The global Offshore Decommissioning Market is estimated to be valued at US$ 7.07 Bn in 2023 and is expected to exhibit a CAGR of 16.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The offshore decommissioning market involves planning, removal of structures and equipment, and restoration of environment. It is an integral part of the entire lifecycle of offshore oil and gas infrastructure projects. The use of unmanned vehicles such as remotely operated vehicles (ROVs) allows safer and more cost-effective decommissioning operations.
Market key trends:
One of the key trends driving growth in the offshore decommissioning market is the increasing adoption of unmanned vehicles and remotely operated vehicles (ROVs) for inspection, light intervention and removal work. ROVs provide better visualization and work capability in difficult underwater environments. They reduce risks to human divers and vessels. ROVs come equipped with advanced tooling such as cutters, grippers and pumps for tasks such as cleaning seabed, removing obstructions and light structure severance. The growing demand for ROVs is encouraging innovations such as hybrid ROVs, which have increased payload capacity and endurance for heavy offshore decommissioning projects.
Segment Analysis
The offshore decommissioning market is dominated by the shallow water sub-segment due to a large number of aging oil and gas infrastructure located in shallow waters. Shallow water decommissioning projects require less complex and costly operations as compared to ultra-deep water projects. Therefore, the shallow water sub-segment is expected to remain the major revenue generator for the offshore decommissioning market over the forecast period.
Key Takeaways
The global Offshore Decommissioning Market Share is expected to witness high growth, exhibiting a CAGR of 16% over the forecast period, due to increasing number of aging offshore oil and gas infrastructure exceeding their productive lives.
The Asia Pacific region is expected to grow at the fastest pace in the offshore decommissioning market over the forecast period. This is attributed to several aging offshore platforms located in countries like Malaysia, Indonesia, and China that would require decommissioning in the upcoming years.
Key players operating in the offshore decommissioning market are Acteon Group Limited, Topicus Finan BV, AF Gruppen ASA, Tetra Technologies Inc., Allseas Group S.A., DeepOcean Group Holding B.V., John Wood Group Plc, and Exxon Mobil Corporation. Acteon Group Limited and Allseas Group S.A. are the prominent players owing to their huge fleet of heavy lifting vessels used for decommissioning projects across the globe.
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https://www.insightprobing.com/offshore-decommissioning-market-trends-size-and-share-analysis/
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