Market Size of Middle East Offshore Support Vessels Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 25.59 Billion |
| Market Size (2029) | USD 35.06 Billion |
| CAGR (2024 - 2029) | 6.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Middle East Offshore Support Vessels Market Analysis
The Middle East Offshore Support Vessels Market size is estimated at USD 25.59 billion in 2024, and is expected to reach USD 35.06 billion by 2029, growing at a CAGR of 6.5% during the forecast period (2024-2029).
- Over the medium term, factors such as increasing offshore exploration and production activities and development of offshore wind energy, are expected to be one of the most significant drivers for the Middle East offshore support vessels market during the forecast period.
- On the other hand, increasing demand for dynamic positioning (DP) drilling rigs. This poses a threat to the Middle East offshore support vessels market during the forecast period.
- Nevertheless, several support vessel manufacturers are focused on developing battery-hybrid offshore support vessels. This factor is expected to create several opportunities for the market in the future.
- Saudi Arabia is expected to witness significant growth during the forecast period. The region is witnessing increased offshore drilling activities and increasing offshore exploration.
