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 |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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.
Norway Offshore Oil and Gas Decommissioning Industry Segmentation
The Norway offshore oil & gas decommissioning market report includes:
| Service | |
| Well Plugging & Abandonment | |
| Platform Removal | |
| Others |
| Depth | |
| Shallow | |
| Deepwater and Ultra-Deepwater |
| Structure | |
| Topsides | |
| Substructure |
Norway Offshore Oil & Gas Decommissioning Market Size Summary
The Norway offshore oil and gas decommissioning market is poised for growth, driven by factors such as maturing oil and gas fields, low oil prices, and aging infrastructure. Decommissioning, a complex process involving the removal and disposal or recycling of offshore structures, is essential as oil and gas fields reach the end of production. Despite the challenges posed by volatile oil prices, the market is expected to expand, with the topsides segment anticipated to dominate. Innovative technologies and increased investments in the oil and gas sector are likely to create further opportunities, while the North Sea's robust oil and gas industry continues to play a significant role in Norway's economic landscape.
Norway's offshore oil and gas production is a critical component of its economy, with a substantial portion of its output exported globally. The country holds a significant share of the North Sea fields and is expected to have an extensive decommissioning portfolio over the next decade. The average age of offshore fields in Norway is around 24 years, with many nearing decommissioning age. Key projects include the Gyda platform and the Frigg gas field. The market is consolidated, with major players such as AF Gruppen ASA, Aker Solutions ASA, and Equinor Energy AS leading the industry. As demand for oil and gas rises, Norway's decommissioning market is set to experience continued activity and investment.
Norway Offshore Oil & Gas Decommissioning Market Size - Table of Contents
-
1. MARKET OVERVIEW
-
1.1 Introduction
-
1.2 Market Size and Demand Forecast in USD billion, till 2025
-
1.3 Recent Trends and Developments
-
1.4 Government Policies and Regulations
-
1.5 Market Dynamics
-
1.5.1 Drivers
-
1.5.2 Restraints
-
-
1.6 Supply Chain Analysis
-
1.7 PESTLE Analysis
-
-
2. MARKET SEGMENTATION
-
2.1 Service
-
2.1.1 Well Plugging & Abandonment
-
2.1.2 Platform Removal
-
2.1.3 Others
-
-
2.2 Depth
-
2.2.1 Shallow
-
2.2.2 Deepwater and Ultra-Deepwater
-
-
2.3 Structure
-
2.3.1 Topsides
-
2.3.2 Substructure
-
-
Norway Offshore Oil & Gas Decommissioning Market Size FAQs
What is the current Norway Offshore Oil & Gas Decommissioning Market size?
The Norway Offshore Oil & Gas Decommissioning Market is projected to register a CAGR of greater than 1.5% during the forecast period (2024-2029)
Who are the key players in Norway Offshore Oil & Gas Decommissioning Market?
AF Gruppen ASA , Aker Solutions ASA , Equinor Energy AS , Spirit Energy Limited and DNV GL are the major companies operating in the Norway Offshore Oil & Gas Decommissioning Market.
