Offshore Decommissioning Market is Expected to Grow Substantially Through 2025
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.
Browse XX market data Tables and XX Figures spread through XX Pages and an in-depth TOC on "Global Offshore Decommissioning Market"
https://www.techsciresearch.com/report/global-offshore-decommissioning-market/2684.html
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.
Download
Sample Report @
https://www.techsciresearch.com/sample-report.aspx?cid=2684
Customers
can also request for 10% free customization on this report.
“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 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.
Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York – 10017
Tel: +1-646-360-1656
Email: [email protected]
Web:
https://www.techsciresearch.com/