The global offshore decommissioning market is anticipated to witness an exponential growth in the forecast period. Offshore decommissioning of aging oil & gas platforms and subsea wells is essential in order to save the environment. Decommissioning
The factors that propel the growth of the market include maturing oil and aging platforms and gas fields, increasing oil and gas platforms around the world, low oil price, environmental concerns, and increasingly stringent decommissioning regulations. On the other hand, there are factors that may hamper the growth of the market including high cost associated with offshore decommissioning projects, stringent environmental law and regulations, and a decline in prices of oil.
The offshore decommissioning market is anticipated to expand at a significant CAGR in the upcoming period as the scope, product types, and its applications are increasing across the globe. The market could be explored by service type, depth, structure, removal, and geography.
Market could be explored by service type as Platform Removal, Well Plugging & Abandonment, Others. The ive reserves and growing environmental concerns.
Based on depth, market could span Shallow and Deepwater. The ould be explored based on removal as Leave in Place, Complete and Partial.
Europe accounted for the major share of the market in 2017 and will continue to lead in the forecast period. The factors that could be attributed to the growth include growing oilfields and high expenditure in the North Sea and the UK. The ceasing of foremost oilfields and outstanding governing framework is confirming high pace of offshore decommissioning market in Europe. Europe is followed by North American and Asia-Pacific region owing to maturing oilfields in the Gulf of Mexico with the huge number of platforms decommissioning every year. Furthermore, Asia-Pacific is anticipated to show significant growth rate due to the surge of aging oilfields.
Some of the key players that fuel the growth of the offshore decommissioning market comprise Aker Solutions, Petrofac Limited, AF Gruppen, TechnipFMC plc., Deep ocean Group Holding B.V., Ramboll Group, Allseas, Amec Foster Wheeler, PLC., DNV GL AS, and Claxton Engineering Services, Ltd. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.