Dublin, Oct. 25, 2023 (GLOBE NEWSWIRE) -- The "Offshore Decommissioning Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
In the ever-evolving global energy sector, responsible practices such as offshore decommissioning are gaining prominence. This all-encompassing process covers project management, engineering, planning, regulatory compliance, platform preparation, well plugging, and more, ensuring the cessation of offshore oil and gas operations. We are excited to announce the launch of our comprehensive Offshore Decommissioning Market Research Report, offering a detailed exploration of this expansive market.
The report provides invaluable insights into strategic partnerships, significant acquisitions, and the impact of government investments on the offshore decommissioning market. It delves into the innovative business strategies employed by major companies to deliver superior decommissioning services, providing the latest industry data and trends to help you stay at the forefront of the offshore decommissioning sector. With a roadmap to navigate the dynamic energy landscape, our research report is your key to unlocking the potential of this thriving market.
Key Insights from the Offshore Decommissioning Market Report:
Market Growth: The global offshore decommissioning market is expected to grow from $5.38 billion in 2022 to $5.82 billion in 2023, reflecting a Compound Annual Growth Rate (CAGR) of 8.2%. Despite challenges such as the Russia-Ukraine war disrupting global economic recovery, the market is predicted to reach $7.82 billion in 2027 at a CAGR of 7.7%.
Service Portfolio: Offshore decommissioning services encompass a wide range of activities, including project management, engineering, planning, permitting, platform preparation, well plugging, conductor removal, mobilization, platform removal, pipeline and power cable decommissioning, materials disposal, and site clearance. These services cater to different structures in various applications, from shallow water to deep water.
Strategic Partnerships: Strategic partnerships are a noteworthy trend in the offshore decommissioning market. Major players are entering into collaborations to leverage resources and sustain their positions. For example, Worley, a US-based engineering and design solutions company, partnered with Morrison Energy to expand its decommissioning services. This strategic move allowed Worley to provide engineering services for Morrison's decommissioning projects. In another instance, Claxton, a UK-based brand, acquired decommissioning personnel and assets from Oceaneering International, enhancing its position as a top provider of offshore cutting services.
Government Investments: Government investment in well-plugging and abandonment activities is expected to drive the offshore decommissioning market further. Well-plugging ensures the permanent closure of abandoned wells to prevent environmental contamination. The US, for instance, allocated a substantial budget from its bipartisan infrastructure package to address abandoned oil and gas wells. These investments support the growth of the offshore decommissioning market.
Regional Dominance: Europe emerged as the largest region in the offshore decommissioning market in 2022, with countries like the United Kingdom playing a pivotal role. The report covers regions worldwide, including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Country-Specific Insights: The report delves into the offshore decommissioning markets of several countries, including Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
The Offshore Decommissioning Market Report offers industry stakeholders a comprehensive understanding of market drivers, restraints, opportunities, and challenges. It provides a detailed exploration of upcoming technologies, new product and service launches, lucrative market segments, and investment prospects within the offshore decommissioning market. As the offshore decommissioning industry evolves within the competitive landscape, this report is an essential resource for positioning your business successfully.
A selection of Companies mentioned in this report includes
- Aker Solutions ASA
- Ramboll Group A/S
- AF Gruppen
- TechnipFMC plc
- John Wood Group PLC.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $5.82 billion |
| Forecasted Market Value (USD) by 2027 | $7.82 billion |
| Compound Annual Growth Rate | 7.7% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/uj12xl
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ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
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