Growing demand for oil and focus on mature oil & gas fields are acting as key growth drivers for global offshore decommissioning market.
According to TechSci Research report, “Global Offshore Decommissioning Market By Services (Project Management, Planning & Engineering, Permitting Compliance, Regulatory Compliance, Material Disposal, Site Clearance, Platform Preparation and Others), By Structure (Topsides, Subsea Infrastructure and Substructure), By Depth (Deepwater and Shallow Water), By Removal (Complete Removal, Partial Removal, Leave in Place), By Region, Forecast & Opportunities, 2025”, the market is anticipated to undergo a considerable CAGR during the forecast period on account of increasing number of aging oil & gas fields and growing number of projects to dismantle these structures around the world. The focus on mature oil & gas field is acting as a key growth driver for global offshore decommissioning market. Moreover, growing demand for oil and gas as well as rising concern towards environmental protection and awareness about the harmful results of excessive number of vessels are supporting high demand for offshore decommissioning. The process is also helpful in maintaining sustained and manageable marine traffic. Apart from this, several regulatory bodies have established legal guidelines for offshore oil and gas operations in respective nations which is positively impacting the growth of global offshore decommissioning market.
Furthermore, introduction of innovative technology for landscape reversal coupled with growing investment by oil & gas industry are some other major factors propeling the global offshore decommissioning market growth. In addition to this, decline in crude oil prices are also expected to foster the market growth through 2025. The outbreak of COVID-19 has resulted in recent downturn in prices of oil which is expected to be a key restraint to not only exploration and development activities of oil and gas but also decommissioning operations. However, with ease in lockdown restrictions, the demand for offshore decommissioning is expected to increase through 2025.
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Global offshore decommissioning market is segmented based on services, structure, depth, removal, company, and region. Based on services, the market has been segmented into project management, planning & engineering, permitting compliance, regulatory compliance, well plugging and abandonment, material disposal, site clearance, platform preparation and others. Among them, the well plugging and abandonment segment dominated the market until 2019 and is further anticipated to maintain its dominance over the next five years. The reasons can be attributed to high demand from the European market.
Based on depth, the global offshore decommissioning market can be categorized into deepwater and shallow water. Among the two, shallow water segment accounted for largest market share until 2019 and is expected to maintain its leading position over the next five years as well owing to its lower operational costs.
Major players operating in the global offshore decommissioning market are Aker Solutions ASA, Ramboll Group, AF Gruppen ASA, Technifmc Plc, John Wood Group Plc, Tetra Technologies Inc., Amec Foster Wheeler PL, Heerema Marine Contractors, Subsea 7 S.A. and Allseas Group S.A., among others. Key growth strategies being adopted by market players are strategic partnerships, mergers & acquisitions, and collaborations.
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“Presence of maturing oil & gas fields and stringent government regulations in European nations including United Kingdom, Norway and Denmark made Europe dominating market for offshore decommissioning in 2018. The region is expected to continue its dominance through 2025 as well. Following Europe, North America is also witnessing high demand for offshore decommissioning owing to extensive decommissioning activities in the Gulf of Mexico,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
Global offshore decommissioning market is expected to grow at a steady CAGR during the forecast period. Increasing focus on mature oil & gas fields is one of the key factors due to which the market is anticipated to rev up during the forecast years. The regulatory bodies have established legal guidelines for offshore oil and gas operations in respective nations which is positively impacting the growth of market during the forecast period. Furthermore, upsurge in demand for oil and gas is expected to bolster the growth of market over the next few years.
“Global Offshore Decommissioning Market By Services (Project Management, Planning & Engineering, Permitting Compliance, Regulatory Compliance, Material Disposal, Site Clearance, Platform Preparation and Others), By Structure (Topsides, Subsea Infrastructure and Substructure), By Depth (Deepwater and Shallow Water), By Removal (Complete Removal, Partial Removal, Leave in Place), By Region, Forecast & Opportunities, 2025”has evaluated the future growth potential of offshore decommissioning market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global offshore decommissioning market.
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