Offshore Decommissioning Market Overview
Offshore Decommissioning Market share is expected to grow at 7.1% through 2022 to 2027, reaching USD 8.5 Billion. An overhauling impact is what the oil & gas sector expecting since long. With the rising number of aging oil & gas fields, dismantling of a few has become imperative. Offshore decommissioning is the perfect answer to such an issue. The next five years are expecting such shredding down of almost 600 projects worldwide which in itself is indicative of the burgeoning decommissioning business. But the entire process requires efficiency as a malfunction in the process can adversely affect the environment and spill hazardous substances threatening the marine ecosystem.
Offshore Decommissioning industry demonstrates a high growth potential which is likely to attract many entrants to the market resultantly, intensifying the competition further. Manufacturers strive to develop innovative materials, and best practices. Incorporating acquisition, collaboration, partnership, and expansion the well-established players gain the competitive advantage to maintain their market position. Also, they make substantial investments in manufacturing & expansion program. Expansions help in reducing logistic cost and increase production capacities and potential to fetch larger turnovers.
Globally Major key Players accelerates the Offshore Decommissioning industry are, Tetra Technologies, Inc., (U.S.), BP P.L.C. (U.K.), Statoil ASA (Norway), DNV GL (Norway), TechnipFMC PLC (U.K.), AF Gruppen ASA (Norway), Ramboll Group A/S (Denmark), Aker Solutions ASA (Norway), Amec Foster Wheeler (U.K.), John Wood Group Plc. (Scotland), Claxton Engineering Services (U.K.), Allseas group SA (Switzerland), DeepOcean Group (Netherlands)
Growth Drivers:
- Rigs To Reef Programs
- Reducing Risk By Recycling
- Aging Oil And Gas Fields – A New Source Of Revenue
- Aging Offshore Infrastructure
- Reduced Environmental And Regulatory Liabilities
Most important Segments covered in this report are,
The global offshore decommissioning market can be segmented by type, service type, and application.
Type-wise, the global offshore decommissioning market can be segmented into topside, substructure, and sub infrastructure.
Based on service type, the offshore decommissioning market includes well plugging and abandonment, conductor removal, and platform removal.
Offshore Decommissioning Industry Influence of the global market report:
- Comprehensive assessment of all opportunities and risks in the Offshore Decommissioning industry.
- Offshore Decommissioning Market recent innovations and major events.
- A detailed study of business strategies for the growth of the Offshore Decommissioning Market market-leading players.
- Conclusive study about the growth plot of Offshore Decommissioning Market for forthcoming years.
- In-depth understanding of Offshore Decommissioning Market, market-particular drivers, constraints, and major micro markets.
- Favorable impression inside vital technological and market latest trends striking the Offshore Decommissioning Market.
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The Offshore Decommissioning market trends is growing pervasively, witnessing an exponential growth backed by the increasing investments, competitive activities, global developments, opportunity, and business trends during forecast period 2022 to 2030.
The global Offshore Decommissioning industry during the period has been split into several segments and subsegments, which have then been verified through primary research by conducting extensive interviews with key experts such as CEOs VPs, directors, and executives. Finally, the global market breakdown and data triangulation procedures have been employed to complete the overall market engineering processes and functions and hence, arrive at the exact statistics for all segments and subsegments.
Market Regional Analysis
Geographical mapping of the global offshore decommissioning industry includes regions such as North America, Europe, Asia Pacific (APAC), and the Rest-of-the-World (RoW).
Europe is expecting to have the largest market during the forecast period with quite a few oilfields maturing in coming years in the North Sea and the U.K. Stringent steps taken by the European regulatory board is also pushing the regional market further. North America has the second largest market as the region has several maturing oilfields waiting to be dismantled in the Gulf of Mexico. The U.S. has recently implemented. The Outer Continental Shelf Lands Act (OCSLA) which the operators have to abide by to act in the region. The APAC is also anticipating huge growth with increasing opportunities for decommissioning in Indonesia and Malaysia. In the Middle East, the market can impact remarkably as the region has a several decade old oilfields.
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