Offshore Decommissioning Market Size, Development Strategy, Applications and Outlook | Global Industry In- Depth Analysis Report by Forecast to 2023

Market Highlights:

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.

Technological advancement has resulted in technological obsolescence and shortening lifecycle of machinery. The growing capabilities and capacities of advanced machinery coupled with falling cost of new machinery have created a significant refurbishing business for decommissioning solution providers.

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Study Objectives of Global Offshore Decommissioning Market:

• To provide detailed analysis of the market structure along with forecast for the next five years of the various segments and sub-segments of the global Offshore Decommissioning market.
• To provide insights about factors affecting the market growth
• To analyze the global Offshore Decommissioning market based on various tools such as Supply Chain Analysis, and Porter’s Five Forces Analysis
• To provide historical and forecast revenue of the market segments and sub-segments with respect to regions and their respective key countries
• To provide country level analysis of the market with respect to the current market size and future prospective
• To provide country level analysis of the market for segments by material type, product, application and region
• To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market
• To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the Offshore Decommissioning market

Top 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).

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Regional Analysis:

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. The Middle East and Africa region is supposed to be dominated by Gulf economies of Saudi Arabia, UAE, Kuwait, and Qatar. The presence of large onshore oil and gas deposits in the Middle East and Africa hampers offshore oil exploration and thus accounts for the disproportionately small size of the market as compared to its petroleum production.

Europe accounts for the most significant share of 70 % regarding global offshore decommissioning market value in 2016, based on the size and volume of the structures, especially in the North Sea. Europe is followed by the North America region led by Mexico owing to the aging platforms most of which are more than 30 years old. The Gulf of Mexico accounts for the most substantial number of facilities requiring decommission with a lower cost structure between USD 0.5 million to 4 million for shallow water structures. The Gulf of Mexico has historically been the most significant region regarding the volume of platforms decommissioned, which is around 4,000. North America offshore decommissioning market was valued at USD 877.1 million in 2016 and which is expected to grow to USD 1,383.3 million by 2023, at a CAGR of 6.83 %.

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