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Offshore Decommissioning Market | Covid-19 Impact Analysis
The Offshore Decommissioning Market is Segmented by Service Type (Project Management, Engineering and Planning, Permitting & Regulatory Compliance, Platform Preparation, Conductor Removal, Material Disposal, Site Clearance, Pipeline & Power Cable Decommissioning, Well Plugging & Abandonment, and Platform Removal), by Depth Type (Shallow Water, Deepwater), by Structure Type (Topsides, Substructure, and Subsea Infrastructure), by Removal Type (Leave in Place, Partial, and Complete), and by Region (North America, Europe, Asia-Pacific, and Rest of the World)
Covid-19 has impacted the market dynamics, competition, and global supply chains. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
Offshore Decommissioning Market is likely to witness an impressive CAGR of 4.8% during the forecast period. The major factor contributing to the growth of the market is the growing focus on aging offshore platforms and mature oil and gas fields, particularly in shallow water operations.
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Offshore Decommissioning Market - Snapshot |
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Growth |
4.8% for the next five years |
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Major Service Type |
Well Plugging & Abandonment |
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Major Depth Type |
Shallow Water |
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Dominant Structure Type |
Topside |
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Dominant Removal Type |
Complete Removal |
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Region with the highest demand |
Europe |
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Key Players |
Aker Solutions, Ramboll Group, AF Gruppen ASA, Technifmc Plc, John Wood Group Plc, and Tetra Technologies Inc, among others. |
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Based on the service type, the market is segmented as 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.
The well plugging & abandonment segment is estimated to lead the market during the forecast period, driven by demand from the European market. Well plugging & abandonment holds up to 45% share of the total decommissioning cost of a project.
Based on the depth type, the market is segmented as shallow water and deepwater. The shallow water segment is estimated to capture the larger share of the market and is projected to maintain its edge over deepwater segment, owing to its lower operational costs. Regardless, in the future, the deepwater segment would compete with the shallow water segment as many platform installations are now, at deepwater and ultra-deepwater depths.
Based on the structure type, the market is segmented as topsides, substructure, and subsea infrastructure. The topsides segment captured the largest share of the market in 2019, and is estimated to maintain its dominance during the forecast period. The growth of the segment is attributed to offshore platforms and decommissioning of topsides and related equipment that need specialized heavy lift vessels and removal equipment.
Based on the removal type, the market is segmented as partial, leave in place, and complete removal types. The complete removal segment is estimated to lead the market during the forecast period. The growth of the segment is due to the enactment of brassbound regulations for complete offshore platform removal to restore marine life and seafloor to its pre-production conditions.
In terms of regions, Europe accounts for the largest share of the offshore decommissioning market followed by North America. The European market is also expected to be the fastest-growing market during the forecast period. Factors driving the region’s market are mature oil and gas fields, particularly in the UK and the North Sea. Further, the imminent cessation of production in major oil and gas fields offers lucrative growth opportunities in the European market. North America and Asia-Pacific are also expected to offer considerable growth opportunities during the forecast period.
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Some of the major players in the offshore decommissioning market are-
Offshore Decommissioning is a process that involves clogging of the hole in the earth’s surface and disposal of the equipment used in offshore oil production. The process appertains ten steps, which are 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.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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Offshore Decommissioning Market Research Report - Features |
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Market Segmentation |
5 |
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Regions Covered |
4 |
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Countries/Sub-Regions Covered |
15 |
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No. of Figures & Tables |
>150 |
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Company Profiles |
10 |
The offshore decommissioning market is segmented into the following categories.
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
Market Segmentation
Competitive Benchmarking
Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at [email protected].
The offshore decommissioning market is expected o witness an impressive growth of 4.8% CAGR in the foreseeable future.
Aker Solutions, Ramboll Group, AF Gruppen ASA, Technifmc Plc, John Wood Group Plc, and Tetra Technologies Inc., among several others are among the key players in the offshore decommissioning market.
Europe is expected to be the fastest growing offshore decommissioning market during the next five years.
The well plugging & abandonment segment is expected to lead the offshore decommissioning market in the coming years.
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