Report
Description
A recent market intelligence report that is published by Data
Insights Partner on Offshore (Marine) Engineering Market makes an offering of in-depth analysis of segments and
sub-segments in the regional and international. The research study also
emphasizes on the impact of restraints, drivers, and macro indicators on the regional
and world Offshore (Marine) Engineering Market over the short
as well as long period of time. A detailed presentation of forecast, trends,
and dollar values of international Offshore (Marine) Engineering Market is
offered.
Market
Insights:
In accordance with the report, the Offshore (Marine)
Engineering Market is projected to expand at a CAGR of more than 4% over the period of forecast. The global Offshore (Marine) Engineering
Market was valued at USD 148.3 Bn in 2022 and is expected to reach USD 296.2 Mn
in 2031. Offshore engineering, also known as marine engineering, is a
specialized field of engineering that deals with the design, construction,
installation, and maintenance of structures and systems in the marine
environment. This field encompasses a wide range of activities related to
offshore structures, including oil and gas platforms, wind farms, bridges,
ports, and more. Offshore engineers are responsible for designing structures
that can withstand the harsh marine conditions, including strong waves,
currents, and corrosive saltwater. They use various engineering principles and
software tools to analyze and optimize the design of offshore platforms,
foundations, and other marine structures. This in turn is expected to boost the
market demand in coming years. The Offshore (Marine) Engineering Market is
anticipated to expand steadily in the years to come, propelled by a mix of
ongoing technical breakthroughs, rising environmental consciousness, and the
expanding demand for efficient operations. Industry companies are projected to
focus on product innovation, strategic alliances, and regional growth to take
advantage of the changing market opportunities.
Regional
Insights:
North America, United States: The Gulf of Mexico is a
significant hub for offshore oil and gas production, driving demand for
offshore engineering services. The U.S. is also investing in offshore wind energy
projects along its Atlantic and Pacific coasts. Canada has offshore oil and gas
operations in the Atlantic and Arctic regions, contributing to the demand for
offshore engineering expertise.
European countries were also actively engaged in the Offshore
(Marine) Engineering Market. The North Sea region is a major hub for offshore
oil and gas production, particularly in Norway and the United Kingdom. The
expansion of offshore wind farms in the North Sea has also boosted the offshore
engineering sector. Countries bordering the Baltic Sea are increasingly
investing in offshore wind energy projects. On the other hand, shipping remains
one of the most important means of trade for the Member States of the EU.
Nowadays, ships carry more than half the value of goods imports to the EU and
over 40 percent of goods exports from the EU. In 2021, about 1.1 trillion euros
worth of goods were imported to the EU, and about 956 billion euros worth of
cargo exported from the EU by sea.
China is a significant player in offshore engineering,
with a growing focus on offshore wind farms and oil and gas exploration in the
South China Sea. Country like Australia is also investing in offshore oil and
gas exploration and is also considering offshore wind energy projects. Nations
like Malaysia and Indonesia are involved in offshore oil and gas activities.
The Philippines was the top supplier of both seafarers
and officers, followed by Indonesia in third place for ratings and India in
fifth place for officers. The other nation in the top five was the Russian
Federation. For example, the Philippines earned $6.5 billion in 2019 from its
seafarers, demonstrating how essential seafarers are as sources of money for
the countries that supply the industry. To $6.4 billion, however, this decreased
by 2.8% in 2020. Emerging economies, such as those in Southeast Asia and parts
of Africa, are gradually entering the offshore engineering market as they seek
to develop their offshore resources or invest in renewable energy projects.
Two offshore exploration engineering, procurement,
construction and installation (EPCI) contracts worth $1.3 billion were given to
Saipem in the offshore fields of Berri and Marjan by Saudi Arabia's Aramco,
which had a successful start to the year. The offshore manager for Saipem in
the Persian Gulf and Arabian Sea, Massimiliano Bellotti, stated in an interview
with E&P that "over the next three years, we expect a marked increase
of projects within the offshore EPCI market, which is 50% higher compared to last
year." UAE has the seventh-largest proven oil
reserves in the world, the most of which are in Abu Dhabi. Eni and PTT
Exploration and Production received two offshore exploration blocks from Abu
Dhabi National Oil Co. as part of the nation's first open, competitive
licensing round. The concessions, in the northwest region of the Emirate, total
more than 8,000 sq km (3,089 sq miles), and both businesses will spend $230
million on oil and gas exploration.
Driving Factors
of Offshore (Marine) Engineering Market Growth:
·
The global
demand for oil and natural gas continues to drive investment in offshore
exploration and production. As onshore reserves deplete, companies turn to
offshore fields, which often require advanced engineering solutions. The shift
towards renewable energy sources, such as offshore wind and tidal energy, has
led to the development of offshore wind farms and other renewable energy
projects, creating new opportunities for offshore engineering.
·
Continuous
advancements in offshore engineering technologies, including improved
materials, design techniques, and automation, have made it possible to explore
deeper waters and harsher environments. This in turn is expected to boost the
market demand during the forecast period.
·
Growing
awareness of climate change and environmental impact has led to a focus on
cleaner energy sources, such as offshore wind and tidal energy, which require
offshore engineering expertise.
·
Economic
growth in emerging markets has led to increased energy consumption and greater
demand for oil and gas, driving investment in offshore exploration and
production.
·
The need for
port expansion, coastal protection, and offshore infrastructure to support
shipping, trade, and coastal communities drives demand for marine engineering solutions.
Challenges
and Future Outlook:
·
Stricter
environmental regulations and concerns about the impact of offshore activities
on marine ecosystems are challenging the industry to develop more sustainable
and environmentally friendly solutions.
