Offshore Decommissioning Market Research Growth, Regions, Ty...| MENAFN.COM

Saturday, 22 January 2022 08:26 GMT

Offshore Decommissioning Market Research Growth, Regions, Type and Application, Forecast Analysis to 2021-2030


(MENAFN- America News Hour)

In a recently published report, Offshore Decommissioning Market report for till 2030. The report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Offshore Decommissioning Market products.

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It is also anticipated to grow on account of the growing demand for alternative renewable energy sources, backed by the growing concern for pollution worldwide emitted from burning conventional fuel sources. Total electricity capacity from renewable energy sources around the world increased from around 750,000MW in 2000 to about 2,500,000MW in 2019. Additionally, electricity from hydropower energy, wind, solar, and bioenergy, grew from around 780000MW, 16000MW, 1200MW, and 29000MW in 2000 to 1300000MW, 620000MW, 580000MW, and 120000MW in 2019 respectively.

Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further.

Description

The Oil Business forms backbone of the current-day Global Economy. Increased environmental awareness and dreadful side-effects of abandoned oil wells have raised the potential for efficient control systems like Offshore Decommissioning- which involves careful plugging of the oil wells and safe disposal of the equipment used in offshore oil fields. It is a booming sector in the Petroleum industry, which along with handsome revenues, also carries increased risks. Offshore Decommissioning includes ten steps – Project Management, Engineering and Planning, Permitting regulatory compliance, Platform preparation, Well Plugging and abandonment, Conductor removal, Mobilization of derrick barges, Platform removal, Pipeline and power cable decommissioning, Material disposal and site clearance- all of which undergoing technological changes due to latest advancements. The methodology used, to a great extent, is affected by the legal framework of the country.
The Global Offshore Decommissioning market has been currently valuated to be US$ XX in 2017 and is anticipated to grow at a CAGR of XX%, to US$ XX in 2022.
Market Dynamics:
The age old offshore infrastructures of oil fields, a need for modernization and the concerns regarding safety have been key factors in the emergence of the industry. Over past few years, low oil prices and the difficulties in maintaining the fields has boosted the potential for Offshore Decommissioning techniques.
Market Segmentation:
Offshore Decommissioning market can be segmented on the basis of service, depth of water, the method of removal, structure, and region. In services, it is further fragmented into project management, engineering and planning, permitting and regulatory compliances, plugging and abandonment, pipeline and power cable decommissioning, materials disposal and site clearance- to name a few. Due to increased environmental concerns and the number of barren oil fields, plugging and abandonment section has been estimated to grow fastest. In segments by depth, the Shallow water operations, which are less expensive when compared to deep water operations and are widespread, especially due to conventional oil wells have the largest market share.
Geographical distribution:
Until 2016, Europe has been the largest market, by value, for offshore decommissioning, mainly due to countries like Norway and United Kingdom, which leads other regions in terms of well-developed and mandatory decommissioning guidelines. United States Gulf of Mexico is the second largest consumer.
Amongst the service providers, key players include Aker Solutions (Norwegian), AF Gruppen S.A.(American), Allseas Group (Swiss), Technipfmc (American), Amec Foster Wheeler ASA (French) and Deep Ocean Group (Dutch)- to name a few.
Report ContentsRegional AnalysisReport Highlights
Market segments
Market Drivers, Restraints and Opportunities
Market Size & Forecast 2016 to 2022
Supply & Demand Value Chain
Market – Current Trends
Competition & Major Companies
Technology and R&D Status
Porters Five Force Analysis
Strategic and Critical Success Factor Analysis of Key Players

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North America
US and Canada

Latin America
Mexico, Brazil, Argentina and Rest of Latin America

Western Europe
EU5 (Germany, France, Italy, Spain, U.K.)
Nordic Countries (Denmark, Finland, Norway, and Sweden)
Benelux (Belgium, The Netherlands, and Luxembourg)
Rest of Western Europe

Eastern Europe
Russia
Poland
Rest of Eastern Europe

Asia Pacific
China
India
Japan
Australia and New Zealand
Rest of Asia Pacific

Middle East and Africa
GCC countries (Saudi Arabia, Oman, Qatar, Bahrain, UAE and Kuwait)
South Africa
North Africa
Rest of Middle East and Africa

This report is an elaborate aggregation of primary inputs from industry experts and participants across the supply chain. It provides details on market segmentation which is derived from several product mapping exercises, macroeconomic parameters and other qualitative and quantitative insights. The impact of all such factors is delivered across multiple market segments and geographies.

Detailed Historical Overview (Market Origins, Product Launch Timeline, etc.)
Consumer and Pricing Analysis
Market dynamics of the industry
Market Segmentation
Estimated Market Sizing in terms of volume and value
Recent trends in Market and impact
Research Status and Technology Overview
Extensive Industry Structure Coverage

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Leonard Thomas

Leonard Thomas is an energetic and versatile freelance writer for 5 years, he pen down any type of articles and web content. he is a Cambridge University Business English Certificate (Europe Level) holder . he is analytical, enthusiastic and ingenious, with the essence to work variously, strives to emerge as a lucrative individual who has a grasp on market. Congenial Interpersonal skills and the competence to grab every single trivia with foolproof analysis is something he primarily posses .

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