Offshore Decommissioning Global Market Top Performing Key Players:-
The prominent companies operating in the global market are Tetra Technologies, Inc., (U.S.), BP P.L.C. (U.K.), Statoil ASA (Norway), DNV GL (Norway), TechnipFMC PLC (U.K.), AF Gruppen ASA (Norway), Ramboll Group A/S (Denmark), Aker Solutions ASA (Norway), Amec Foster Wheeler (U.K.), John Wood Group Plc. (Scotland), Claxton Engineering Services (U.K.), Allseas group SA (Switzerland) and DeepOcean Group (Netherlands).
Offshore Decommissioning Industry Trends:-
In 2018, India became home to the International Solar Alliance, a group of 121 countries promoting the use of solar energy. The country is also building a number of large solar power parks similar to those in China, but larger in size. Also, to be noted is that half of the world’s ten largest solar parks are under construction in India. Thus, the trend of rising investments in renewable energy including solar energy will manage to change the Offshore Decommissioning Market dynamics throughout the review period.
Offshore Decommissioning Market Segmentation By Application:-
By application, the market is segmented on the basis of shallow water and deep water. The application of offshore decommissioning in shallow water projects is presumed to expand at a stellar growth rate, both in terms of market value and growth. The market growth is assisted by the presence of shallow water basins on the United Kingdom (U.K) Continental Shelf and the Norwegian North Sea. Shallow water operations are relatively less expensive compared to deep-water operations, and a major part of the old and aging offshore installations are in shallow waters. Hence, the market for offshore decommissioning is estimated to be the largest in shallow water projects in coming years.
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Drivers and Restraints:-
The market size is growing on account of increasing oil and gas platform around the world. The oil and gas industry aims to remove the offshore decommissioning structures to reduce environmental penalties. This move also reduces the operating cost of aging wells. The decline in crude oil prices has left a favorable impact on market size as well.
The market growth rate is expected to remain unchanged in the face of high risks and high costs involved in offshore decommissioning. This unfaltering growth of the market can be attributed to low oil prices that make it hard to maintain low production mature reserves. These factors result in companies accelerating decommissioning plans for such oil and gas fields.
Generation of Demand Due to Ageing of Wells, Coupled by Safety Concerns is expected to generate a Significant Growth
A number of oil & gas fields predominant in the North Sea region and Gulf of Mexico region are aging with more than 600 projects expected to be dismantled during the next five years. Thus, decommissioning is a rapidly developing sector in the petroleum business. The high risk and hazard associated with old platforms and rigs have created an intense need to remove these structures. The valuables scavenged such as high-quality steel, cables, machinery, drill bits and others can recoup and offset costs associated with decommissioning.
Technological advancement has resulted in technological obsolescence and shortening lifecycle of machinery. The growing capabilities and capacities of advanced machinery coupled with falling cost of new machinery have created a significant refurbishing business for decommissioning solution providers.
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Offshore Decommissioning Market Regional Analysis:
Europe accounts for the most significant share of 70 % regarding global offshore decommissioning market value in 2016, based on the size and volume of the structures, especially in the North Sea. Europe is followed by the North America region led by Mexico owing to the aging platforms most of which are more than 30 years old. The Gulf of Mexico accounts for the most substantial number of facilities requiring decommission with a lower cost structure between USD 0.5 million to 4 million for shallow water structures. The Gulf of Mexico has historically been the most significant region regarding the volume of platforms decommissioned, which is around 4,000. North America offshore decommissioning market was valued at USD 877.1 million in 2016 and which is expected to grow to USD 1,383.3 million by 2023, at a CAGR of 6.83 %.
Asia-Pacific accounted for a market share of 8.83% in 2016 and is expected to grow at a CAGR of 3.41% during the forecast period. The Middle East and Africa region is supposed to be dominated by Gulf economies of Saudi Arabia, UAE, Kuwait, and Qatar. The presence of large onshore oil and gas deposits in the Middle East and Africa hampers offshore oil exploration and thus accounts for the disproportionately small size of the market as compared to its petroleum production.
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