Offshore Decommissioning: Market Size. From $4. 85 billion in 2020, the global Offshore Decommissioning market is projected to reach $9. 96 billion by 2028. Based on our analysis the market is expected to grow at a CAGR of 9.
New York, Aug. 25, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Offshore Decommissioning Market Analysis & Trends - Industry Forecast to 2028" - https://www.reportlinker.com/p06127637/?utm_source=GNW
4% from 2020 - 2028 timeframe.
Some of the prominent trends that the market is witnessing include, growing number of abandoned wells, development of new oil reserves in offshore areas and rising investments in the oil and gas industry.
Global Offshore Decommissioning Market: Market Dynamics
The increasing number of offshore oil and gas exploration and production (E&P) activities across the globe and the growing demand for fuel, have led to an increase in offshore drilling activities are driving the market growth. Another factor driving the offshore decommissioning market is the presence of aging oil reserves and neglected wells in matured offshore oil fields across the globe.
For instance, in April 2021, the US House of Representatives Democrat introduced a bill authorizing USD 8 billion to plug and clean up abandoned oil wells nationwide, a measure aimed at creating jobs for oil and gas workers and reducing climate-warming emissions.
Impact of COVID-19 on Offshore Decommissioning
The outbreak of COVID-19 hurts the Offshore decommissioning market globally. The oil and gas sector has experienced the largest reduction in the investment of any energy sector as a result of diminished revenues that reflect less demand and lower prices, and uncertainties about prospects. Due to the lockdown in the countries, oil and gas companies had to close their manufacturing facilities and services. This has led to many changes in market conditions. Also, Due to the travel restrictions and quarantine crewmembers need to stay for a long period.
Well Plugging & Abandonment Segment Dominate the Market in 2020
The well plugging & abandonment segment made huge revenue in 2020 and growing its prominence during the forecast period. Well plugging & abandonment involves the safe and permanent closure of production or exploration wells and is one of the biggest and most critical activities in any decommissioning project. According to norms and regulations, wells that are matured and no longer productive need to be properly plugged & abandoned. It is essential to plug the wells before platform removal to prevent any kind of leakages.
Asia Pacific Region is Leading in the Global Market Place
Asia Pacific is likely to have a huge demand in the forecast period due to increasing investments and the rise in demand for different software-based services in major developing countries. India and China are projected to lead growth in several web-scale IT markets in different Asia-Pacific regions.
List of the Key Players profiled in the market Include:
• Acteon Group
• AF Gruppen
• Aker Solutions
• Allseas Group
• Baker Hughes Company
• Heerema Marine Contractors
• John Wood Group Plc
• Mactech Offshore
• Maersk Decom
• Oceaneering International
• Ramboll Group
• Royal Boskalis Westminster N.V.
List of the regions/countries profiled in the market Include:
• Rest of Europe
• New Zealand
• Rest of Asia Pacific
• Saudi Arabia
• Rest of Middle East
• Rest of Latin America
Rest of the World (RoW)
• South Africa
Read the full report: https://www.reportlinker.com/p06127637/?utm_source=GNW
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