Market Synopsis of Global Offshore Decommissioning Market
Offshore decommissioning refers to the decommissioning of oil and gas facilities that are approaching the end of their useful design life or economic operation. Aging offshore oil and gas structures are a major environmental concern and liability to countries, operators, contactors and affects surrounding marine environment.
The market is driven by a number of factors such as increasing oil and gas platform around the world. Especially in the North Sea region and Gulf of Mexico, the oil and gas industry is determined to remove these structures to reduce environmental penalties and also to reduce operating cost of these aging wells. However, the growth of this market is expected to be hindered by the uncertain cost and strict environmental and regulation laws surrounding the offshore decommissioning projects.
The global offshore decommissioning market is expected to grow at 6.93% CAGR during the forecast period. In 2016, the market was led by Europe, with a 70.1% share, followed by North America and Asia-Pacific with shares of 18.9% and 8.9%, respectively.
The global offshore decommissioning market has been segmented based type, service type, application and by region. On the basis of type, topside structures accounted for the largest market share of 56 % in 2016, with a market value of USD 2,586.4 million and is projected to grow at the highest CAGR of 9.05% during the forecast period. Based on application, shallow water accounted for the largest market share of 71.2 % in 2016, with a market value of USD 3,294.3 million and is projected to grow at a CAGR of 7.98% during the forecast period.
Study Objectives of Global Offshore Decommissioning Market
- To provide insights about factors influencing and affecting the market growth.
- To provide historical and forecast revenue of the market segments as well as sub-segments with respect to regional markets and their key countries
- To provide historical and forecast revenue of the market segments based on type, and capacity.
- To provide strategic profiling of key players in the market, comprehensively analyzing their market share, core competencies, and drawing a competitive landscape for the market
- Raw materials suppliers
- Aftermarket suppliers
- Research institute & education institute
- Potential investors
- Key executive (CEO and COO) and strategy growth manager
Regional Analysis of Global Metal Packaging Market
Europe accounted for the largest market share of 70% in 2016, followed by North America which is expected to grow at a CAGR of 6.83% during the forecast period. North America is expected to grow from a market size of USD 877.1 million in 2016 to USD 1,383.3 million by the end of 2023. Asia-Pacific accounted for a market share of 8.83% in 2016 and is expected to grow at a CAGR of 3.41% during the forecast period.
Table of Content: Key Points
1 Executive Summary 12
2 Introduction 14
2.1 Definition 14
2.2 Assumptions 15
2.3 Market Structure 15
3 Research Methodology 16
3.1 Research Process 16
3.2 Primary Research 16
3.3 Secondary Research 17
3.4 Market Size Estimation 17
3.5 Forecast Model 19
4 Market Dynamics 20
4.1 Market Drivers 20
4.1.1 Aging Oil and Gas Fields – A New Source Of Revenue 20
4.1.2 Aging Offshore Infrastructure 20
4.1.3 Reduced Environmental And Regulatory Liabilities 20
4.2 Market Inhibitors 21
4.2.1 High Cost of Decommissioning 21
4.2.2 Lack of Clear Regulations for Decommissioning Activities 21
4.3 Opportunities 21
4.3.1 Rigs to Reef Programs 21
4.3.2 Reducing Risk By Recycling 22
4.4 Major Offshore Decommissioning Projects around the world 22
4.4.1 North Sea Region 22
4.4.2 Table of Approved Offshore Decommissioning Programmes 2015-2017 23
4.5 Regulations for Offshore Decommissioning 24
4.5.1 Introduction 24
4.5.2 International Conventions 25
5 Market Factor Analysis 34
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