Offshore Decommissioning Market Expected to Post a Growth Rate Of 6.93 % CAFR from 2018 To 2022

Offshore Decommissioning Market Highlights:-

The process of decommissioning of offshore oil and gas platforms, is critical in terms of environmental protection concerns, as it has probable effects on the marine ecosystem, along with disposal of hazardous substances. Offshore decommissioning encompasses different activities for removal of installations, namely, project management, engineering and planning, permitting and regulatory compliance, platform preparation, well plugging and abandonment, conductor removal, mobilization and demobilization of derrick barges, platform removal, pipeline and power cable decommissioning, materials disposal, and site clearance.

Offshore decommissioning involves the safe plugging of the oil or gas well and disposal of the equipment used in offshore oil and gas production. Offshore decommissioning encompasses activities ranging from removal of installations, project management, engineering and planning, regulatory compliance, preparation of a platform for decommissioning, well plugging and abandonment, demobilization of derrick barges, platform removal, materials disposal, and site clearance. The global offshore decommissioning market is anticipated to grow at a CAGR of 6.93 % during the forecast period of 2018 to 2023.

Enactment of Environmental and Safety Regulations is expected to Result in Faster Growth of the Market:-

The enactment of environmental regulations around the globe owing to ecological concerns originating from oil and gas scrap has triggered decommissioning for cash services. The adoption of environmental regulations such as the Convention for the Protection of the North East Atlantic (OSPAR Convention) provides a legally binding regulatory framework for offshore decommissioning in the OSPAR maritime area, including the North Sea. The high threat and environmental and regulatory liabilities associated with old oil and gas rigs owing to the presence of hazardous substances, which can have a direct effect on the marine ecosystem is a prime driver of the market.

Industry Major Key Players:-

The leading vendors operating in the market are Aker Solutions ASA (Norway), Amec Foster Wheeler (U.K.), BP P.L.C. (U.K.), Statoil ASA (Norway), Ramboll Group A/S (Denmark), Tetra Technologies, Inc., (U.S.), TechnipFMC PLC (U.K.), Claxton Engineering Services (U.K.), AF Gruppen ASA (Norway), John Wood Group Plc. (Scotland), Allseas group SA (Switzerland) and DeepOcean Group (Netherlands), DNV GL (Norway) and others.

Offshore Decommissioning Market Regional Analysis:-

This is due to the increase in aging oil & gas platforms around the world. Most of these structure are more than 30years old and this infrastructure needs proper removal and recycling for further usage, these factors will boost the global offshore decommissioning 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.

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