Seattle, WA -- (SBWire) -- 10/03/2019 --Offshore decommissioning refers to safe plugging of the matured and nonproductive wells in the earth's surface together with the disposal of the equipment utilized for offshore oil production. This is a legal condition imposed under the Petroleum Act 1998 of the parliament of the U.K. Decommissioning is a rapidly growing sector in the field of petroleum business, with potential opportunities and few risks. Infrastructure aging and maturing oilfields especially in North Sea and Gulf of Mexico are some major drivers for decommissioning business. Moreover, decline in crude oil prices are expected to drive growth of the global offshore decommissioning market during the forecast period. However, risk involved and high cost for decommissioning are expected to restrain the global offshore decommissioning market growth.
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Based on decommissioning services, the market is segregated into removal, disposal, remediation, and environmental studies; modelling and sampling; waste mapping and handling; impact assessment program and decommissioning plan; hazard identification study (HAZID) and safety screening, removal of equipment with NORM (Naturally Occurring Radioactive Material); stress analysis, lifting and rigging procedures; and transportation and sea fastening.
Furthermore, on the basis of process the offshore decommissioning market is segmented into project management, planning and engineering, permitting compliance regulatory compliance, platform preparation, well plugging and abandonment, conductor removal, mobilization & demobilization of derrick barges, mobilization & demobilization of derrick barges, platform removal, pipeline and cable decommissioning, and material disposal site clearance.
Among regions, in 2018, Asia Pacific accounted for the significant market share in the global offshore decommissioning market. Major operators expected in the region include Petramina, CNOOC, Petronas, Royal Dutch Shell, and Chevron. The primary focus of decommissioning is expected to be on shallow water depth installations. Thailand, Malaysia, and Indonesia are host to mature shallow water installations and will be key drivers for offshore decommissioning market growth in the region. However, issues regarding supply chain and lack of technological expertise is expected to hamper the offshore decommissioning market growth in the region.
The global offshore decommissioning market was valued at US$ 5.96 billion in 2018, and is expected to register a CAGR of 5.4% in terms of revenue over the forecast period (2019–2027), to reach US$ 9.50 billion by 2027.
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In 2018, Europe held the largest market share in the global offshore decommissioning market. The regional market is driven by high presence of maturing oil and gas fields. Moreover, strict government policies in the European nations have permitted the market players to conduct safe and efficient decommissioning activities, which has driven the offshore decommissioning market growth in the region. Furthermore, numerous market players have launched new products and entered into new contracts, in order to gain competitive edge in the regional market. For instance, the Oil Spill Prevention, Administration, and Response (OSPAR) Commission is a convention that aims to shelter the marine environment of the North-East Atlantic. The U.K., Norway, Denmark, and The Netherlands are committed to OSPAR Decision 98/3, which requires all offshore structures to be removed during decommissioning, being the contracting parties to OSPAR
In 2018, North America accounted for the second largest share in the global offshore decommissioning market with the U.S. being the major contributor. This is owing to increasing decommissioning activities in the Gulf of Mexico. Rising number of decommissioning of the oil and gas fields in the Gulf of Mexico and the strict government policies on safe decommissioning are major factors driving growth of offshore decommissioning market in this region. For instance, general requirements for decommissioning are stated through the U.S. Code of Federal Regulations and are enforced by the U.S. Department of Interior through the Bureau of Safety and Environment Enforcement (BSEE).
In 2018, based on water depth, shallow water segment accounted for the largest revenue share of around 66.0% in the global offshore decommissioning market. This is owing to aging structures in the shallow North Sea and the U.K. continental shelf, which is likely to boost the demand for decommissioning in the near future. Structures in the North Sea are typically heavier and were not designed by keeping into account the decommissioning cost. Thus, decommissioning these heavier structures requires precise planning and significant equipment, which increases the expenses substantially.
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Major players operating in the global offshore decommissioning market include, Acteon Group Limited, Topicus Finan BV, AF Gruppen ASA, Tetra Technologies Inc., Allseas Group S.A., DeepOcean Group Holding B.V., John Wood Group Plc, and Exxon Mobil Corporation.
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Offshore Decommissioning Market Analysis by Current Industry Status & Growth Opportunities, Top Key Players