Offshore Decommissioning Market Size 2021 Emerging Technologies, Opportunity Assessment, Projections and Future Opportunities – MENAFN.COM

Offshore Decommissioning Market Size 2021 Emerging Technologies, Opportunity Assessment, Projections and Future Opportunities – MENAFN.COM

(MENAFN - America News Hour) The Offshore Decommissioning Market is anticipated to grow at a notable CAGR over the forecast period on the back of the growing demand for renewable energy from several end-user industries, which according to the statistics by the International Renewable Energy Agency (IRENA), reached 2, 532, 866MW in the year 2019 from 1, 223, 533MW from the year 2010. Renewable energy is used nowadays in almost each and every industry on the back of the growing concern for the environment and the stringent norms by the government for environmental pollution. Offshore decommissioning is the process of safe disposal of the oil and gas equipment at the end of exploration and production and for plugging the aging oil and gas platforms subsea wells and related infrastructure essential. This process is critical in terms of environmental protection concerns as it has probable effects on the marine ecosystem along with the disposal of hazardous substances. Hence, due to its safer operability, the government has framed policies in terms of safety and proper decomposition of the material. Aging oil and gas fields and offshore infrastructure are the major factors driving the global offshore decommissioning market. In 2017, Europe had one