Offshore Structural Analysis Software Market Share

APAC Market Statistics

The Asia Pacific offshore structural analysis software market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2036. The growth of the market can be attributed majorly to the rising demand for investment in the oil & gas industry and a higher demand for electricity production. The electricity in the region is usually generated by two types of sources that are conventional and renewable. Moreover, the data provided by the Central Electricity Authority in 2020, the demand for electricity in India was stated to be 179098.26 MW while the total production was valued at 176387.56 MW. All these factors are anticipated to influence the growth of the market positively over the forecast period in the region.

North American Market Forecast   

Furthermore, the North America region is also estimated to provide lucrative growth opportunities for the global offshore structural analysis software market during the forecast period. The growth of the market in the region can be ascribed to similar factors such as escalating investment in the oil & gas industry and increasing awareness regarding offshore structural analysis software. For instance, the investment in the oil & gas industry in 2021 was observed to be around USD 1 billion while it is further estimated to reach more than USD 1.5 billion in the region over the forecast period.