomous underwater vehicles (ROVs & AUVs), mooring, drill risers, and others. The growing requirement for remote intervention as a part of field installations in deep and ultra-deep waters has led to the rising use of ROVs and AUVs in marine applications. These vehicles require high-performance buoyancy systems for their operation and repair of these buoyancy systems is highly crucial for these vehicles. Hence, the ROVs & AUVs segment is likely to expand at a rapid pace during the forecast period. Drill risers is likely to be the largest end-user segment of the global buoyancy repair & service market during the forecast period.
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Based on region, the global buoyancy repair & service market can be classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to dominate the global buoyancy repair & service market during the forecast period. This can be ascribed to the increasing deep-water and ultra-deep-water activities in the region, especially in the U.S. The region is witnessing rapid exploration of deep and ultra-deep offshore areas for oil and gas resources. Europe is likely to follow North America in the buoyancy repair & service market during the forecast period. On the other hand, the buoyancy repair & service market in Asia Pacific is likely to expand at a significant pace during the forecast period, primarily due to ongoing and upcoming offshore projects for oil & gas and increasing offshore activities in the region, especially in China and India. These countries have several planned projects for offshore exploration of valuable resources or for study of marine life forms.
Buoyancy Repair & Service Market: Key Players
Key players operating in the global buoyancy repair & service market are Sub Sea Services, Balmoral Group Holdings Ltd, PartnerPlast AS, Trelleborg, Oil States Industries, Inc., MEDSERV, AFGlobal Corporation, Geoplex, Profloat, and Ram Designs.