Offshore Decommissioning Market Technologies by Forecast to 2023

Offshore Decommissioning market Research Report- Forecast to 2023

Offshore Decommissioning Market Technologies by Forecast to 2023

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Copyright Š 2018 Market Research Future.

Offshore Decommissioning market Research Report- Forecast to 2023

1 Summary Offshore decommissioning involves the safe plugging of the oil or gas well and disposal of the equipment used in offshore oil and gas production. Offshore decommissioning encompasses activities ranging from removal of installations, project management, engineering and planning, regulatory compliance, preparation of a platform for decommissioning, well plugging and abandonment, demobilization of derrick barges, platform removal, materials disposal, and site clearance. The global offshore decommissioning market is anticipated to grow at a CAGR of 6.93 % during the forecast period of 2018 to 2023.

Key Players: The major players operating in this market, who have adopted these strategies are Tetra Technologies, Inc., (U.S.), BP P.L.C. (U.K.), Statoil ASA (Norway), DNV GL (Norway), TechnipFMC PLC (U.K.), AF Gruppen ASA (Norway), Ramboll Group A/S (Denmark), Aker Solutions ASA (Norway), Amec Foster Wheeler (U.K.), John Wood Group Plc. (Scotland), Claxton Engineering Services (U.K.), Allseas group SA (Switzerland) and DeepOcean Group (Netherlands).

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Copyright Š 2018 Market Research Future.

Offshore Decommissioning market Research Report- Forecast to 2023

2

Market Overview

Offshore decommissioning of aging oil and gas platforms, subsea wells, and related infrastructure is essential to safely remove the equipment used for oil or gas exploration and production, and dispose them at the end of their production. The process of decommissioning of offshore oil and gas platforms, is critical in terms of environmental protection concerns, as it has probable effects on the marine ecosystem, along with disposal of hazardous substances. Offshore decommissioning encompasses different activities for removal of installations, namely, 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.

Segments

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Copyright Š 2018 Market Research Future.

Offshore Decommissioning market Research Report- Forecast to 2023

3 Market Research Analysis Currently, the Offshore Decommissioning market is in the growth stage. This is due to the increase in aging oil & gas platforms around the world. Most of these structure are more than 30years old and this infrastructure needs proper removal and recycling for further usage, these factors will boost the global offshore decommissioning market. Europe accounted for the largest market share of 70% in 2018, 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 2018 to USD 1,383.3 million by the end of 2023. Asia-Pacific accounted for a market share of 8.83% in 2018 and is expected to grow at a CAGR of 3.41% during the forecast period.

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Copyright Š 2018 Market Research Future.

Offshore Decommissioning market Research Report- Forecast to 2023

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Copyright Š 2018 Market Research Future.