Offshore Decommissioning 2023 Forecast Market Leading Key Players: Tetra Technologies, Inc., BP P.L.C., Statoil ASA (Norway), DNV GL, TechnipFMC PLC

Market Overview:-

Offshore decommissioning of aging oil and gas platforms, subsea wells, and related infrastructure is essential to safely remove the equipment used for oil or gas exploration and production, and dispose them at the end of their production. The process of decommissioning of offshore oil and gas platforms, is critical in terms of environmental protection concerns, as it has probable effects on the marine ecosystem, along with disposal of hazardous substances. Offshore decommissioning encompasses different activities for removal of installations, namely, project management, engineering and planning, permitting and regulatory compliance, platform preparation, well plugging and abandonment, conductor removal, mobilization and demobilization of derrick barges, platform removal, pipeline and power cable decommissioning, materials disposal, and site clearance.

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As, the number of aging oil & gas fields are growing gradually around the world with more than 600 projects expected to be dismantled during the next five years. Aging oil and gas fields, are predominant in the North Sea region and Gulf of Mexico region and the oil and gas industry is focusing on removing these structures, these factors constitute for the growth of offshore decommissioning market in forecasted period. Whereas, the cost of decommissioning varies operators due to their unique approaches and services for decommissioning activities. Furthermore, global operators experienced in decommissioning are generally limited (except the Gulf of Mexico region), which further adds to this cost uncertainty. These high costs may restrain growth of offshore decommissioning market.
The Global Offshore Decommissioning Market is expected to grow at a CAGR of 6.93% during the forecast period.

Leading Key Players:

The major players operating in this market, who have adopted these strategies 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) and DeepOcean Group (Netherlands).

Global Offshore Decommissioning Market Analysis:
Currently, the Offshore Decommissioning market is in the growth stage. This is due to the increase in aging oil & gas platforms around the world. Most of these structure are more than 30years old and this infrastructure needs proper removal and recycling for further usage, these factors will boost the global offshore decommissioning market. Europe accounted for the largest market share of 70% in 2016, followed by North America which is expected to grow at a CAGR of 6.83% during the forecast period. North America is expected to grow from a market size of USD 877.1 million in 2016 to USD 1,383.3 million by the end of 2023. Asia-Pacific accounted for a market share of 8.83% in 2016 and is expected to grow at a CAGR of 3.41% during the forecast period.

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Intended Audience:
• Distributer & Supplier companies
• End Users
• Consultants and Investment bankers
• Government as well as Independent Regulatory Authorities

Other Information:-
Product Analysis:
• Product matrix which gives a detailed comparison of the market for different recycled product types
Additional Information:
• Regulatory Landscape
• Pricing Analysis
• Macroeconomic Indicators
Geographic Analysis:
• Geographical analysis across 15 countries

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Company Information:
• Profiling of 13 key market players
• In-depth analysis including SWOT analysis, and strategy information of related to report title
• Competitive landscape including emerging trends adopted by major companies

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