Dublin, Oct. 23, 2019 (GLOBE NEWSWIRE) -- The "Offshore Decommissioning Market by Service (Well Plugging & Abandonment, Platform Removal, Others), Depth (Shallow, Deepwater), Structure (Topsides, Substructure), Removal (Leave in Place, Partial, Complete), and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The offshore decommissioning market is estimated to be valued at USD 6.2 billion in 2019 and is projected to reach USD 8.9 billion by 2027, at a CAGR of 4.8% during the forecast period.
- This report defines, describes, and forecasts the offshore decommissioning market, by service, structure, depth, removal, and region.
- It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges.
- It also covers various important aspects of the market. These include the analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the offshore decommissioning market.
The global offshore decommissioning market is dominated by leading players that have an extensive regional presence. The leading players in the offshore decommissioning industry are Aker Solutions ASA (Norway), Ramboll Group (Denmark), AF Gruppen ASA (Norway), Technipfmc plc (France), John Wood Group plc (UK), and Tetra Technologies Inc. (US).
The offshore decommissioning market is expected to reach USD 8.9 billion by 2027, at a CAGR of 4.8% from 2019 to 2027
The factors driving the market include maturing oil & gas fields, low crude oil prices, and aging offshore infrastructure. Offshore decommissioning refers to ending oil & gas operations on offshore platforms and restoring marine life and seafloor to its pre-production conditions.
Well plugging & abandonment segment dominates the global market
The well plugging & abandonment segment is expected to be the largest market, by service during the forecast period. This growth is evident owing to key activity to be performed regardless of decommissioning type; it ensures that oil wells do not have any type of leakage after the cessation of production.
Topsides structure dominate the global offshore decommissioning market
The topsides segment of offshore decommissioning is estimated to be the largest market during the forecast period. This growth is attributed to its weight decommissioning of topsides, and related equipment requires specialized heavy-lift vessels and removal equipment.
Europe to lead the global offshore decommissioning market in terms of growth rate
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 UK 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.
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Offshore Decommissioning Market
4.2 Offshore Decommissioning Market, By Structure
4.3 Offshore Decommissioning Market, By Depth
4.4 Offshore Decommissioning Market, By Removal
4.5 Europe Offshore Decommissioning Market, By Service & Country
4.6 Offshore Decommissioning Market, By Region
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Number of Maturing Oilfields
5.2.1.2 Aging Offshore Infrastructure
5.2.1.3 Low Crude Oil Prices
5.2.2 Restraints
5.2.2.1 Lack of Technology Infrastructure and Regulatory Monitoring
5.2.2.2 High Cost of Decommissioning
5.2.3 Opportunities
5.2.3.1 Innovative Technology for Landscape Reversal
5.2.3.2 Increasing Investments in the Oil & Gas Industry
5.2.4 Challenges
5.2.4.1 Associated Environmental Concerns
5.2.4.2 Asset Life Extension Technology
6 Offshore Decommissioning Market, By Service
6.1 Introduction
6.2 Project Management, Engineering, and Planning
6.2.1 Project Management, Engineering, and Planning Phase of Decommissioning Can Start as Early as 2-3 Years Prior to the Cessation of Production (CoP)
6.3 Permitting & Regulatory Compliance
6.3.1 Middle East & Africa is Among the Fastest Markets in Following Regulatory Compliance
6.4 Platform Preparation
6.4.1 Platform Preparation Helps in Reducing the Offshore Decommissioning Cost and Time
6.5 Well Plugging & Abandonment
6.5.1 Well Plugging & Abandonment Helps to Ensure Long-Term Well Integrity and Accounts for the Largest Market Size
6.6 Conductor Removal
6.6.1 Increasing Emphasis on Safety is Expected to Drive the Conductor Removal Segment During the Forecast Period
6.7 Mobilization & Demobilization of Derrick Barges
6.7.1 Rising Need for Economical and Safe Transportation of Structure to Onshore Location is Expected to Drive the Segment During the Forecast Period
6.8 Platform Removal
6.8.1 The North Sea and the Gulf of Mexico are Home to the Maximum Number of Platforms Which are Ideal and Not Producing Any Type of Hydrocarbons and Eligible for Decommissioning
6.9 Pipeline & Power Cable Decommissioning
6.9.1 Aged Offshore Infrastructure is Estimated to Drive the Segment
6.10 Material Disposal
6.10.1 Rising Need for Safe Disposal and Recycling of Structure is Expected to Drive the Segment During the Forecast Period
6.11 Site Clearance
6.11.1 Availability of Regulatory Framework Guiding the Operating Companies to Conduct Their Site Clearance in an Environmentally Safe Manner
