Offshore Decommissioning Market to Grow at Approximately 4.5% by 2023

Market Highlights:

The Offshore Decommissioning Market is expected to grow over the CAGR of around 4.5% during the period 2017 to 2023.

Low oil prices are negatively affecting the activities in many sectors of oil & gas industry, but decommissioning activity is set to increase in the environment of low oil prices due to the obsoletion of uneconomic platforms. Before the oil prices started falling, the global decommissioning market had been set for gradual growth. Further, ageing offshore infrastructure and increasingly stringent regulations drive investment, particularly in the two primary markets of the Gulf of Mexico and the North Sea.

Key Players:

The key players of Offshore Decommissioning Market are:

• Technip S.A. (France)
• Statoil ASA (Norway)
• PETRONAS (Malaysia)
• Royal Dutch Shell Plc. (Netherlands)
• Chevron Corporation (U.S.)
• Oil and Gas UK (U.K.)
• Baker Hughes Inc. (U.S.)
• China National Offshore Oil Corporation (China)
• Schlumberger Ltd (France)
• Bureau Veritas S. A. (France)

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Market Research Analysis:

Europe is expected to be the largest region in the offshore decommissioning market. The growth in this market is driven majorly by activities undertaken in the U.K. and Norway. The U.K. offshore industry is a global leader in terms of mandatory and well-developed decommissioning guidelines. Authorities in Europe are undertaking various initiatives for driving operators towards decommission of the outdated infrastructure by providing expertise, policy support, and financial incentives.

Scope of the Report:

This study provides an overview of the global offshore decommissioning market, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region.

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The scope of the study segments the global offshore decommissioning market by its Service Type, Application and Region.

By Service Type

• Well Plugging and Abandonment
• Conductor Removal
• Platform Removal
• Others

By Application

• Shallow Water
• Deep Water Areas

By Region

• North America
• Asia Pacific
• Europe
• Rest of the World

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This release was published on openPR.