Topside market is expected to grow at the highest rate.
Topside accounted for the largest market share of 55.65% in 2016, with a market value of USD 1,804.6 million and is projected to grow at the highest CAGR of 9.94% during the forecast period. Substructure was the second-largest market in 2016, valued at USD 806.8 million in 2016; it is projected to grow at a CAGR of 3.58%.
The oil production from the world’s giant old fields, is continuously declining, and is expected to decline further. This is driving the global oil and gas companies to focus on cost effective ways of decommissioning these fields, while maintaining focus on high environmental and safety standards. According to Oil and Gas Authority. Aberdeen, Scotland, a total of 1,832 wells are forecast to be plugged and abandoned in the North Sea and Norwegian Continental Shelves region. The decommissioning of oil and gas fields help companies develop expertise that can be exported throughout the world, from the Gulf of Mexico to the South China Sea that can generate revenue and also can create thousands of highly skilled jobs.
Global Offshore Decommissioning Market is predicted to grow at approximately 6.93% by 2023
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The major players operating in this market, who have adopted these strategies are Tetra Technologies, Inc., (U.S.), BP P.L.C. (U.K.), Statoil ASA (Norway), DNV GL (Norway), TechnipFMC PLC (U.K.), AF Gruppen ASA (Norway), Ramboll Group A/S (Denmark), Aker Solutions ASA (Norway), Amec Foster Wheeler (U.K.), John Wood Group Plc. (Scotland), Claxton Engineering Services (U.K.), Allseas group SA (Switzerland) and DeepOcean Group (Netherlands).
The offshore decommissioning market major is driven by the ageing offshore oil and gas infrastructure and the maturing oil fields. With the low prices of the oil, the maintenance of low production mature reserves is becoming more difficult. This in turn is driving the companies to accelerate their decommissioning activities for such oil and gas projects. The market is also driven by the strict rules and regulations and the stringent legal framework in all regions across the world.
Shallow Water segment is dominating the global offshore decommissioning market by application
The market has been segmented by applications, as shallow water and deep water. The applications of the offshore decommissioning in shallow water is expected to dominate the growth of the market. The offshore decommissioning in shallow water is less expensive as compared to deep water offshore decommissioning while the majority of the old and ageing offshore installations are in shallow waters.
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Table of Content
1 Executive Summary
2.1 Definition 14
2.2 Assumptions 15
2.3 Market Structure 15
3 Research Methodology
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
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
Table 1 Market Synopsis 13
Table 2 Uk Offshore Decommissioning Spending For 2015 39
Table 3 Global Offshore Decommissioning Market, By Type, 2015-2023 (Usd Million) 43
Table 4 Global Offshore Decommissioning Market, By Service Type, 2015-2023 (Usd Million)
Table 5 Global Offshore Decommissioning Market, By Application, 2015-2023 (Usd Million) 53
Table 6 Global Offshore Decommissioning Market, By Region, 2016-2023 (Usd Million) 57
Table 7 Europe: Global Offshore Decommissioning Market, By Country, 2016-2023
Table 8 Europe: Global Offshore Decommissioning Market, By Type, 2016-2023 (Usd Million)
Table 9 Europe: Global Offshore Decommissioning Market, By Application, 2016-2023
Table 10 Europe: Global Offshore Decommissioning Market, By Service Type, 2016-2023
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