PUNE, India, May 3, 2017 /PRNewswire/ --
The report "Offshore Decommissioning Market, by Service (Well Plugging & Abandonment, Platform Removal, Others), Depth (Shallow & Deepwater), Structure (Topsides, Other Infrastructure), Removal (Leave in Place, Partial, Complete), and Region - Global Forecast to 2025", published by MarketsandMarkets™, the market is expected to grow from an estimated USD 5.91 Billion in 2017 to USD 8.76 Billion by 2025, at a CAGR of 5.05%.
Browse 63 market data Tables and 41 Figures spread through 150 Pages and in-depth TOC on "Offshore Decommissioning Market"
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Ageing offshore oil & gas infrastructure and maturing fields are driving the Offshore Decommissioning Market. Low oil prices of the past couple of years has made it even more difficult to maintain low production mature reserves, driving companies to accelerate decommissioning plans for such oil & gas fields.
Well plugging and abandonment: The largest segment of the Offshore Decommissioning Market, by service type
The Offshore Decommissioning Market has been segmented by service type, water depth, structure, removal type, and region. The market has been further segmented, by service type, into 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 (includes topside, jacket removal, subsea), pipeline and power cable decommissioning, materials disposal, and site clearance. The well plugging and abandonment service segment accounted for the largest share of the market in 2016, and is also projected to grow at the fastest pace during the forecast period. Well plugging and abandonment involves the safe and permanent closure of production or exploration wells and is one of the biggest and most critical activities in any decommissioning project. With increasing regulatory requirements for proper abandonment of unproductive reserves and increasing environmental concerns, the market for well plugging and abandonment is estimated to grow at the fastest pace among all decommissioning services.
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The shallow water subsegment is estimated to have the highest growth rate in the Offshore Decommissioning Market, by depth.
Based on depth, the market has been segmented into shallow water and deepwater segments. The application of offshore decommissioning in shallow water projects is estimated to lead the market, both in terms of market value and growth. The shallow water basins on the U.K. Continental Shelf and the Norwegian North Sea will play a major role in driving the Offshore Decommissioning Market. Shallow water operations are typically less expensive compared to deepwater operations and a majority of the old and ageing offshore installations are in shallow waters. Thus, the market for offshore decommissioning will be the largest in shallow water projects.
Europe: The largest market for offshore decommissioning
Europe was the largest market, by value, for offshore decommissioning in 2016, driven largely by activities in the U.K. and Norway. The U.K. offshore industry leads other regions in terms of well-developed and mandatory decommissioning guidelines. Authorities in the region are taking active steps to commit operators to decommission old infrastructure by providing expertise, policy support, and financial incentives. The U.S. Gulf of Mexico is the second largest market, closely behind Europe, with a large number of platforms being decommissioned each year.
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top service providers in the Offshore Decommissioning Market. These players include Amec Foster Wheeler ASA (France), Aker Solutions (Norway), AF Gruppen S.A. (U.S.), Tetra Technologies (U.S.), John Wood Group PLC (U.K.), Able UK (U.K.), DNV GL (Norway), Heerema Marine (The Netherlands), Allseas Group (Switzerland), DeepOcean Group (The Netherlands) and Technipfmc PLC (U.S.), among others.
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