Global Offshore Decommissioning Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027
Global Offshore Decommissioning Market Overview:
“The global Offshore Decommissioning Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”
Offshore decommissioning is a process of plugging and disposal of equipment used in offshore oil production. Factors considered in offshore decommissioning include age of platform, location and water depth, weather conditions, weight of the lifts and soil strength, and configuration and type of platform. Offshore decommissioning includes removal of decks, subsea pipelines, subsea wells, sank rigs, and damaged offshore platforms. Decommissioned platforms can go for scrap, re-use for functions besides oil and gas production, and for conversion of offshore structures into fish farms.
Increasing number of offshore oil and gas exploration and production (E&P) activities across the globe is a key factor driving growth of the global offshore decommissioning market. In addition, growing demand for fuel, has led to an increase in offshore drilling activities which is another factor expected to boost growth of the global offshore decommissioning market over the forecast period.
However, high costs associated with offshore decommissioning processes is a major factor restraining growth of the global offshore decommissioning market. Additionally, problems associated with offshore decommissioning is another major factor expected to hamper growth of the global offshore decommissioning market over the forecast period.
The market in Europe is expected to account for highest share in terms of revenue and is expected to maintain its dominance over the forecast period. This dominance can be attributed to stringent decommissioning guidelines in countries in the region. The market in North America is expected to account for second-highest share in terms of revenue over the forecast period, owing to increasing number of platforms being decommissioned each year in the region.
Moreover, the market in Asia Pacific is expected to register significant growth in the target market over the forecast period, owing to increasing number of oilfields in emerging economies such as China, India, etc. Also, the market in Middle East & Africa is expected to register moderate growth over the forecast period, owing to presence of untapped offshore oil reserves in countries in the region.
Global offshore decommissioning market segmentation:
- Well plugging and abandonment
- Project management, engineering and planning
- Permitting and regulatory Compliance
- Platform preparation
- Conductor removal
- Mobilization and demobilization of derrick barges
- Shallow water
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- Amec Foster Wheeler plc
- TechnipFMC plc
- Ramboll Group A/S
- John Wood Group PLC
- AF Gruppen ASA
- TETRA Technologies, Inc.
- Stiftelsen Det Norske Veritas
- Heerema Marine Contractors Nederland SE
- Petrofac Limited
- Aker Solutions ASA
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