Market Highlights —
The oil production from the world’s giant old fields, is continuously declining, and is expected to decline further. This is driving the global oil and gas companies to focus on cost effective ways of decommissioning these fields, while maintaining focus on high environmental and safety standards. According to Oil and Gas Authority. Aberdeen, Scotland, a total of 1,832 wells are forecast to be plugged and abandoned in the North Sea and Norwegian Continental Shelves region. The decommissioning of oil and gas fields help companies develop expertise that can be exported throughout the world, from the Gulf of Mexico to the South China Sea that can generate revenue and also can create thousands of highly skilled jobs.
Global Offshore Decommissioning Market is predicted to grow at approximately 6.93% by 2023
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Topside market is expected to grow at the highest rate.
Topside accounted for the largest market share of 55.65% in 2016, with a market value of USD 1,804.6 million and is projected to grow at the highest CAGR of 9.94% during the forecast period. Substructure was the second-largest market in 2016, valued at USD 806.8 million in 2016; it is projected to grow at a CAGR of 3.58%.
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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Scope of the Report
This study provides an overview of the global Offshore Decommissioning storage 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. The scope of the study segments the global Offshore Decommissioning storage market by its type, by service type, by application and by region.
Global Offshore Decommissioning Market, By Type
• Sub Infrastructure
Global Offshore Decommissioning Market, By Service Type
• Well Plugging and Abandonment
• Conductor Removal
• Platform Removal
Global Offshore Decommissioning Market, By Application
• Shallow water
Global Offshore Decommissioning Market, By Region
• North America
• Rest of the world
Market Research Analysis
Europe region is expected to grow at the fastest rate
The offshore oil and gas industry is one of the cornerstones of the Europe economy for many years now. The low prices are continuing to challenge the decommissioning activities of many offshore assets. Despite this, the decommissioning market is an emerging sector across the UK-North Sea region. In the next 10 years, it is expected that more than 100 platforms are forecasted for complete removal in the North Sea region. Particularly in the UK part of North Sea, the decommissioning activity is expected to be higher with more fields entering their end of life activity.
Key questions answered in this report
• What will the market size be in 2023 and what will the growth rate be?
• What are the key market trends?
• What is driving this market?
• What are the challenges to market growth?
• Who are the key vendors in this market space?
• What are the market opportunities and threats faced by the key vendors?
• What are the strengths and weaknesses of the key vendors?
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Release ID: 255934