Global Offshore Decommissioning Market, valued approximately at USD 5.84 billion in 2018, is anticipated to grow with a growth rate of more than 4.71% over the forecast period 2019-2026.
Growing number of aging offshore oil and gas platforms along with declining prices of crude oil are few major factors responsible for high CAGR of the market over the forecast period, said Market Study Report (MSR).
For instance, according to World Economic Forum, there are 1,943 offshore oil rigs around the world in March 2019, represent an increase from 1,470 since 2015.
Further, offshore oil platforms have an enormous existence, physically, environmentally and financially. According to EurekAlert Organization, around 6,000 rigs pump petroleum and natural gas are present across the globe.
Thus, the growing number of offshore oil & gas platform is on increasing trend across the globe that would increases utilization of offshore decommissioning thereby, the market is growing at significant rate over the forecast period.
Moreover, innovative technology for landscape reversal and increasing amount of investment in the oil & gas industry are the factors likely to create opportunities for the market growth in the near future.
However, high cost of offshore decommissioning along with lack of technology infrastructure and regulatory monitoring are few factors anticipated to restraining the growth of global offshore decommissioning market during the forecast period.
The regional analysis of global Offshore Decommissioning market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World.
Europe is the leading/significant region in terms of revenue and market share owing to rising number of offshore oil & gas platforms in the region.
However, North America is expected to exhibit at high growth rate / CAGR over the forecast period of 2019-2026 owing to the presence of the Gulf of Mexico offshore oil reserves thereby, driving the demand for North America offshore decommissioning market in the region.
Major market player included in this report are: Halliburton, Petrofac, Weatherford, Schlumberger, Technipfmc, John Wood Group, Ramboll, Oceaneering, Royal Dutch Shell and Aker Solutions.