LONDON--(BUSINESS WIRE)--The new offshore decommissioning market research report from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
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"One of the primary growth drivers for this market is the maturing oil and gas fields and aging platforms,” says a senior analyst for the Energy industry at Technavio. As the markets recover, Technavio expects the offshore decommissioning market size to grow by USD 1.77 billion during the period 2020-2024.
Offshore Decommissioning Market Segment Highlights for 2020
- The offshore decommissioning market is expected to post a year-over-year growth rate of 5.17%.
- Based on the service, the well plugging and abandonment segment led the market in 2019. The growth of the segment is driven by the presence of numerous mature offshore oil and gas wells globally, especially in the GoM and the North Sea.
- The growth of the market in the segment will be significant over the forecast period.
Regional Analysis
- 55% of the growth will originate from the Europe region.
- The growth of the market in Europe is driven by factors such as the increasing number of mature offshore infrastructure in the basins of the North Sea and stringent regulatory environment in major oil and gas-producing countries such as the UK and Norway.
- The UK and Norway are the key markets for offshore decommissioning in Europe. Market growth in this region will be faster than the growth of the market in other regions.
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Notes:
- The offshore decommissioning market size is expected to accelerate at a CAGR of almost 6% during the forecast period.
- The offshore decommissioning market is segmented by Service (Well plugging and abandonment, Platform removal, and Others) and Geography (Europe, North America, APAC, MEA, and South America).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Aker Solutions ASA, General Electric Co., Halliburton Co., John Wood Group Plc, Oceaneering International Inc., Ramboll Group AS, Schlumberger Ltd., TechnipFMC Plc, TETRA Technologies Inc., and Weatherford International Plc
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