Offshore Decommissioning Market Research Report with Size, Share, Value, CAGR, Outlook, Analysis, Latest Updates, Data, and News 2021-2030

In a recent published report, Kenneth Research has updated the market report for Offshore Decommissioning Market for 2021 till 2030. 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 the 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 be 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 Analsysis and U.S. Census Bureau mentions 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) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest 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.

The Offshore Decommissioning Market is anticipated to grow at a notable CAGR over the forecast period on the back of the growing demand for renewable energy from several end-user industries, which according to the statistics by the International Renewable Energy Agency (IRENA), reached 2,532,866MW in the year 2019 from 1,223,533MW from the year 2010. Renewable energy is used nowadays in almost each and every industry on the back of the growing concern for the environment and the stringent norms by the government for environmental pollution.

Offshore decommissioning is the process of safe disposal of the oil and gas equipment at the end of exploration and production and for plugging the aging oil and gas platforms subsea wells and related infrastructure essential. This process is critical in terms of environmental protection concerns as it has probable effects on the marine ecosystem along with the disposal of hazardous substances. Hence, due to its safer operability, the government has framed policies in terms of safety and proper decomposition of the material.

Aging oil and gas fields and offshore infrastructure are the major factors driving the global offshore decommissioning market. In 2017, Europe had one of the highest revenues, globally from decommissioning. Decreasing oil production from the oil fields has resulted in oil exploration activities, leading to the market growth. Stringent regulations and environmental considerations by the regulatory bodies for safe operations in oil and gas fields, which drive the growth in global offshore decommissioning market.
The global offshore decommissioning market has been segmented by type, service type and application. On the basis of type, the market has been segmented as topside, substructure and sub infrastructure.

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Topside segment dominated the market in 2017 and is projected to remain dominant during the forecast period as topside structures can be installed on steel jackets and concrete gravity base structures as well as they are installed on floating production facilities. On the basis of service type, the market has been segmented as well plugging and abandonment, platform removal, conductor removal and others. Well plugging and abandonment segment dominated the market in 2017 and is expected to hold the largest market share during the forecast period as well plugging and abandonment offers higher cost-effectiveness and greater feasibility in operations. On the basis of application, the market has been segmented as shallow water and deep water.

Shallow water segment dominated the market in 2017 and is expected to hold the largest market share during the forecast period. On the basis of region, the market is segmented into Europe, North America, Asia-Pacific, and Rest of the World.The global wave & tidal energy market is expected to witness a CAGR of 17.84% over the forecast period. Some of the prominent drivers of global wave & tidal energy market are depleting conventional power resources and favorable government initiatives. However, high initial costs of construction and lack of ideal locations restrain the global wave & tidal energy market.

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