Market Size of Norway Offshore Oil & Gas Decommissioning Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 1.50 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Norway Offshore Oil and Gas Decommissioning Market Analysis
When oil and gas fields end production, their facilities need to be removed and disposed off or recycled, a process is known as decommissioning. Decommissioning of offshore structures is a highly complex and technical exercise that poses significant health and safety challenges. The process encompasses the planning, approval, implementation, removal, and disposal or re-use of an offshore structure. The Norway offshore oil & gas decommissioning market is expected to grow at a CAGR of more than 1.5% over the forecast period. Factors such as maturing oil & gas fields, low oil prices, and aging infrastructure are driving Norway offshore oil & gas decommissioning market. However, volatile oil prices are likely to restrain the growth of the market during the forecast period.
- Topsides segment is expected to dominate in the Norway offshore oil & gas decommissioning market during the forecast period.
- Innovative technology for landscape reversal and an increasing amount of investments in the oil & gas industry is expected to provide opportunities in the target market in the future.
- Increaing offshore oil & gas production activities and aging infrastructure is expected to drive the Norway offshore decommissioning market over the forecast period.
