MMO Update: Global spend to total $378bn over 2017-2021
The latest edition of the World Maintenance, Modifications & Operations Market Forecast is now available. The report, which has been restructured and includes further supply chain commentary, now shows $378bn of global MMO spend over the 2017-2021 forecast period.
- Market to total $378bn over 2017-2021.
- 4.0% CAGR over the forecast period.
- Global fixed and floating platform population to increase from 8,193 to 8,321.
- Asset Services to account for 57% of total MMO expenditure.
- Modifications spend fell 53% over 2014-2016, but will see a strong recovery over the forecast, with a CAGR of over 12%.
- Asia will dominate global spend, accounting for 24% of the market, followed by North America which will account for 23%.
Given the addition of country-by-country expenditure data to DW’s Sectors platform, in addition to the shifts in macroeconomic conditions seen in the eight months since the last edition of the report was released, DW felt it pertinent to release an update to the World Maintenance, Modifications & Operations Market Forecast. The new report, with a revised structure, and more in-depth supply chain commentary, draws out important trends for the consideration of tier 2 MMO players, who have the potential to steal market share from tier 1 providers – particularly in regional markets with fragmented E&P landscapes, such as the North Sea. Given the focus from operators on maintaining production from existing assets through the downturn, the MMO sector will be a key market to watch as the industry tentatively steps towards recovery.