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Offshore decommissioning is the process of safe disposal of the oil and gas equipment at the end of exploration and production and for plugging the aging oil and gas platforms subsea wells and related infrastructure essential. This process is critical in terms of environmental protection concerns as it has probable effects on the marine ecosystem along with the disposal of hazardous substances. Hence, due to its safer operability, the government has framed policies in terms of safety and proper decomposition of the material.
Aging oil and gas fields and offshore infrastructure are the major factors driving the global offshore decommissioning market. In 2017, Europe had one of the highest revenues, globally from decommissioning. Decreasing oil production from the oil fields has resulted in oil exploration activities, leading to the market growth. Stringent regulations and environmental considerations by the regulatory bodies for safe operations in oil and gas fields, which drive the growth in global offshore decommissioning market.
The global offshore decommissioning market has been segmented by type, service type and application. On the basis of type, the market has been segmented as topside, substructure and sub infrastructure. Topside segment dominated the market in 2017 and is projected to remain dominant during the forecast period as topside structures can be installed on steel jackets and concrete gravity base structures as well as they are installed on floating production facilities. On the basis of service type, the market has been segmented as well plugging and abandonment, platform removal, conductor removal and others. Well plugging and abandonment segment dominated the market in 2017 and is expected to hold the largest market share during the forecast period as well plugging and abandonment offers higher cost-effectiveness and greater feasibility in operations. On the basis of application, the market has been segmented as shallow water and deep water. Shallow water segment dominated the market in 2017 and is expected to hold the largest market share during the forecast period. On the basis of region, the market is segmented into Europe, North America, Asia-Pacific, and Rest of the World.
The global wave & tidal energy market is expected to witness a CAGR of 17.84% over the forecast period. Some of the prominent drivers of global wave & tidal energy market are depleting conventional power resources and favorable government initiatives. However, high initial costs of construction and lack of ideal locations restrain the global wave & tidal energy market.
Aging oil and gas fields and offshore infrastructure are the major factors driving the global offshore decommissioning market. In 2017, Europe had one of the highest revenues, globally from decommissioning. Decreasing oil production from the oil fields has resulted in oil exploration activities, leading to the market growth. Stringent regulations and environmental considerations by the regulatory bodies for safe operations in oil and gas fields, which drive the growth in global offshore decommissioning market.
The global offshore decommissioning market has been segmented by type, service type and application. On the basis of type, the market has been segmented as topside, substructure and sub infrastructure. Topside segment dominated the market in 2017 and is projected to remain dominant during the forecast period as topside structures can be installed on steel jackets and concrete gravity base structures as well as they are installed on floating production facilities. On the basis of service type, the market has been segmented as well plugging and abandonment, platform removal, conductor removal and others. Well plugging and abandonment segment dominated the market in 2017 and is expected to hold the largest market share during the forecast period as well plugging and abandonment offers higher cost-effectiveness and greater feasibility in operations. On the basis of application, the market has been segmented as shallow water and deep water. Shallow water segment dominated the market in 2017 and is expected to hold the largest market share during the forecast period. On the basis of region, the market is segmented into Europe, North America, Asia-Pacific, and Rest of the World.
The global wave & tidal energy market is expected to witness a CAGR of 17.84% over the forecast period. Some of the prominent drivers of global wave & tidal energy market are depleting conventional power resources and favorable government initiatives. However, high initial costs of construction and lack of ideal locations restrain the global wave & tidal energy market.
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