Offshore Structural Analysis Software Market Size

Offshore Structural Analysis Software Market size was valued at USD 726 Billion in 2023 and is poised to cross USD 2.5 Billion by the end of 2036, expanding at more than 10% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of offshore structural analysis software is estimated at USD 798.6 Billion.. The growth of the market can be attributed to the heavy demand for offshore analysis in multiple industries, for instance, oil & gas, power generation, marine, and others.  The growing need for oil and other petroleum products is estimated to boost the market growth. For instance, globally the demand for oil is estimated to be more than 4 billion metric tons annually, meanwhile, in 2019, the industry for oil and gas storage amounted to around USD 2.5 billion which is further projected to reach approximately USD 3.5 billion during the forecast period.

Additionally, the higher utilization of offshore structural analysis software in the marine sector is also considered to be one of the major growth factors for the market. As of 2021, more than 40,000 ships are evaluated to be trading on an international scale, while the number of seafarers working on those ships is estimated to be about 1.6 million globally. Furthermore, the escalating demand for offshore structural analysis software in electricity generation is also anticipated to hike the growth of the market over the forecast period. For instance, the electricity generation capacity was estimated to be about 2 terawatts in 2020 across the globe. Such factors are expected to propel the growth of the market over the forecast period.