Technavio market research analysts forecast the global offshore decommissioning market to grow at a CAGR of close to 5% during the period 2018-2022, according to their latest report.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180503006481/en/
Technavio has published a new market research report on the global offshore decommissioning market from 2018-2022. (Graphic: Business Wire)
In this report, Technavio highlights the rising investments in renewable energy as one of the key emerging trends in the global offshore decommissioning market. The key to achieving economic, social, and environmental development is to shift from fossil fuels to renewable sources such as wind, solar, and geothermal. In 2016, the global energy investments were over USD 1.7 trillion, though lower compared with that in 2015. This was mainly due to technology advances that help reduce the overall capital expenditure per MW of power generation. For example, the installation cost associated with solar photovoltaics has reduced substantially, which is likely to affect the consumption levels of fossil fuels for power generation and increase the adoption rate of solar energy.
This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing
Save more with Technavio. Buy2 reports and get the third for FREEView all Technavio's current offers
In this report, Technavio analysts highlight the maturing oil and gas fields and aging platforms as a key factor contributing to the growth of the global offshore decommissioning market:
Maturing oil and gas fields and aging platforms
The decline in production of crude oil or natural gas from the producing well is the primary factor leading to decommissioning an oil field. The oil well becomes a liability for the oil company when the production reduces to the level where the operating cost involved in running the offshore facility is high, and the revenue generated by selling the crude oil is low, as it is no more economically feasible to continue with the operations. In such a scenario, the offshore facility is required to be decommissioned by plugging and abandoning the well.
According to a senior analyst at Technavio for oil and gas, "Around two-thirds of the global oil and gas production comes from mature oil and gas fields. At present, challenges faced by oil and gas operators are increasing the returns on existing assets as they need to mitigate the challenge due to the decline in new and major findings of oil and gas reserves. Increasing the hydrocarbon recovery from mature fields involves extending the life of the well through secondary and tertiary recovery methods. When the production is low despite the use of enhanced oil recovery techniques, it is essential to decommission as the profits from the well deteriorates. The North Sea is an appropriate example of a mature OECD oil producing offshore region. Globally, the increasing number of mature hydrocarbon assets is anticipated to drive the growth of the global offshore decommissioning market."
Looking for more information on this market? Request a free sample report
Technavio's sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Global offshore decommissioning market segmentation
EMEA was the leading region for the global offshore decommissioning market in 2017, accounting for a market share of nearly 59%. By 2022, EMEA is expected to continue dominating the market and register the highest growth rate.
Personalize this report according to your needs: Request a customization
Technavio's analysts and industry experts will work directly with you to understand your requirements. We offer USD 1,000 worth of FREE customization at the time of purchase.
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at media@technavio.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20180503006481/en/
Contacts:
Technavio Research
Jesse Maida
Media Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
www.technavio.com