Offshore Decommissioning Market
Offshore Decommissioning Market – 2019 Size, Trends, Share, Growth, Key Players, Sales, Revenue, Opportunity, Risks And Regional Analysis With Global Forecast To 2023
Offshore Decommissioning Market 2019 Global Industry Insight:
Offshore Decommissioning Market 2019 is latest depth analysis report on Global Offshore Decommissioning Market. According to report Global Offshore Decommissioning Market is anticipated to prosper with a healthy 6.93% CAGR in the forecast period of 2019 to 2023. Report comprises Offshore Decommissioning Inustry key players sales, revenue, opportunity and risk assessment, market shares, size, trends in terms of volume with regional market analysis from 2019 to 2023.
Tetra Technologies, Inc., (U.S.), Statoil ASA (Norway), BP P.L.C. (U.K.), Allseas Group SA (Switzerland), DNV GL (Norway), AF Gruppen ASA (Norway), TechnipFMC PLC (U.K.), Ramboll Group A/S (Denmark), Amec Foster Wheeler (U.K.), John Wood Group Plc. (Scotland), Aker Solutions ASA (Norway), Claxton Engineering Services (U.K.), and DeepOcean Group (Netherlands) are some of the major participants of the global offshore decommissioning market assessed in this report.
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Increasing Aging Offshore Infrastructure to Expand Offshore Decommissioning Market. Rising Decommissioning Regulations to Encourage Growth of Offshore Decommissioning Market
Offshore decommissioning refers to the safe plugging of the hole in earth’s surface and safe disposal of equipment used in the production of oil. The global offshore decommissioning market, as per the analysis offered by Market Research Future (MRFR), is anticipated to exhibit developments at a CAGR of 6.93% over the assessment period.
Increasing number of aging oil & gas fields is likely to generate more demand for decommissioning over the next couple of years. In addition, the rising prevalence of aging offshore infrastructure is anticipated to catalyze the expansion of the offshore decommissioning market in the years to come.
The process of decommissioning is critical to the marine ecosystem. Rising concerns regarding environmental degradation have led to technological innovations by the key players. This, in turn, is poised to dominate the growth pattern of the offshore decommissioning market across the review period.
On the global front, there are many oilfields that are working beyond their life spans. It is assessed to unleash developmental opportunities for the market players to capitalize on in the nearby future. In addition, strict regulations imposed by governments with respect to decommissioning is also expected to drive market growth over the next few years.
The development of new oil reserves is another major factor expected to lead the expansion of the offshore decommissioning market in the upcoming years. However, on the other side, the high cost involved in the process of decommissioning is likely to restrict the growth of the offshore decommissioning market in the nearby future. Also, lack of standard regulations can pose challenge to the growth of the market in the forthcoming years.
By type, the global offshore decommissioning market has been segmented into topside, substructure, and sub infrastructure.
By service type, the offshore decommissioning market has been segmented into well plugging and abandonment, platform removal, conductor removal, and others).
By application, the global offshore decommissioning market has been bifurcated into shallow water and deepwater.
The geographical assessment of the global offshore decommissioning market spans across four regions that are further narrowed down to a country-level basis. These major regional segments studied in this report are – Europe, North America, Asia Pacific, and the Rest of the World (RoW). Europe held the largest share of the market in 2016, which accounted for 70% share. It is poised to retain a substantial share of the market over the next few years. North America, at the second spot, is likely to grow from USD 877.1 Mn in 2016 to USD 1,383.3 Mn by 2023 exhibit a CAGR of 6.83% across the forecast period. Increasing investments in the exploration of shale gas are set to boost the expansion of the offshore decommissioning market in the region in the years to come. Meanwhile, Asia Pacific is estimated to register a CAGR of 3.41% during the review period.
These players investing in research & development projects for expanding their technological capabilities. This, in turn, is anticipated to boost the competition in the global market place over the next couple of years. The market is characterized by the presence of international and national players. Growth approaches poised to be leveraged by these players to gain more shares are mergers & acquisitions, collaborations with major end-users, agreements, partnerships, etc.