Market Size of North Sea Offshore Decommissioning Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 5.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North Sea Offshore Decommissioning Market Analysis
The North Sea offshore decommissioning market is expected to register a CAGR of over 5% during the forecast period of 2020 - 2025. Factors, such as aging offshore infrastructure in the oil and gas industry, rising offshore oil and gas production activities, and increasing oil and gas demand, are expected to be major drivers driving the market. However, the volatile nature of oil prices in recent years led to decreased capital expenditure in the upstream oil and gas industry, causing a slowdown for the market studied.
- The shallow water sector is expected to maintain an edge in the decommissioning services market in the forecast period, owing to factors, like aging shallow water infrastructure.
- The market is expected to see a significant increase see in the forecast period, as it was one of the earliest offshore regions to be explored and developed. The infrastructure installed 30-40 years ago at the peak of exploration in the region, are now being abandoned and decommissioned, which is expected to great a huge opportunity for the decommissioning market in the region.
- The United Kingdom is expected to dominate the market growth, owing to factors, like aging offshore infrastructure, declining production from mature oilfields, and stringent environmental policies.
