As per Market Research Future (MRFR), the global offshore decommissioning market is expected to register a CAGR of 6.93% from 2016 to 2023 (forecast period).
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Offshore decommissioning of aging oil and gas platforms, subsea wells, and related infrastructure is crucial to safely remove the equipment utilized for oil or gas exploration and production and dispose them at the end of their production. The method of decommissioning offshore oil and gas platforms is essential in terms of environmental protection issues since it is likely to impact the marine ecosystem and the disposal of hazardous substances. Offshore decommissioning involves numerous activities for the removal of installations like project management, engineering, and planning, well plugging and abandonment, permitting and regulatory compliance, conductor removal, mobilization and demobilization of derrick barges, platform removal, platform preparation, pipeline and power cable decommissioning, material disposal and site clearance.
As the number of aging oil & gas fields is increasing steadily across the world, more than 600 projects are expected to be dismantled over the next five years. The aging oil and gas fields are dominating the North Sea area and the Gulf of Mexico, and the oil and gas industry focuses on the removal of these structures, which are factors for the growth of the offshore decommissioning market in the forecast period. At the same time, the cost of decommissioning differs between operators due to their particular approaches and services for decommissioning activities. Moreover, global operators experienced in decommissioning are generally limited (with the exception of the Gulf of Mexico region), contributing to this cost uncertainty. These high costs can limit the development of the offshore decommissioning market.
The offshore decommissioning market is presently at a growth level. This is attributed to the rise in aging oil & gas platforms around the world. Most of these structures are more than 30 years old, and this infrastructure needs to be properly removed and recycled for further use, which will improve the global market for offshore decommissioning.
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The global market for offshore decommissioning has been segmented based on type, service type, and application.
Region-wise, the global offshore decommissioning market has been segmented into Europe, North America, Asia Pacific (APAC), and the rest of the world.
Europe captured the largest market share of 70% in 2016, followed by North America, which is projected to grow by 6.83% in the CAGR over the forecast period. North America is estimated to rise from USD 877.1 million in 2016 to USD 1,383.3 million by 2023. Asia Pacific gained a market share of 8.83% in 2016 and is projected to grow at a CAGR of 3.41% over the forecast period.
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The major participants operating in the global offshore decommissioning market are Tetra Technologies, Inc., (U.S.), Ramboll Group A/S (Denmark), BP P.L.C. (U.K.), Statoil ASA (Norway), DNV GL (Norway), Claxton Engineering Services (U.K.), TechnipFMC PLC (U.K.), AF Gruppen ASA (Norway), Amec Foster Wheeler (U.K.), John Wood Group Plc. (Scotland), Allseas Group SA (Switzerland), Aker Solutions ASA (Norway), and DeepOcean Group (Netherlands).
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