7 Offshore Decommissioning Market, By Structure
7.1 Introduction
7.2 Topsides
7.2.1 Economical and Easy Removal of Topside Structures Compared to Removal of Substructure and Removal of Subsea Infrastructure is Expected to Drive the Topside Structure Segment During the Forecast Period
7.3 Substructure
7.3.1 Strict Government Norms Have Expected to Drive the Substructure Segment During the Forecast Period
7.4 Subsea Infrastructure
7.4.1 Aging Subsea Equipment and Infrastructure is Expected to Drive the Segment
8 Offshore Decommissioning Market, By Depth
8.1 Introduction
8.2 Shallow Water
8.2.1 Shallow Water Projects are 25-30 Years Old and Hence Need to Be Decommissioned
8.3 Deepwater
8.3.1 The Us, the Gulf of Mexico, and the Southern North Sea Markets are Likely to Drive the Growth of the Deepwater Segment
9 Offshore Decommissioning Market, By Removal
9.1 Introduction
9.2 Complete Removal
9.2.1 Safety Concerns of Marine Life are Expected to Drive the Complete Removal Segment During the Forecast Period
9.3 Partial Removal
9.3.1 Partially Removed Platforms Provide Options to Productive Fish Habitats and Potentially Mitigate Reductions in Shell Mound Habitat
9.4 Leave in Place
9.4.1 Leave in Place Removal Requires No Site Clearance and Provides Migratory Animal Habitat Which is Estimated to Drive the Segment
10 Offshore Decommissioning Market, By Region
10.1 Introduction
10.2 Europe
10.2.1 By Service
10.2.2 By Structure
10.2.3 By Depth
10.2.4 By Removal
10.2.5 By Country
10.2.5.1 UK
10.2.5.1.1 Government Policies Such as Tax Refunds for Decommissioning of its Oil & Gas Assets are Fostering the Market in the UK
10.2.5.2 Norway
10.2.5.2.1 Increasing Number of Mature Oilfields is Expected to Lead to an Increase in the Offshore Decommissioning Market in Norway
10.2.5.3 The Netherlands
10.2.5.3.1 Most of the Old Structures and Platforms in the Shallow Water Area of the Country are Now Eligible for Decommissioning
10.2.5.4 Rest of Europe
10.3 North America
10.3.1 By Service
10.3.2 By Structure
10.3.3 By Depth
10.3.4 By Removal
10.3.5 By Country
10.3.5.1 US
10.3.5.1.1 Robust Regulatory Infrastructure for Aging Offshore Installations to Cut Losses from Economically Unviable Fields
10.3.5.2 Canada
10.3.5.2.1 Economical and Easy Removal of the Topside Structure Compared to Other Structures is Expected to Drive the Offshore Decommissioning Market in Canada During the Forecast Period
10.3.5.3 Mexico
10.3.5.3.1 Complete Removal of Aging Infrastructure Dominated the Offshore Decommissioning Market in Mexico
10.4 Asia Pacific
10.4.1 By Service
10.4.2 By Structure
10.4.3 By Depth
10.4.4 By Removal
10.4.5 By Country
10.4.5.1 China
10.4.5.1.1 The Shallow Water Segment is Expected to Dominate the Offshore Decommissioning Market in China
10.4.5.2 Indonesia
10.4.5.2.1 Declining Oil & Gas Production Over the Past 10 Years from Aging Oilfields is Expected to Drive the Market
10.4.5.3 Malaysia
10.4.5.3.1 Increasing Decommissioning Activities in Labuan Island are Expected to Drive the Market
10.4.5.4 Australia
10.4.5.4.1 Increasing Number of Mature Oilfields in the Country is Expected to Drive the Offshore Decommissioning Market During the Forecast Period
10.4.5.5 Rest of Asia Pacific
10.5 Middle East & Africa
10.5.1 By Service
10.5.2 By Structure
10.5.3 By Depth
10.5.4 By Removal
10.5.5 By Country
10.5.5.1 UAE
10.5.5.1.1 Increasing Number of Mature Oilfields in Shallow Water is Expected to Dominate the Offshore Decommissioning Market in the UAE
10.5.5.2 Angola
10.5.5.2.1 Complete Removal of Aging Infrastructure Dominated the Offshore Decommissioning Market in Angola
10.5.5.3 Saudi Arabia
10.5.5.3.1 Increasing Decommissioning Activities in the Safaniya Offshore Field
10.5.5.4 Rest of Middle East & Africa
10.6 South America
10.6.1 By Service
10.6.2 By Structure
10.6.3 By Depth
10.6.4 By Removal
10.6.5 By Country
10.6.5.1 Brazil
10.6.5.1.1 Aging Oilfields and Structures in the Guaricema and Caioba Shallow-Water Fields are Driving the Market in Brazil
10.6.5.2 Rest of South America
10.6.5.2.1 Investments in Panama and Chile Would Increase the Demand for Offshore Decommissioning During the Forecast Period
11 Competitive Landscape
11.1 Overview
11.2 Competitive Leadership Mapping (Overall Market)
11.2.1 Visionary Leaders
11.2.2 Innovators
11.2.3 Dynamic
11.2.4 Emerging
11.3 Market Share, 2018
11.4 Competitive Scenario
11.4.1 Contracts & Agreements
11.4.2 New Product Launches
11.4.3 Mergers & Acquisitions
11.4.4 Expansions & Investments
11.4.5 Partnerships & Collaborations
12 Company Profiles
12.1 Halliburton
12.2 Petrofac
12.3 Weatherford
12.4 Schlumberger
12.5 Subsea
12.6 TechnipFMC
12.7 John Wood Group
12.8 Ramboll
12.9 Oceaneering
12.10 BHGE
12.11 Royal Dutch Shell
12.12 Aker Solutions
12.13 Rever Offshore
12.14 DNV Gl
12.15 Saipem
12.16 Heerema Marine Contractors
12.17 Claxton Engineering Services
12.18 Deepocean Group
12.19 Allseas Group
12.20 Able UK
12.21 Enermech
12.22 Mactech
12.23 Annexure
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