Market Size of Middle East and Africa Offshore Energy Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 4.00 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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MEA Offshore Energy Market Analysis
The Middle East and Africa offshore energy market is expected to register a CAGR of 4% during the forecast period.
The COVID-19 pandemic severely affected the Middle East and Africa offshore energy market as the demand for power decreased from end-users due to persistent lockdowns.
- The offshore oil and gas market is expected to grow rapidly in the region as the economies of many countries are dependent on exporting hydrocarbons. The increased price of natural gas may also drive the market.
- However, the higher initial investment required in the offshore establishment is expected to restrain the growth of the offshore energy market.
- Renewable energy is in its nascent stages of development in the region, where the development of offshore wind energy would provide a significant opportunity beyond the forecast period.
- Saudi Arabia is one of the largest geographical segments, which is expected to dominate the market.
