Global Offshore Decommissioning Market, valued approximately at USD 5.84 billion in 2018, is anticipated to grow with a growth rate of more than 4.71% over the forecast period 2019-2026.
Growing number of aging offshore oil and gas platforms along with declining prices of crude oil are few major factors responsible for high CAGR of the market over the forecast period, said Market Study Report (MSR).
For instance, according to World Economic Forum, there are 1,943 offshore oil rigs around the world in March 2019, represent an increase from 1,470 since 2015.
Europe is the leading/significant region in terms of revenue and market share owing to rising number of offshore oil & gas platforms in the region.
However, North America is expected to exhibit at high growth rate / CAGR over the forecast period of 2019-2026 owing to the presence of the Gulf of Mexico offshore oil reserves thereby, driving the demand for North America offshore decommissioning market in the region.