Global Offshore Decommissioning Market is Estimated to Witness High Growth Owing to Increasing Environmental Concerns and Opportunity in the Renewable Energy Sector
Offshore Decommissioning Market |
The global Offshore
Decommissioning Market is estimated to be valued at US$6.3 billion in 2021 and
is expected to exhibit a CAGR of 5.9% over the forecast period 2022-2030, as
highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
The Offshore
Decommissioning Market involves the safe and efficient removal of offshore oil
and gas infrastructure at the end of its operational life. This includes the
removal of platforms, wells, pipelines, and other equipment. With increasing
environmental concerns and the need to transition to renewable energy sources,
the decommissioning market has gained significant traction. The market offers a
range of solutions and services, including engineering and project management,
well plugging and abandonment, platform removal, and subsea structure removal.
B) Market Dynamics:
The Offshore
Decommissioning Market is primarily driven by two key factors. First,
increasing environmental concerns and regulatory requirements have necessitated
the safe removal of offshore infrastructure to minimize the impact on marine
ecosystems. Second, the opportunity in the renewable energy sector has led to
the decommissioning of existing oil and gas infrastructure to make way for
renewable energy projects. For example, decommissioned platforms can be
repurposed as infrastructure for offshore wind farms.
C) Segment Analysis:
The subsea structure removal
segment dominates the Offshore
Decommissioning Market due to the large number of aging subsea
structures that need to be removed. The removal of subsea structures requires
advanced engineering and specialized equipment, driving the demand for professional
services in this segment.
1. Political: Governments around the
world have implemented regulations and guidelines for decommissioning offshore
infrastructure to protect the environment.
2. Economic: The cost of decommissioning
can be substantial, leading to the need for cost-effective and efficient
solutions.
3. Social: Stakeholders, including
environmental groups and local communities, expect decommissioning activities
to be conducted in an environmentally responsible manner.
4. Technological: Advancements in
technology, such as advanced robotics and remote sensing, have improved the
efficiency and safety of decommissioning operations.
1. The global Offshore Decommissioning
Market is expected to witness high growth, exhibiting a CAGR of 5.9% over the
forecast period, due to increasing environmental concerns and the opportunity
in the renewable energy sector.
2. The Asia-Pacific region is expected
to be the fastest-growing and dominating region in the Offshore Decommissioning
Market, driven by the aging infrastructure in the North Sea and increasing
investment in offshore wind farms.
3. Key players operating in the global Offshore
Decommissioning Market include Acteon Group, Aker Solutions, Allseas Group,
Baker Hughes Company, DeepOcean Group, Halliburton, Heerema Marine Contractors,
Oceaneering International, Petrofac, Ramboll Group, Royal Boskalis Westminster
N.V., Schlumberger, Subsea 7, TechnipFMC, and Weatherford.
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