Offshore Decommissioning Market Expected to Reach USD 12.0 Billion by 2032, Growing at a CAGR of 7.5% during 2022-2032

COVINA, Calif., May 10, 2023 /PRNewswire/ -- Offshore Decommissioning includes removal of decks, subsea pipelines, subsea wells, sank rigs, and damaged offshore platforms. Rising demand for fuel in turn increases demand for offshore decommissioning activities which is expected to propel the target market growth.

Low crude oil prices and maturing oil and gas fields has become major contribution in market growth. Rising adoption of technologies for increasing production from mature fields is expected to provide lucrative opportunities in Offshore Decommissioning market growth in coming years.

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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, Table of Contents, Graphical introduction of regional analysis, Top players in the market with their revenue analysis and our research methodology.)

Our Sample Report Includes:

• 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
• 115+ Pages Research Report (Inclusion of Updated Research).
• Provide Chapter-wise guidance on Request.
• 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends.
• Includes Updated List of table & figures.
• Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.

Some of the Top Market Players are:

• Amec Foster Wheeler Energy Limited
• Aker Solutions
• James Fisher Offshore Ltd
• AF Gruppen ASA
• First Subsea Ltd.
• TETRA Technologies, Inc.
• John Wood Group PLC
• Able UK Ltd.
• DNV GL AS
• Heerema Marine Contractors Nederland SE
• Allseas Group S.A.
• DeepOcean Group Holding AS
• TechnipFMC plc.

Analyst View:

Strategic partnerships and agreements has become a major factor in target market growth. Presence of large number of mature offshore oil-fields has become a key factor in target market growth. Government initiative in abandonment and well plug activities is expected to fuel the demand for Offshore Decommissioning Market growth in coming years.

Key Factors Driving Market Growth:

There are several key factors driving the growth of the offshore decommissioning market, including:

• Aging Infrastructure: As offshore oil and gas infrastructure ages, the need for decommissioning activities increases, creating opportunities for growth in the market.
• Regulatory Requirements: Governments around the world are imposing increasingly stringent regulations on offshore decommissioning, which is driving demand for specialized services and technologies.
• Environmental Concerns: With growing awareness of the environmental impact of oil and gas operations, there is increasing pressure on companies to safely and responsibly decommission offshore infrastructure.
• Technological Advancements: Advances in technology are enabling more efficient and cost-effective decommissioning processes, which is driving demand for these services.
• Cost Reduction: The high costs associated with decommissioning activities are driving innovation in the market, as companies seek to find ways to reduce costs while maintaining safety and environmental standards.

Overall, these factors are contributing to the growth of the offshore decommissioning market, and are expected to continue driving demand for these services in the future.

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Recent Trends Influencing the Market:

There are several recent trends that are influencing the offshore decommissioning market, including:

• Increasing Demand: There is a growing demand for decommissioning services as more oil and gas infrastructure reaches the end of its useful life. This is driving growth in the market, as companies seek out specialized services and technologies.
• Technological Advancements: Advances in technology, such as robotics and automation, are enabling more efficient and cost-effective decommissioning processes. This is helping to drive growth in the market by reducing costs and improving safety.
• Environmental Concerns: There is growing awareness of the environmental impact of decommissioning activities, and companies are under increasing pressure to minimize this impact. This is driving the development of new technologies and processes that are more environmentally friendly.
• Collaborative Approaches: There is an increasing trend towards collaboration between companies and service providers, as well as between different companies in the same industry. This is helping to drive innovation and improve efficiency in the market.
• Regulatory Changes: Governments around the world are imposing increasingly stringent regulations on offshore decommissioning activities. This is driving demand for specialized services and technologies that can help companies comply with these regulations.

Overall, these recent trends are influencing the offshore decommissioning market by driving demand for specialized services and technologies, promoting innovation and collaboration, and increasing the focus on safety and environmental concerns.

Pet Food Market Value and Forecast:

Geographic Overview:

The offshore decommissioning market is a global market, with activity taking place in a variety of geographic regions. Some of the key regions for offshore decommissioning activity include:

• North America: The North American market for offshore decommissioning is driven by the large number of aging oil and gas installations in the Gulf of Mexico. In addition, the United States has some of the most stringent regulations in the world for offshore decommissioning, which is driving demand for specialized services and technologies.
• Europe: The European market for offshore decommissioning is driven by the large number of aging oil and gas installations in the North Sea. In addition, there is a strong focus on environmental concerns in Europe, which is driving demand for environmentally friendly decommissioning processes.
• Asia Pacific: The Asia Pacific market for offshore decommissioning is driven by the large number of oil and gas installations in the region, particularly in Australia and Southeast Asia. In addition, there is a growing focus on safety and environmental concerns in the region, which is driving demand for specialized services and technologies.
• Middle East & Africa: The Middle East & Africa market for offshore decommissioning is driven by the large number of oil and gas installations in the region, particularly in the Persian Gulf. In addition, there is a growing focus on decommissioning activities in the region, driven by the need to remove aging infrastructure and comply with regulatory requirements.

Overall, the offshore decommissioning market is a global market with activity taking place in a variety of geographic regions. Each region has its own unique characteristics and drivers, but all are experiencing growth in demand for decommissioning services and technologies.

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Key Highlights:

• In October 2022, CessCon Decom launched new decommissioning hub at Port of Aberdeen's located within Crathes Quay at South Harbour. New launched hub will establish Aaberdeen as a Centre of Excellence and will become a port of choice for offshore decommissioning sector.
• In November 2016, Lloyd's Register launched new decommissioning service to help equity holders, operators, investors and regulators to navigate technical and regulatory complexities of late-life operators and to improve project efficiency.

Prophecy Market Insights has segmented the Offshore Decommissioning Market, By Service, By Depth and By Region:

• By Service
    Well Plugging and Abandonment
    Project Management
    Engineering and Planning
    Permitting and Regulatory Compliance
    Platform Preparation
    Conductor Removal
    Mobilization and Demobilization of Derrick Barges
    Others
• By Depth
    Shallow Water
    Deepwater
• By Region Outlook
    North America (U.S., Canada)
    Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
    Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
    Latin America (Brazil, Mexico, Argentina)
    Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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