Offshore Support Vehicle Market Share

North America Market Analysis

On the basis of geographical analysis, the global offshore support vehicle market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. North America industry is likely to hold largest revenue share by 2036, ascribed to rise in investments for E&P activities from oil & gas companies, and increasing production from conventional and unconventional oil reservoirs in the region. In addition, deployment of various clean energy initiatives is also expected to boost the market growth in the region in the coming years. As per the Center for Climate and Energy Solutions, renewables made up about 20 percent of utility scale US electricity generation in 2020, whereas solar generation made up for 3.3 percent of the total electricity. Moreover, the market in Asia Pacific is projected to grab the largest share during the forecast period, which can be credited to the growing emphasis on exploring the untapped potential reserves, and surging number of vessel manufacturers in the region.