·
As easily
accessible oil and gas reserves are depleted, offshore exploration and
production are moving into deeper and more remote areas, increasing technical
and logistical challenges.
·
Advances in
offshore engineering technology, while enabling deeper exploration and cleaner
energy production, also introduce complexity and require significant
investments in research and development.
·
The offshore
wind energy sector is expected to continue its rapid growth, especially in
regions with favorable conditions. Floating wind turbines and other innovations
may open up new areas for offshore wind development.
·
The global
shift toward cleaner energy sources is likely to drive further investment in
offshore renewables, carbon capture and storage (CCS), and hydrogen production.
Market Trends:
·
Offshore wind
energy was experiencing rapid growth in various regions, including Europe, the
United States, and Asia. Larger wind turbines and innovative foundation designs
were enabling deeper water installations.
·
Advances in subsea
robotics, remotely operated vehicles (ROVs), and autonomous underwater vehicles
(AUVs) were improving inspection, maintenance, and repair capabilities for
offshore infrastructure.
·
The use of
digital twin technology was increasing, allowing offshore operators to create
virtual replicas of their assets, enabling better monitoring, predictive
maintenance, and performance optimization.
·
The trend
toward electrification of offshore facilities, including electrified platforms
for oil and gas production, aimed to reduce emissions and increase operational
efficiency.
Key Segments:
Offshore (Marine) Engineering Market research report includes an in-depth coverage of the
industry with estimates & forecast from 2023 to 2031, for the following
segments:
Offshore
(Marine) Engineering Market, By Type, 2023-2031 (USD Million)
·
Mechanical
Engineering
·
Electrical
Engineering
·
Computer
Science
·
Others
Offshore
(Marine) Engineering Market, By Application, 2023-2031 (USD Million)
·
Boats
·
Ships
·
Oil Rigs
·
Others
Companies
Profiled:
To enhance their position in the global
market, key suppliers/manufacturers are concentrating on business expansion and
product innovation. Manufacturers/producers are also working on boosting their
manufacturing capacity and product quality to gain a competitive advantage. The
following are some of the prominent manufacturers in the worldwide Offshore
(Marine) Engineering Market:
·
Chevron
·
Conocophilips
·
COSCO
Shipyard (Qidong) Marine Engineering
·
Dalian
Shipbuilding Heavy Industry Group Offshore Engineering
·
DSME
·
Equinor
·
Exxon Mobil
·
HUI
·
Hyundai Heavy
Industries
·
Keppel
·
Lamprell
·
McDermott
·
Nantong COSCO
Shipyard Engineering
·
Petrobras
·
Pttep
·
Saipem
·
Samsung Heavy
Industries
·
Sembcorp
·
Shanghai
Waigaoqiao Shipbuilding
·
Shell
·
Shenzhen
Chiwan Sembawang Engineering
·
SHI
·
STX Dalian
·
STX Marine
Engineering
·
STX OSV
·
Technip
·
Yantai CIMC
Raffles
Research
Methodology:
To compile
the detailed study of the global Offshore
(Marine) Engineering Market, a robust research methodology has been adopted
that aids in determining the key insights and also evaluates the growth
prospects of the Offshore (Marine) Engineering Market.
Comprehensive and iterative research methodology focused on minimizing deviance
in order to provide the most accurate estimates and forecast possible. The
company utilizes a combination of bottom-up and top-down approaches for
segmenting and estimating quantitative aspects of the market. Our research
methodology implements a mix of primary as well as secondary research. Our
projects are initiated with secondary research, where we refer to a variety of
sources including trade databases; government published documents, investor
presentations, company annual reports, Industrial papers, and paid databases.
To carry out secondary research, the analysts have collected the information
through company annual reports, journals, company press releases, and paid
databases that were referred to gain and identify better opportunities in the Offshore (Marine) Engineering Market.
Report
Highlights:
The prime objective of the Offshore (Marine)
Engineering Market report is to
help the user understand the market in terms of its definition, segmentation,
market potential, influential trends, and the challenges that the market is
facing with different major regions and more than 30 major countries across the
globe. During the report's production, extensive research and analysis were
conducted. This research will assist readers in gaining a thorough
understanding of the market.
Offshore
(Marine) Engineering Market, By Region, 2023-2031 (USD Million)
·
North America (
United States, Canada, Mexico)
·
Europe
(Germany, UK, France, Italy, Russia, Spain, and Rest of Europe)
·
South Asia (
India, Pakistan and Bangladesh)
·
East Asia
(China, Japan and South Korea)
·
South East Asia
(Indonesia, Thailand, Singapore, Malaysia, Rest of SE Asia)
·
Middle East
(Turkey, Saudi Arabia, Iran, UAE, Israel, Iraq, Qatar, Rest of MEA)
·
Africa
(Nigeria, South Africa, Egypt, Algeria, Rest of Africa)
·
South America
(Brazil, Argentina, Colombia, Chile, and Rest of SA)
·
Oceania
(Australia and New Zealand)
Offshore
(Marine) Engineering Market Report Highlights:
·
Detailed
analysis of the parent market
·
Key players'
strategies and products supplied in the competitive landscape
·
Market
segmentation in depth analysis
·
Market size
in terms of volume and value, past, present, and future scenario
·
Potential and
specialty areas, as well as geographical regions with promising growth
prospects
·
Market
players use this information to maintain and expand their market presence, thus
it's important to have an unbiased perspective on market performance.
· Recent advancements and technological trends in the industry
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