Global Marine (Offshore) Engineering Market Size Was Valued at USD 108.4 Billion in 2023 and is Projected to Reach USD 180.21 Billion by 2032, Growing at a CAGR of 5.81% From 2024-2032.

Marine engineering, also known as offshore engineering, involves the design, construction, and maintenance of structures and systems used in the marine environment. This field encompasses a wide range of disciplines, including naval architecture, offshore platform design, marine propulsion systems, and underwater technology.

The marine engineering services are poised for substantial growth driven by several factors. As the global economy continues to rely on maritime transport for international trade, the need for efficient and environmentally friendly marine technologies will increase. Furthermore, the expanding offshore renewable energy sector, including offshore wind and tidal energy projects, will create new opportunities for marine engineers to innovate and develop cutting-edge solutions for sustainable energy production in the marine environment.

Who are the key players in the Marine (Offshore) Engineering Market?

Baker Hughes Company (U.S.), Cameron International Corporation (U.S.), Shell (U.S.),McDermott (U.S.), Weatherford International (U.S.), NOV Inc. (U.S.), thyssenkrupp AG (Germany),Petrofac Limited (U.K.), TechnipFMC plc (U.K.), Fugro (Netherlands), Transocean Ltd (Switzerland), Kongsberg Maritime (Norway), Saipem (Italy), Worley (Australia),Keppel Corporation (Singapore), Mitsubishi Heavy Industries, Ltd (Japan), Yinson Holdings Berhad (Malaysia), Hyundai Heavy Industries Co., Ltd (South Korea), and Other Major Players.

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What are the segments of the Marine (Offshore) Engineering Market?

The Marine (Offshore) Engineering Market is segmented into Type, Application, End-User, and region. By Type, the market is categorized into Mechanical Engineering, Electronic Engineering, Computer Science, and Electrical Engineering. By Application, the market is categorized into Oil Rigs, Boats, and Ships. By End-User, the market is categorized into Oil & Gas, Marine Construction, and Wind Energy.

Key Benefits for Industry Participants & Stakeholders:

  • Industry drivers, restraints, and opportunities covered in the study
  • Neutral perspective on the market performance
  • Recent industry trends and developments
  • Competitive landscape & strategies of key players
  • Potential & niche segments and regions exhibiting promising growth covered
  • Historical, current, and projected market size, in terms of value
  • In-depth analysis of the Marine (Offshore) Engineering Market

Objectives Of The Study:

  • To forecast the size of the market segments with respect to 4 main regions, namely, North America, Europe, Asia Pacific (APAC)
  • To provide detailed information regarding the major factors influencing the growth of the Smart Home Solutions market (drivers, restraints, opportunities, and challenges)
  • To analyze each submarket with respect to individual growth trends, prospects, and contribution to the total market

 

Key Industry Developments in the Marine (Offshore) Engineering Market:

  • In February 2024, McDermott was awarded two contracts from North Oil Company (NOC) to deliver engineering, procurement, construction, installation, and commissioning (EPCIC) for packages 11 and 13 of the Ruya Development Project, as part of the expansion of the Al-Shaheen field, Qatar's largest oil field.

Asia Pacific is Expected to Dominate the Market Over the Forecast period

  • Asia Pacific is poised to dominate as the leading region for the growth of the marine (offshore) engineering market. This dominance is driven by several factors, including the region's vast coastline, abundant offshore resources, and increasing investments in offshore infrastructure development. Countries such as China, India, Australia, and Southeast Asian nations are witnessing significant growth in offshore oil and gas exploration, renewable energy projects, and marine transportation, creating substantial demand for marine engineering expertise.

  • Moreover, Asia Pacific's strategic location along major shipping routes and emerging opportunities in offshore wind and wave energy further contribute to the region's dominance in marine engineering. Governments and industry players in the region are prioritizing the development of offshore assets, including oil rigs, offshore wind farms, subsea pipelines, and port facilities, driving demand for innovative engineering solutions and services. With ongoing technological advancements, regulatory support, and growing environmental concerns, Asia Pacific is expected to remain a key market for marine (offshore) engineering, attracting investments and fostering sustainable development in the maritime sector.

Reasons to Purchase this Market Report:

  • Market forecast analysis through recent trends and SWOT analysis
  • Marine (Offshore) Engineering Market Dynamics Scenarios with Market Growth Opportunities over the Next Year
  • Market segmentation analysis, including qualitative and quantitative studies that include economic and non-economic impacts
  • Marine (Offshore) Engineering Market Regional and country-level analysis that integrates demand and supply forces that impact the growth of the market.
  • Competitive environment related to the Marine (Offshore) Engineering market share for key players, along with new projects and strategies that players have adopted over the past five years

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