Offshore Decommissioning Market size, Trends, Competitive Landscape and Key Regions-Global Forecast to 2025
Offshore decommissioning market to reach $8.76 billion by 2025, growing at a CAGR of 5.05%, from 2017 to 2025. Well plugging and abandonment: The largest service segment and The European market is expected to grow at the highest CAGR, from 2017 to 2025
Pune, India – May 26, 2017 /MarketersMedia/ —
“The offshore decommissioning market is projected to grow at a CAGR of 5.05%,from 2017 to 2025.”
The offshore decommissioning market is projected to reach USD 8.76 billion by 2025, growing at a CAGR of 5.05%, from 2017 to 2025. Offshore decommissioning is plugging the oil and gas wells which are matured and are non-productive. Maturing oil and gas fields and aging infrastructure in the North Sea and Gulf of Mexico are driving the offshore decommissioning market. Low crude oil prices are other major driver for this market.
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The report’s target audience includes:
• Offshore decommissioning service providers
• National oil companies
• International oil & gas companies
• Offshore platform operators
• Associations and industry bodies
• Regulatory and environmental bodies
• Consulting companies dealing with the offshore decommissioning industry
• Offshore logistics and ship authorities
“The European market is expected to grow at the highest CAGR, from 2017 to 2025.”
Europe is the largest market, by value, for offshore decommissioning, followed by North America. The European market is also projected to be the fastest growing market, during the forecast period, owing to mature oil and gas fields, particularly in the U.K. and the North Sea. The impending cessation of production in major oil and gas fields would ensure that the European market would grow at the highest pace. Europe is estimated to witness the highest offshore decommissioning spending, with its well-developed regulatory framework compared to other regions.
“Well plugging and abandonment: The largest service segment of the offshore decommissioning market”
Well plugging and abandonment constitutes the largest segment of the offshore decommissioning market, by service, in terms of value. Well plugging and abandonment contributes up to 45% of total decommissioning cost of any project. During this activity, detailed well data is collected and prepared for plugging using rig or rig less methods. Demand from the European market is projected to drive the market for well plugging and abandonment.
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Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects.
The distribution of primary interviews is as follows:
• By Company Type: Tier 1- 56%, Tier 2- 28%, Tier 3- 16%
• By Designation: C-Level- 25%, D-Level- 35%, Others- 40%
• By Region: North America- 30%,Europe- 25%Asia-Pacific- 20%, Middle East & Africa- 15%,South America- 10%
Note: The tier of the companies has been defined on the basis of their total revenue as of 2015: Tier 1 = >USD 10 billion, Tier 2 = USD 1 billion to USD 10 billion, and Tier 3 = < USD 1 billion.
The high cost of decommissioning work and lack of technology infrastructure and regulatory monitoring are restraints for the offshore decommissioning market. Operating companies are using different decommissioning methods and innovative technologies to lower the decommissioning cost. The availability of oil and gas field life enhancing techniques helps operating companies to postpone their decommissioning work.
The leading players in the industry, based on their recent developments and other strategic industrial activities, are Amec Foster Wheeler Plc (U.K.), Aker Solutions ASA (Norway), Ramboll Grooup (Denmark), AF Gruppen ASA (Norway), Technifmc Plc (France), John Wood Group Plc (U.K.), and Tetra Technologies Inc., (U.S.), among others.
In terms of growth strategies, market players have been focussing on winning large numbers of contracts & agreements to increase their market size and strengthen their market foothold in the regional market. Many companies which has expertise in nuclear decommissioning projects are also attracted to oil and gas decommissioning seeing the huge market opportunity in North Sea region. There is a mix of both organic and inorganic growth strategies that companies are using to stay relevant in the market. In Europe consolidation is happening through mergers & acquisitions to maintain their financial health and enhance their service offerings.
Report Coverage
The report provides a picture of the offshore decommissioning market across its different segments and regions. It aims at estimating the market size and future growth potential of this market in value. Furthermore, the report also includes in-depth competitive analyses of the key players in the market along with their company profiles, SWOT analysis, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help market leaders and new entrants in the market by providing them the closest approximations of the revenue numbers for the overall offshore decommissioning market and its sub segments. This report will help stakeholders better understand the competitive landscape and gain insights to better position their businesses and make suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
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