iCrowd Newswire
29 Dec 2020, 00:15 GMT+10
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).
The research offers a systematic and detailed evaluation of the effect of COVID-19 on current and future economic conditions. The report addresses some of the key market factors that will impact the growth of the sector, such as market share, emerging region, and key players.
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.
Market Dynamics
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.
Request a Free Sample @ https://www.marketresearchfuture.com/sample_request/2993
Market Segmentation
The global market for offshore decommissioning has been segmented based on type, service type, and application.
Regional Analysis
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.
Access Report Details @ https://www.marketresearchfuture.com/reports/offshore-decommissioning-market-2993
Key Players
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).
Contact
Market Research FutureOffice No. 528, Amanora ChambersMagarpatta Road, Hadapsar,Pune – 411028Maharashtra, India+1 646 845 9312Email: [email protected]
Tags: Offshore Decommissioning Market Growth, Offshore Decommissioning market Forecast, Offshore Decommissioning Market Share, Offshore Decommissioning Market Size, Offshore Decommissioning Market, Offshore Decommissioning, Offshore Decommissioning Market Analysis, Offshore Decommissioning Market 2020
See Campaign: https://www.marketresearchfuture.com/reports/offshore-decommissioning-market-2993Contact Information:[email protected]:, Reportedtimes, iCN Internal Distribution, Research Newswire, English
Get a daily dose of Houston Mirror news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Houston Mirror.
More InformationSANTA CLARA, California: Intel's stock soared nearly 15 percent this week following the announcement that former board member Lip-Bu...
DETROIT, Michigan: Volkswagen's decision to scale back production at its Chattanooga, Tennessee plant has sparked backlash from the...
STOCKHOLM, Sweden: Spotify set a new milestone in 2024, paying out US$10 billion in royalties—the highest annual payout to the music...
NEW DELHI, India: Jaguar Land Rover (JLR) has decided against manufacturing electric vehicles at Tata Motors' upcoming $1 billion factory...
LONDON, U.K.: Virgin Group is seeking to raise $900 million to fund its plan to launch cross-channel rail services, positioning itself...
SEATTLE, Washington: Boeing saw a significant increase in aircraft deliveries in February, reporting 44 planes delivered compared to...
BERLIN, Germany: German Lawmakers are debating whether to loosen the country's strict borrowing rules to fund military expansion. ...
The Voice of America may not live up to its ambitious name for much longer. Michael Abramowitz, the director of VOA, said in a Facebook...
WASHINGTON, DC - U.S. President Donald Trump has joined Israel's war on Yemen's Houthis, days after the group said it would resume...
LOMPOC, California: NASA launched a new telescope into space this week to study the origins of the universe and search for hidden water...
AUSTIN/SANTA FE: Texas/New Mexico have reported 28 new measles cases in the past five days, bringing the total to 256 since the outbreak...
WASHINGTON, D.C.: U.S. Transportation Secretary Sean Duffy announced that helicopters will be permanently banned from flying near Washington...