Offshore Decommissioning Market – Overview
The Offshore Decommissioning Market is gaining significant growth due to the rise in the number of idle structures and wells. Market reports related with the energy and power industry have been presented by Market Research Future which makes reports on other industry verticals that aims to analyze the current market scenarios better. The market is headed for a 6.93% CAGR growth in the forecast period.
The need to reduce the damage to rigs due to natural disasters such as hurricanes thereby cause an environmental disaster is a key factor motivating the Offshore Decommissioning Market. Moreover, as the damaged wells and platforms cost more to decommission than non-damaged wells, the Offshore Decommissioning Market is growing steadily. Additionally, the market is expected to gain significant opportunities for growth due to environmental protection concerns globally.
LOGIC which is an Oil & Gas UK subsidiary has recently published a new standard contract to help companies with offshore decommissioning in the UK North Sea. Standardization of legal contracts, headed by LOGIC in affiliation with industry, is expected to advance the efficiency of executing, drafting, and negotiating commercial agreements.
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The segmentation of the Offshore Decommissioning Market is carried out on the basis of Type, Service Type, Applications, and Region.
On the Basis of Type
- Sub infrastructure
On the basis of Service Type
- Conductor removal
- Well plugging
- Platform removal
Based on Application
- Shallow water
Based on Regional Analysis
- North America
- Asia Pacific
- Rest of the world
Increased conformity of market players to new customers and market trend inclinations are boosting the growth curve of the market and will persist in the forecast period. Substantial cuts in administrative costs are inducing further expansion of the market. The effective implementation of strategies is likely to stimulate the market in the coming years. The expansion of a strong value chain is additionally motivating the development of the market. The growth of the market is moving in a promising direction due to new product introductions or intensifying gross revenue of the players in the market. The vertical supplements and product tactics of the market are advancing the potential of the market players. The tactical goals intended for the market are buoyed due to advantageous product differentiation carried out by market contestants.
The chief players functioning in the Offshore Decommissioning Market globally are
- BP P.L.C.
- Ramboll Group A/S
- Statoil ASA
- DNV GL
- Tetra Technologies, Inc.
- Aker Solutions ASA
- TechnipFMC PLC
- AF Gruppen ASA
- Amec Foster Wheeler
- John Wood Group Plc
- Allseas group SA
- Claxton Engineering Services
- DeepOcean Group
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