Offshore Decommissioning Industry Key Participants, Trends, and SWOT Analysis
The global offshore
decommissioning market is anticipated to witness an exponential
growth in the forecast period. Offshore decommissioning of aging oil & gas
platforms and subsea wells is essential in order to save the environment.
Decommissioning‘s purpose is the safe elimination of the equipment that is used
for oil or gas production and exploration and to dispose them off at the end of
their production.
The factors that propel the growth of the
market include maturing oil and aging platforms and gas fields, increasing oil
and gas platforms around the world, low oil price, environmental concerns, and
increasingly stringent decommissioning regulations. On the other hand, there
are factors that may hamper the growth of the market including high cost
associated with offshore decommissioning projects, stringent environmental law
and regulations, and a decline in prices of oil.
The offshore decommissioning market is
anticipated to expand at a significant CAGR in the upcoming period as the
scope, product types, and its applications are increasing across the globe. The
market could be explored by service type, depth, structure, removal, and
geography.
Market could be explored by service type as
Platform Removal, Well Plugging & Abandonment, Others. The “Well Plugging
and Abandonment Service” segment led the offshore decommissioning market in
2016 and will continue to lead in the forecast period. The key factors that
could be attributed to the growth of the market include increasing regulatory
requirements for appropriate abandonment of unproductive reserves and growing
environmental concerns.
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Based on depth, market could span
Shallow and Deepwater. The “Shallow Water” segment led the market in 2016 and
will continue to lead in the forecast period. The key factors that may be
attributed to the growth of the market include less expensive than Deepwater.
The market could be explored based on structure as topsides, other
infrastructure. The market could be explored based on removal as Leave in
Place, Complete and Partial.
Europe accounted for the major share
of the market in 2017 and will continue to lead in the forecast period. The
factors that could be attributed to the growth include growing oilfields and
high expenditure in the North Sea and the UK. The ceasing of foremost oilfields
and outstanding governing framework is confirming high pace of offshore
decommissioning market in Europe. Europe is followed by North American and
Asia-Pacific region owing to maturing oilfields in the Gulf of Mexico with the
huge number of platforms decommissioning every year. Furthermore, Asia-Pacific
is anticipated to show significant growth rate due to the surge of aging
oilfields.
Some of the key players that fuel the
growth of the offshore decommissioning market comprise Aker Solutions, Petrofac
Limited, AF Gruppen, TechnipFMC plc., Deep ocean Group Holding B.V., Ramboll
Group, Allseas, Amec Foster Wheeler, PLC., DNV GL AS, and Claxton Engineering
Services, Ltd. The leading companies are taking up partnerships, mergers and
acquisitions, and joint ventures in order to boost the inorganic growth of the
industry.
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