(MENAFN – Comserve) New York, United States, Nov 13, 2020, 10:25 /Comserve / — Global offshore decommissioning market reached USD 890.6 Million in 2017 and is expected to reach USD 1,483.3 Million by the end of 2027, expanding at a CAGR 6.98% over the forecast period i.e. 2018-2027.
The global offshore decommissioning market is segmented by their structure into Top side, Sub structure and Sub infrastructure; service type into Plugging of Well, Removal of Conductors and Removal of Platforms; application into Deep Water and Shallow Water and by region. The increase in the market of decommissioning is growing as if we look for the previous years the increase in the demand of oil and gas energy by the various countries which cannot fulfil their own need of oil and gas for their nation directly rely on the countries which are producing oil and gas and which increase the exploration of oil and gas energy and will increase the demand for servicing the well and safely handling the wellbore and wellhead.
Global offshore decommissioning market reached USD 890.6 Million in 2017 and is expected to reach USD 1,483.3 Million by the end of 2027, expanding at a CAGR 6.98% over the forecast period i.e. 2018-2027. Moreover, the growth of offshore decommissioning market is attributed to the increasing oil and gas market in the world and continuous launch of innovative techniques for further processing of deep water.
In terms of regional platform, Europe is slated to account for a leading share of 70% in terms of market share by 2027in the offshore decommissioning market. The growth in the region is anticipated to be fostered by the high oil and gas needing population in China, India and Japan within the Asia Pacific region. Besides, rising disposable income aiding the rising comfort of the each individual which decreased the use of public transport increased the particular demand for oil and gas energy & demand for decommissioning market in the Asia Pacific region. Likely, China, Japan and South Korea are the prominent market in the region.
Rapid Urbanization
The increasing urban population has caused an increase in the number of motor vehicles. This has resulted in an increasing demand for petroleum products to address the rising fuel requirements. This is expected to positively impact the offshore decommissioning market to give service and di-locating service of the offshore platform.
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Expansion of Offshore Decommissioning Industry
Offshore decommissioning market is expanding with the growth of oil and gas industry, as the new technologies and innovation for ultra-deep water forced the major oil and gas producing companies to increase the production rate to meet the global energy requirement, which directly correlates the growth and expansion of decommissioning market.
The report titled ‘Global Offshore Decommissioning: Global Demand Analysis & Opportunity Outlook 2027″ delivers detailed overview of the global offshore decommissioning market in terms of market segmentation by Structure, by service type, by application and by regions.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the gl0bal offshore decommissioning market which includes company profiling of Af Gruppen, John Wood Group, Ramboll group, Aker solutions, Amec Foster Wheeler, Oceaneering International, Heerema Marine Internationals, Halliburton, schlumberger and Alfa Laval. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of global offshore decommissioning market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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