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Global Offshore Decommissioning Market | Industry Size, Opportunities, Prominent Players Analysis Future Scope 2018-2023

Global Offshore Decommissioning Market Information Report by Type (Topside, Substructure, sub Infrastructure), by Service Type (Well Plugging and Abandonment, Conductor Removal, Platform Removal and Others), by Application (Shallow Water and Deepwater) and By Regions - Global Forecast to 2023
Published 02 February 2018
Offshore Decommissioning Market   - Overview
Offshore Decommissioning towards end of life production is essential for protecting and damage controlling of the marine ecosystem. By controlling deterioration of metal equipments and eradicating chances of harmful substances getting released in the atmosphere; this process not only saves the environment but also saves billions of dollars of tax paid by the operating companies. Moreover timely Offshore Decommissioning also ensures substantial time and cost savings to the asset owners who can pursue side track drilling and tieback opportunities to maximize the value of their assets. They can actively market their infrastructure for third-party processing or seek to divest. That defines why government worldwide emphases upon these reverse installation processes and approve the refund of taxes paid on extracting oil and gas by these taxpayer companies through an agreement known as decommissioning relief deeds.    
With low oil prices increasingly prompting producers to shut down non profiting wells; increasing pressure to properly decommission subsea production systems and P&A activities is becoming a major issue.  This coupled with a number of platforms worldwide due to be dismantled presages towards the potential heights the market is expected to climb globally. The UK continental shelf alone is expected to cost 70 billion USD by 2040. Worldwide, more than 600 projects due for the execution in the next five years with the growing number of aging O&G fields in the North Sea region and Gulf of Mexico region becoming a paramount global concern. Hence, the O&G industry is accentuating on removing these structures, which will further add on to the Offshore Decommissioning market growth, escorting the market further to an ascended level.

Acknowledging the kind of traction the market is garnering currently demonstrating the growth prospects worldwide, Market Research Future has recently published a study report, which indicates that the Global Offshore Decommission Market is estimated to ascend enormously by 2023 registering a CAGR of 6.93% during the forecast period (2017 – 2023).

Demonstrating phenomenal buoyancy, the Oil & Gas industry has resurged over the past couple of years. Globally, only a few deepwater structures are installed or removed annually; continuing with the same trends the market will perceive a promising fortune. Other factors defining the market landscape include dropping O&G prices and corresponding cuts in expenditure that are driving the demand to investigate alternate, cheaper approaches for decommissioning that also use the assets as economically as possible.

This indicates hundreds of new opportunities requiring novel expertise in the next six years. This also further defines the enormous expenditure sanctioned for decommissioning projects in countries with assets in the North Sea in the UK region during 2017-2023.  The UK being the country with the most offshore infrastructure is expected to account for approximately 60% of these funds. Similarly, the Gulf of Mexico is one of the most actively explored deepwater basins in the world and the most potent and promising market of decommissioning opportunities.
Worldwide O&G challenges are prompting to take innovative approaches towards reusing obsolete offshore oil platforms. These high costs may restrain growth of offshore decommissioning market.

Key Players
The Global Offshore Decommissioning Market is driven by some of the leading players operating in the market including Tetra Technologies, Inc., (US), Ramboll Group A/S (Denmark), Aker Solutions ASA (Norway), John Wood Group Plc. (Scotland), Claxton Engineering Services (UK.), Allseas group SA (Switzerland) and DeepOcean Group (Netherlands).

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Worldwide Offshore Decommissioning Market   - Regional Analysis
Europe accounted for the largest market share of 70% in 2016, followed by North America which is expected to grow at a CAGR of 6.83% during the forecast period. North America is expected to grow from a market size of USD 877.1 million in 2016 to USD 1,383.3 million by the end of 2023. Asia-Pacific accounted for a market share of 8.83% in 2016 and is expected to grow at a CAGR of 3.41% during the forecast period.
Offshore Decommissioning Market   - Competitive Analysis
The embryonic market of offshore decommissioning appears to be competitive yet consolidated.  Innovation, mergers & acquisitions, and brand reinforcement remain the key trends for the leading players.

Industry/ Innovation/ Related News:
January 17, 2018 – Port of Cromarty Firth is Scotland’s first port granted decommissioning permits under the latest environment legislation securing a permit under the Radioactive Substances Act, issued by the Scottish Environment Protection Agency (SEPA).

December 04, 2017 – Robert Gordon University (RGU UK) launched a new and first ever decommissioning simulator and associated software that could enhance safety and reduce costs. The simulator Operators and drilling contractors will be able to use the simulator to develop the technical and non-technical skills and capabilities of their rig crews for decommissioning wells, while improving team performance.

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Worldwide Offshore Decommissioning Market   - Segmentation
For an easy grasp and enhanced understanding; the market is segmented in to 4 Key dynamics.
By Type               : Comprises - Topside, Substructure, and Sub Infrastructure.
By Service Type  :  Well Plugging and Abandonment, Conductor Removal, Platform Removal and others.
By Application    :  Shallow Water and Deep-water.
By Regions          :  North America, Europe, APAC and Rest of the World.
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.
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