Offshore Decommissioning Market Projected to reach USD 11.51 billion by 2028 | Top Players: Aker Solutions, Epic Companies, Maersk Decom, Bibby Offshore, Proserv Group Inc., Able UK Ltd.

Global Offshore Decommissioning Market is projected to reach USD 11.51 billion by 2028, at a CAGR of 5.7% during the forecast period. As oil & gas fields reach the end of their lifespan, they must be decommissioned. Decommissioning ends offshore oil & gas operations returning the ocean and seafloor to its pre-lease condition.

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Environmental concerns related to the use of excessive number of vessels has also driven market demand. Vessel operators are required to decommission functional ships when the number of ships exceeds the permitted figure. Therefore, the global offshore decommissioning market has positive prospects for growth in the years to come. Regions with the largest consumers and well-established ports are within the offshore decommissioning market.

Key Takeaways of the Offshore Decommissioning Market Study

1. By services, the well plugging & abandonment segment accounted for the largest market share, driven by demand from the European market.

2. By depth, the shallow water segment was the largest market and is projected to maintain its edge over the deep water segment owing to its lower operational costs. However, in the future, the deep water segment will compete with shallow water segment as many platform installations now are at deep water depths.

3. By structure, the topsides comprises of the largest share, as the decommissioning of topsides and related equipment requires specialized heavy lift vessels and removal equipment.

4. The stringent regulations for complete offshore platform removal to restore the marine life and seafloor to its pre-production conditions is expected to drive the offshore decommissioning market.

5. Europe holds a dominant position in the global offshore decommissioning market. The aging infrastructure and maturing oil and gas fields, especially in the North Sea and the U.K have driven this market in Europe.

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Notable Development Trends to Open up New Horizons of Growth for Offshore Decommissioning Market

The leading companies in the market focus on product development as well as the acquisition in the market to enhance the market share in the global market during the forecast period.

1. In January 2018, ExxonMobil Upstream Research Company, entered into a three-year joint development agreement with MagnaBond, LLC, to develop new technologies designed to address well decommissioning activities. The agreement was an initiative to address challenges associated with well-decommissioning activities such as plugging and abandonment

2. In January 2018, in the UK northern North Sea, EnQuest (UK) signed an agreement with BP for the management of decommissioning activities for Thistle and Deveron production facilities.

3. In February 2018, Fairfield Energy awarded Bibby Offshore (UK) the contract for the subsea infrastructure decommissioning (SID) of the Greater Dunlin Area

Major points covered in the report:
1. Macroeconomic factors affecting the Offshore Decommissioning market and its potential
2. Offshore Decommissioning Market dynamics, such as drivers, challenges, and trends
3. Detailed value chain analysis of the Offshore Decommissioning market
4. The cost structure of the products and segments covered in the study
5. key product segments, regions and by major market participants are anlyzed
6. Analysis of demand and supply, such as top manufacturing and consuming regions, overall trade scenario with imports/exports details
7. Analysis of the market structure, including a tier-wise categorization of key market participants
8. Competitive landscape of the Offshore Decommissioning market, including detailed profiles of the top players in this market

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Some of the major players in the Offshore Decommissioning market are Aker Solutions, Epic Companies, Maersk Decom, Bibby Offshore, Proserv Group Inc., Able UK Ltd., Allseas Group SA, Amec Foster Wheeler PLC, John Wood Group PLC, Deepocean Group Holding BV, and Heerema Marine Contractors.

Market Segmentation:

By Structure:
• Topside
• Sub-Sea Infrastructure
• Substructure

By Services:
• Project Management
• Permitting Compliance
• Regulatory Compliance
• Planning & Engineering
• Well Plugging & Abandonment
• Conductor Removal
• Others
By Depth:
• Shallow Water
• Deep Water

By Region:

North America
o By Country (US, Canada, Mexico)
o By Structure
o By Services
o By Depth

Western Europe
o By Country (Germany, UK, France, Spain, Rest of Western Europe)
o By Structure
o By Services
o By Depth

Eastern Europe
o By Country (Russia, Turkey, Rest of Eastern Europe)
o By Structure
o By Services
o By Depth

Asia Pacific
o By Country (China, Japan, India, Rest of Asia Pacific)
o By Structure
o By Services
o By Depth

Middle East
o By Country (UAE, Qatar, Iran, Saudi Arabia, Rest of Middle East)
o By Structure
o By Services
o By Depth

Rest of the World
o By Region (Latin America, Brazil, Rest of the World)
o By Structure
o By Services
o By Depth

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