Offshore Decommissioning Market is expected to grow at a CAGR of 10.1% during the forecasted period | Evolve Business Intelligence

Key Highlights:
• The global Offshore Decommissioning Market size was valued at USD 9.1 billion in 2023 growing at a CAGR of 10.1% from 2023 to 2033.
• North America dominated the market in 2023
• Asia Pacific is expected to grow at the highest CAGR from 2023 to 2033

As per the study initiated by Evolve Business Intelligence, the global Offshore Decommissioning Market size accounted for USD 9.1 Billion in 2023, growing at a CAGR of 10.1% from 2023 to 2033. Offshore decommissioning refers to the process of safely and responsibly retiring and removing offshore oil and gas facilities, including platforms, wells, and associated infrastructure, at the end of their productive life. This process involves dismantling and disposing of equipment, plugging wells, and removing structures to minimize environmental impact and ensure the safety of the marine environment.

Request/Download PDF Sample: https://report.evolvebi.com/index.php/sample/request?referer=OpenPR&reportCode=021526

As offshore oil and gas fields age, production declines, and facilities reach the end of their economic life. Decommissioning becomes necessary to avoid environmental risks and liabilities. Governments and international bodies have established regulations and guidelines to ensure the safe and environmentally responsible decommissioning of offshore installations. Compliance with these regulations is a significant driver for the decommissioning market. Increased awareness of environmental issues and the potential impact of aging offshore structures on marine ecosystems drive the need for responsible decommissioning practices. Advances in decommissioning technologies and techniques contribute to the growth of the market. Innovations in robotics, cutting technologies, and materials recycling help improve the efficiency and safety of decommissioning operations.

Key Players
Some of the major Offshore Decommissioning Market players holding high market shares include Acteon Group Limited, Topicus Finan BV, AF Gruppen ASA, Tetra Technologies Inc., Allseas Group S.A. These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders. Some of the other major market players include DeepOcean Group Holding B.V., John Wood Group Plc, and Exxon Mobil Corporation

For More Information: https://report.evolvebi.com/index.php/sample/request?referer=OpenPR&reportCode=021526

Segmental Analysis
Based on service, the Offshore Decommissioning market is segmented into Removal, Disposal, Remediation and Environmental Studies, Modelling and Sampling, Waste Mapping and Handling, Impact Assessment Program and Decommissioning Plan, HAZID (Hazard Identification Study) and Safety Screening, Removal of Equipment with NORM, Stress Analysis, Lifting and Rigging Procedures, Transportation and Sea Fastening. the largest segment of the Offshore Decommissioning market is Removal. This segment encompasses the removal of offshore structures, equipment, and debris from the marine environment. The process of removal involves a variety of techniques, including cutting, lifting, and transporting, and requires specialized expertise and equipment to ensure safety and environmental compliance.
Based on process, the Offshore Decommissioning market is Project Management Planning and Engineering, Permitting Compliance Regulatory Compliance, Platform Preparation, Well Plugging and abandonment, Conductor Removal, Mobilization and demobilization of Derrick Barges, Platform Removal, Pipeline and Cable Decommissioning, Material Disposal Site clearance. Project Management Planning and Engineering holds the largest market share. This segment encompasses the planning, design, and engineering activities associated with offshore decommissioning projects. It involves a comprehensive assessment of the decommissioning scope, identification of potential hazards and risks, and development of detailed engineering plans for the safe and efficient execution of the project.
Based on water depth, the Offshore Decommissioning market is Shallow, Deep Water, and Ultra Deep Water. Shallow Water segment dominates the Offshore Decommissioning market. This is primarily due to the higher concentration of offshore oil and gas fields in shallow waters, making decommissioning activities more prevalent in this region. The shallow water environment also poses fewer technical challenges compared to deepwater and ultra-deepwater decommissioning, leading to lower costs and shorter project timelines.

Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)

Address
Evolve Business Intelligence
C-218, 2nd floor, M-Cube
Gujarat 396191
India
Email: sales@evolvebi.com
Website: https://evolvebi.com/

About EvolveBI
Evolve Business Intelligence is a market research, business intelligence, and advisory firm providing innovative solutions to challenging pain points of a business. Our market research reports include data useful to micro, small, medium, and large-scale enterprises. We provide solutions ranging from mere data collection to business advisory.
Evolve Business Intelligence is built on account of technology advancement providing highly accurate data through our in-house AI-modelled data analysis and forecast tool - EvolveBI. This tool tracks real-time data including, quarter performance, annual performance, and recent developments from Fortune's global 2000 companies.

This release was published on openPR.