Global North Sea Offshore Decommissioning Market (2020 to 2025) - Growth, Trends, and Forecasts - ResearchAndMarkets.com

The "North Sea Offshore Decommissioning Market - Growth, Trends, and Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.

The North Sea offshore decommissioning market is expected to grow at 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 & gas industry, causing a slowdown for the market studied.

Companies Mentioned

  • Able UK
  • Aker Solutions ASA
  • AF Gruppen S.A.
  • John Wood Group PLC
  • DNV GL
  • Heerema Marine Contractors (HMC)
  • Allseas Group
  • TechnipFMC PLC
  • DeepOcean Group Holding B.V.
  • Equinor ASA

Key Market Trends

Shallow Water to Dominate the Market

  • Shallow water segment is expected to maintain its dominance in the forecast period, owing to factors like low operational cost and recovering oil prices in the oil and gas market.
  • Most of the offshore projects being decommissioned are in shallow water, due to the fact that early offshore products were mainly shallow water, while deepwater projects have sprung up in recent years. The average depth of the North Sea is only 95m and a maximum depth of 700m.
  • Over the last few years, the average cost per well for decommissioning have gone done significantly, resulting in a growth of the market being studied in the forecasted period.
  • Therefore, with a number of offshore oil and gas projects, along with the rising investments in the offshore oil and gas sector, the demand for decommissioning is expected to grow significantly during the forecast period.

United Kingdom to Dominate the Market

  • The United Kingdom is expected to dominate the market in the forecast period due to the region being one of the first markets to use offshore oil & gas infrastructure, most of which are at decommissioning age in recent years and forecast period.
  • The United Kingdom is expected to spend around EUR 15.3 billion on decommissioning over the next ten years. Approximately 2,400 wells are expected to be decommissioned across the whole North Sea and West of Shetland region, by 2027. Around 914 of these wells are located across the Norwegian, Danish, and Dutch sectors.
  • In 2018, 8% of the overall expenditure of the oil and gas industry in UKCS went into decommissioning, this percentage was expected to grow over 10% in the coming years.
  • The United Kingdom is set to become the global hub for decommissioning, reasons being the United Kingdom government's acknowledge for the same and United Kingdom being the most mature decommissioning markets.
  • Therefore, factors such as rising interests of governments towards decommissioning projects along with aging, mature fields in the region are expected to drive the demand for the Offshore Decommissioning Services market in the coming years.

Key Topics Covered:

1 INTRODUCTION

1.1 Scope of the Study

1.2 Market Definition

1.3 Study Assumptions

2 EXECUTIVE SUMMARY

3 RESEARCH METHODOLOGY

4 MARKET OVERVIEW

4.1 Introduction

4.2 Market Size and Demand Forecast in USD billion, till 2025

4.3 North Sea Offshore Active Rig Count, till 2019

4.4 Recent Trends and Developments

4.5 Market Dynamics

4.5.1 Drivers

4.5.2 Restraints

4.6 Supply Chain Analysis

4.7 Porter's Five Forces Analysis

4.7.1 Bargaining Power of Suppliers

4.7.2 Bargaining Power of Consumers

4.7.3 Threat of New Entrants

4.7.4 Threat of Substitutes Products and Services

4.7.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION

5.1 Water Depth

5.1.1 Shallow Water

5.1.2 Deepwater and Ultra-Deepwater

5.2 Geography

5.2.1 United Kingdom

5.2.2 Norway

5.2.3 Rest of North Sea

6 COMPETITIVE LANDSCAPE

6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

6.2 Strategies Adopted by Leading Players

6.3 Company Profiles

6.3.1 Able UK

6.3.2 Aker Solutions ASA

6.3.3 AF Gruppen S.A.

6.3.4 John Wood Group PLC

6.3.5 DNV GL

6.3.6 Heerema Marine Contractors (HMC)

6.3.7 Allseas Group

6.3.8 TechnipFMC PLC

6.3.9 DeepOcean Group Holding B.V.

6.3.10 Equinor ASA

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

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