Market Size of Offshore Decommissioning Services Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.00 % |
| Fastest Growing Market | Europe |
| Largest Market | Europe |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Offshore Decommissioning Services Market Analysis
The market for Offshore Decommissioning market is expected to grow at a CAGR of over5% during the forecast period of 2020 - 2025. Factors such as aging offshore infrastructure in 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 upstream oil & gas industry causing a slowdown for the market studied.
- Shallow water sector is expected to maintain an edge in the decommissioning services market in the forecast period, owing to the factors such as aging shallow water infrastructure.
- The main opportunity for the offshore decommissioning market is the declining production from the aging fields active over 2-3 decades. This is due to the fact that offshore projects are costly and have a long period of return. The regions currently leading decommissioning market are the ones who were at the forefront of offshore technology over 20 or 30 years ago.
- Europe is expected to dominate the market growth with majority of the demand coming from the countries such as the UK and Norway.
