Market Size of Denmark Offshore Oil And Gas Decommissioning Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 6.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Denmark Offshore Oil And Gas Decommissioning Market Analysis
During the time frame of the forecast, Denmark's offshore oil and gas decommissioning market is expected to register a CAGR of more than 6%.
The market was negatively impacted by the outbreak of COVID-19, the crash in the crude oil price, and regional lockdowns. Currently, the market has recovered to pre-pandemic levels.
- The maturing offshore fields and aging wells are moving towards the dry phase, driving the market for well decommissioning. With the increase in restrictive regulations and the rising associated cost of operating aging platforms, the focus of operators on offshore decommissioning is increasing at a significant rate.
- On the other hand, the volatile nature of oil prices in recent years led to decreased capital expenditure in the upstream oil and gas industry, causing a slowdown in the market studied.
- The share of oil and gas is going down because the European Union is moving toward renewable energy. Additionally, in the future, deepwater fields are expected to undergo a dry phase. With these opportunities, the decommissioning market is expected to grow.
