Offshore Decommissioning Market: New Business Opportunities, Emerging Trends, CoPosted by Jitendra Magar on March 12th, 2018 Offshore Decommissioning Market - Overview Offshore Decommissioning towards end of life production is essential for protecting and damage controlling of the marine ecosystem. By controlling deterioration of metal equipments and eradicating chances of harmful substances getting released in the atmosphere; this process not only saves the environment but also saves billions of dollars of tax paid by the operating companies. Moreover timely Offshore Decommissioning also ensures substantial time and cost savings to the asset owners who can pursue side track drilling and tieback opportunities to maximize the value of their assets. They can actively market their infrastructure for third-party processing or seek to divest. That defines why government worldwide emphases upon these reverse installation processes and approve the refund of taxes paid on extracting oil and gas by these taxpayer companies through an agreement known as decommissioning relief deeds. Acknowledging the kind of traction the market is garnering currently demonstrating the growth prospects worldwide, Market Research Future has recently published a study report, which indicates that the global Offshore Decommission Market is estimated to ascend enormously by 2023 registering a CAGR of 6.93% during the forecast period (2017 – 2023).
Key Players: Tetra Technologies, Inc., (U.S.), BP P.L.C. (U.K.), Statoil ASA (Norway), DNV GL (Norway), TechnipFMC PLC (U.K.), AF Gruppen ASA (Norway), Ramboll Group A/S (Denmark), Aker Solutions ASA (Norway), Amec Foster Wheeler (U.K.), John Wood Group Plc. (Scotland), Claxton Engineering Services (U.K.), Allseas group SA (Switzerland) and DeepOcean Group (Netherlands) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global offshore decommissioning market. Get Sample of Report @ https://www.marketresearchfuture.com/sample_request/2993
Offshore Decommissioning Global Market - Competitive Analysis The global market for offshore decommissioning is one of the most technological advance market. To maintain the market position and to drive the market growth, all the major players continuously strive for technological development in their offshore decommissioning systems. Market leaders are rigorously involved in R&D activities, so as to develop feasible product, which fulfils all the client requirement over their structure removal operations.
Worldwide Offshore Decommissioning Market - Regional Analysis Europe accounted for the largest market share of 70% in 2016, followed by North America which is expected to grow at a CAGR of 6.83% during the forecast period. North America is expected to grow from a market size of USD 877.1 million in 2016 to USD 1,383.3 million by the end of 2023. Asia-Pacific accounted for a market share of 8.83% in 2016 and is expected to grow at a CAGR of 3.41% during the forecast period. Industry/ Innovation/ Related News: January 17, 2018 – Port of Cromarty Firth is Scotland’s first port granted decommissioning permits under the latest environment legislation securing a permit under the Radioactive Substances Act, issued by the Scottish Environment Protection Agency (SEPA). December 04, 2017 – Robert Gordon University (RGU UK) launched a new and first ever decommissioning simulator and associated software that could enhance safety and reduce costs. The simulator Operators and drilling contractors will be able to use the simulator to develop the technical and non-technical skills and capabilities of their rig crews for decommissioning wells, while improving team performance.
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Global Offshore Decommissioning Market: Currently, the Offshore Decommissioning market is in the growth stage. This is due to the increase in aging oil & gas platforms around the world. Most of these structure are more than 30years old and this infrastructure needs proper removal and recycling for further usage, these factors will boost the global offshore decommissioning market. Europe accounted for the largest market share of 70% in 2016, followed by North America which is expected to grow at a CAGR of 6.83% during the forecast period. North America is expected to grow from a market size of USD 877.1 million in 2016 to USD 1,383.3 million by the end of 2023. Asia-Pacific accounted for a market share of 8.83% in 2016 and is expected to grow at a CAGR of 3.41% during the forecast period.
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