Offshore Decommissioning Market is headed for a 6.93% CAGR growth, and is Segmented on the basis of Type, Service Type, Applications, and Region – Forecast to 2023
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Offshore Decommissioning Market – Overview
The Offshore Decommissioning Market is gaining significant growth due to the rise in the number of idle structures and wells. Market reports related with the energy and power industry have been presented by Market Research Future which makes reports on other industry verticals that aims to analyze the current market scenarios better. The market is headed for a 6.93% CAGR growth in the forecast period.
The need to reduce the damage to rigs due to natural disasters such as hurricanes thereby cause an environmental disaster is a key factor motivating the Offshore Decommissioning Market. Moreover, as the damaged wells and platforms cost more to decommission than non-damaged wells, the Offshore Decommissioning Market is growing steadily. Additionally, the market is expected to gain significant opportunities for growth due to environmental protection concerns globally.
Competitive Analysis
Increased conformity of market players to new customers and market trend inclinations are boosting the growth curve of the market and will persist in the forecast period. Substantial cuts in administrative costs are inducing further expansion of the market. The effective implementation of strategies is likely to stimulate the market in the coming years. The expansion of a strong value chain is additionally motivating the development of the market. The growth of the market is moving in a promising direction due to new product introductions or intensifying gross revenue of the players in the market. The vertical supplements and product tactics of the market are advancing the potential of the market players. The tactical goals intended for the market are buoyed due to advantageous product differentiation carried out by market contestants.
The chief players functioning in the Offshore Decommissioning Market globally are BP P.L.C. (U.K.), Ramboll Group A/S (Denmark),Statoil ASA (Norway), DNV GL (Norway), Tetra Technologies, Inc., (U.S.), Aker Solutions ASA (Norway), TechnipFMC PLC (U.K.), AF Gruppen ASA (Norway), Amec Foster Wheeler (U.K.), John Wood Group Plc. (Scotland), Allseas group SA (Switzerland), Claxton Engineering Services (U.K.), and DeepOcean Group (Netherlands).
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Industry Updates:
LOGIC which is an Oil & Gas UK subsidiary has recently published a new standard contract to help companies with offshore decommissioning in the UK North Sea. Standardization of legal contracts, headed by LOGIC in affiliation with industry, is expected to advance the efficiency of executing, drafting, and negotiating commercial agreements.
Segmental Analysis
The segmentation of the Offshore Decommissioning Market is carried out on the basis of Type, Service Type, Applications, and Region.
On the Basis of Type, the offshore decommissioning market consists of substructure, topside, sub infrastructure.
On the basis of Service Type, the offshore decommissioning market consists of conductor removal, well plugging and abandonment, platform removal, and others.
Based on Application, the market for offshore decommissioning consists of shallow water and deepwater.
The regions studied in the offshore decommissioning market are Europe, North America, Asia Pacific and rest of the world.
Detailed Regional Analysis
The region-based analysis of the Offshore Decommissioning Market consists of regions such as Europe, North America, Asia Pacific and rest of the world. The offshore decommissioning market is currently in its growth stage. The growth of the market can be primarily attributed to the rise in aging platforms for oil & gas around the world. A large number of these structures are more than 30 years old and this infrastructure has to undergo proper removal and recycling for further usage, these factors are expected to boost the offshore decommissioning market globally.
The European region is responsible for the chief market share of 70% in 2016, followed by the North American region which is anticipated to develop at a CAGR of 6.83% throughout the forecast period. The North American region is projected to increase its value from USD 877.1 million in 2016 to USD 1,383.3 million by the end of 2023. Furthermore, the Asia Pacific is credited for a share of the market of 8.83% in 2016 and is anticipated to develop at a CAGR of 3.41% through the forecast period.
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