The offshore decommissioning market is expected to reach USD 8.9 billion by 2027, at a CAGR of 4.8%

NEW YORK, Oct. 23, 2019 /PRNewswire/ --

The offshore decommissioning market is expected to reach USD 8.9 billion by 2027, at a CAGR of 4.8% from 2019 to 2027

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The offshore decommissioning market is projected to reach USD 8.9 billion by 2027 from an estimated USD 6.2 billion in 2019, at a CAGR of 4.8% during the forecast period. The factors driving the market include maturing oil & gas fields, low crude oil prices, and aging offshore infrastructure. Offshore decommissioning refers to ending oil & gas operations on offshore platforms and restoring marine life and seafloor to its pre-production conditions.

Well plugging & abandonment segment dominates the global market
The well plugging & abandonment segment is expected to be the largest market, by service during the forecast period. This growth is evident owing to key activity to be performed regardless of decommissioning type; it ensures that oil wells do not have any type of leakage after the cessation of production.

Topsides structure dominate the global offshore decommissioning market "
The topsides segment of offshore decommissioning is estimated to be the largest market during the forecast period. This growth is attributed to its weight decommissioning of topsides, and related equipment requires specialized heavy-lift vessels and removal equipment.

Europe to lead the global offshore decommissioning market in terms of growth rate.

Europe is the largest market, by value, for offshore decommissioning, followed by North America.The European market is also projected to be the fastest-growing market, during the forecast period, owing to mature oil and gas fields, particularly in the UK and the North Sea.

The impending cessation of production in major oil and gas fields would ensure that the European market would grow at the highest pace. Europe is estimated to witness the highest offshore decommissioning spending, with its well-developed regulatory framework compared to other regions.

Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
• By Company Type: Tier I–60%, Tier II–20%, and Tier III–20%
• By Designation: C-Level–55%, Director Level–30%, and Others–15%

By Region: North America- 30%, Europe- 30%, Asia-Pacific 20%, Middle East & Africa- 10%, South America- 10%
Note: Others includes sales managers, marketing managers, product managers, and product engineers.
The tier of the companies is defined on the basis of their total revenue as of 2017; Tier 1: USD 1 billion, Tier 2: from USD 1 billion to USD 500 million, and Tier 3:

The global offshore decommissioning market is dominated by leading players that have an extensive regional presence. The leading players in the offshore decommissioning industry are Aker Solutions ASA (Norway), Ramboll Group (Denmark), AF Gruppen ASA (Norway), Technipfmc Plc (France), John Wood Group Plc (UK), and Tetra Technologies Inc., (US).

Research Coverage:
The report defines, describes, and forecasts the offshore decommissioning market, by service, structure, depth, removal, and region.It also offers a detailed qualitative and quantitative analysis of the market.

The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges.It also covers various important aspects of the market.

These include the analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the offshore decommissioning market.

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