February 22nd,2023/Industry News Global/ -- The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Offshore Decommissioning Market.

Offshore Decommissioning Market report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

Market Insights

Offshore Decommissioning Market is likely to witness an impressive CAGR of 4.8% during the forecast period. The major factor contributing to the growth of the market is the growing focus on aging offshore platforms and mature oil and gas fields, particularly in shallow water operations.
 
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Segment Analysis

By Service Type

Based on the service type, the market is segmented as 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.
The well plugging & abandonment segment is estimated to lead the market during the forecast period, driven by demand from the European market. Well plugging & abandonment holds up to 45% share of the total decommissioning cost of a project.

By Depth Type

Based on the depth type, the market is segmented as shallow water and deepwater. The shallow water segment is estimated to capture the larger share of the market and is projected to maintain its edge over deepwater segment, owing to its lower operational costs. Regardless, in the future, the deepwater segment would compete with the shallow water segment as many platform installations are now, at deepwater and ultra-deepwater depths.

By Structure Type

Based on the structure type, the market is segmented as topsides, substructure, and subsea infrastructure. The topsides segment captured the largest share of the market in 2019, and is estimated to maintain its dominance during the forecast period. The growth of the segment is attributed to offshore platforms and decommissioning of topsides and related equipment that need specialized heavy lift vessels and removal equipment.

By Removal Type

Based on the removal type, the market is segmented as partial, leave in place, and complete removal types. The complete removal segment is estimated to lead the market during the forecast period. The growth of the segment is due to the enactment of brassbound regulations for complete offshore platform removal to restore marine life and seafloor to its pre-production conditions.

By Region

In terms of regions, Europe accounts for the largest share of the offshore decommissioning market followed by North America. The European market is also expected to be the fastest-growing market during the forecast period. Factors driving the region’s market are mature oil and gas fields, particularly in the UK and the North Sea. Further, the imminent cessation of production in major oil and gas fields offers lucrative growth opportunities in the European market. North America and Asia-Pacific are also expected to offer considerable growth opportunities during the forecast period.

Features of the Report

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Offshore Decommissioning Market analysis report discusses the following heads in great detail:
• Market structure: Overview, industry life cycle analysis, supply chain analysis
• COVID-19 Impact Assessment
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors
 
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