Decommissioning includes the safe persisting of the hole in the earth’s exterior and disposal of the equipment used in offshore oil production. Decommissioning is a rapidly developing market segment in the petroleum business, with the main prospective and the main risks. Whereas, the offshore decommissioning is the procedure of safe disposal of the oil and gas equipment at the end of consideration and production and for plugging the aging oil and gas platforms subsea wells and connected infrastructure necessary. This procedure is perilous in terms of environmental fortification concerns as it has possible effects on the marine ecosystem along with the disposable of precarious constituents. Therefore, owing to its safer operability, the regulatory authorities have surrounded policies in terms of protection and proper fetidness of the material. In addition, the market has some growth drivers which will aggressively lead the market growth significantly across the globe in the coming years includes the aging oil and gas fields-A new source of revenue, aging offshore infrastructure and decreased environmental and regulatory liabilities.
Despite the growth drivers the market is having some restraints which are hinder the market growth likewise the high cost of decommissioning, lack of clear regulations for decommissioning activities. Meanwhile, the key players of this market are adopting the effective opportunities such as rigs to reef programs and reducing risk by recycling, for attaining the highest market share. According to the report analysis, ‘Global Offshore Decommissioning Market – Trends & Forecast, 2017-2023’ states that some of the major key players are recently functioning in this market more actively for acquiring the huge market share across the globe by abolishing the restraints from the market includes Tetra Technologies, Inc., (US), BP PLC (UK), Statoil ASA (Norway), DNV GL (Norway), TechnipFMC PLC (UK), AF Gruppen ASA (Norway), Ramboll Group A/S (Denmark), Aker Solutions ASA (Norway), Amec Foster Wheeler (UK), John Wood Group Plc. (Scotland), Claxton Engineering Services (UK), Allseas group SA (Switzerland) and DeepOcean Group (Netherlands).
The market of the offshore decommissioning is spread across the globe and segmented differently on the basis of type, application and service type. Whereas, based on the type the market has been split as the substructure, sub infrastructure and topside. Additionally, with the application front, the market has been divided as deep water and shallow water.
On the basis of geography, with the effective applications and classifications the market is spread across the globe more effectively which majorly includes highly reputed regions such as Europe, North America, Asia-Pacific, and Rest of the World. The wave and tidal energy is anticipated to observe a CAGR of 17.8% over the projected period. Some of the most conspicuous drivers of the global wave and tidal energy market are diminishing conventional power resources and favorable government ingenuities. Whereas, the huge initial costs of construction and lack of ideal destinations restrain the global wave and tidal energy industry. It is expected that in the coming years the market of offshore decommissioning will grow more significantly across the globe over the decades.
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Ankur Gupta, Head Marketing & Communications