CRIFAX added a report on ‘Middle East and Africa Offshore Drilling Market, 2023-2033’ to its database of market research collaterals consisting of overall market scenario with prevalent and future growth prospects, among other growth strategies used by key players to stay ahead of the game. Additionally, recent trends, mergers and acquisitions, growth analysis along with challenges that are affecting the growth of the market are also stated in the report.
The Middle East and Africa Offshore Drilling Market is estimated to observe a mixed economic growth, with growth rates in different countries growing depending upon the level of natural resources prevailing in the country and the access to energy at affordable rates prevailing in such countries. The demand for power and energy has been growing in the region, with some countries generating high demand for power and energy, owing to the level of economic growth prevailing in their countries. The consumption of energy in the region is witnessing an increase over the past few years, owing to growing population, higher economic growth in some nations and better access to affordable energy in some parts of the region.
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The growth of the power sector was the largest, which recorded a growth rate of 2.3 percent per annum, while at the same time, industry grew at 2.0 percent per annum with the former as well as the latter contributing about 69 percent growth in incremental energy demand.
The Middle East region contributes about 36 percent of the global liquids production. Moreover, it is also the second largest producer of gas, with a contribution of about 20 percent of global production. The energy demand has risen by 2.4 percent in 2018. Nearly half of the energy consumption in the Middle East region is from oil, with huge reserves of oil and natural gas. Middle East contributed about 15.52 percent of the global energy production in the year 2016 as compared to 14.02 percent in 2013. Owing to huge requirements for energy, big investments in the Middle East & North Africa (MENA) region are expected to follow that may exceed USD 30 billion a year. This amount is anticipated to equal at least 3 percent of its Gross Domestic Product (GDP).The region of Africa had witnessed an increase in primary energy supply from 3.4 percent in 1971 to 5.8 percent in 2017. The renewables have been contributing to only six percent of the total installed power generation capacity in the Middle East region, with only 4 out of 22 Member States observing a non-hydro renewable energy growth.
To provide better understanding of internal and external marketing factors, the multi-dimensional analytical tools such as SWOT and PESTEL analysis have been implemented in the Middle East and Africa Offshore Drilling Market report. Moreover, the report consists of market segmentation, CAGR (Compound Annual Growth Rate), BPS analysis, Y-o-Y growth (%), Porter’s five force model, absolute $ opportunity and anticipated cost structure of the market.
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