Global Offshore Decommissioning Market Overview:
According to Market Research Future (MRFR), The global Offshore Decommissioning Market is estimated to grow at a CAGR of 6.93% from 2016 to 2023 (forecast period). The report provides a thorough analysis of the effect of COVID-19 on current/future market conditions. The report also focuses on primary market factors that will affect growth in this sector, such as market size, the top region, and major companies.
Key Players analyzed in the Offshore Decommissioning Market Report are:
The key participants identified by MRFR operating in this market are Tetra Technologies, Inc., (U.S.), BP P.L.C. (U.K.), Aker Solutions ASA (Norway), Statoil ASA (Norway), AF Gruppen ASA (Norway), Ramboll Group A/S (Denmark), Amec Foster Wheeler (U.K.), John Wood Group Plc. (Scotland), DNV GL (Norway), Claxton Engineering Services (U.K.), Allseas Group SA (Switzerland), TechnipFMC PLC (U.K.), and DeepOcean Group (Netherlands).
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Offshore decommissioning of aging oil and gas platforms, subsea wells, and related infrastructure is necessary for the safe removal and disposal of equipment used for oil or gas exploration and production at the end of production. The process of decommissioning offshore oil and gas platforms is important in terms of environmental conservation issues because it is likely to have an impact on the marine ecosystem, along with the disposal of hazardous substances. Offshore decommissioning includes numerous activities for the removal of installations, such as project management, engineering, and planning, permitting and regulatory compliance, conductor removal, platform preparation, well plugging and abandonment, mobilization and demobilization of derrick barges, pipeline and power cable decommissioning, platform removal, material disposal and site clearance.
While the number of aging oil & gas fields is increasing slowly across the world, more than 600 projects are planned to be dismantled in the next five years. The aging oil and gas fields are predominant in the North Sea area, and the Gulf of Mexico and the oil and gas industry focus on removing these structures, which are the primary reasons for the growth of the offshore decommissioning market in the forecast period. Whereas the cost of decommissioning differs between operators due to their particular strategies and facilities for decommissioning activities. In addition, global operators experienced in decommissioning are generally limited (with the exception of the Gulf of Mexico region), contributing to this cost uncertainty. Such high costs can limit the growth of the offshore decommissioning market.
The Offshore Decommissioning Industry is currently at a growth level. It is attributed to the increase in oil & gas aging platforms around the world. Some of these structures are more than 30 years old, and this infrastructure needs to be fully removed and recycled for future use, which will improve the global market for offshore decommissioning.
Global Offshore Decommissioning Market Segmentation:
The global market for offshore decommissioning has been segmented into type, service type, and application.
By type, the global market for offshore decommissioning has been segmented into topside, substructure, and sub infrastructure.
By service type, the global market for offshore decommissioning has been segmented into well plugging abandonment, conductor removal, and platform removal.
By application, the global market for offshore decommissioning has been segmented into shallow water and deep water.
Region-wise, the global market for offshore decommissioning has been segmented into Europe, North America, Asia Pacific, and the rest of the world.
Europe held the largest market share of 70% in 2016, followed by North America, which is projected to rise by 6.83% in the CAGR over the forecast period. North America is expected to rise from USD 877.1 million in 2016 to USD 1,383.3 million by 2023.
The Asia Pacific had a market share of 8.83% in 2016 and is projected to rise at a CAGR of 3.41% during the assessment period.
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