Marine Vessel Decommissioning Market
- Marine vessel decommissioning is the act of eliminating the marine vessel from its service. Ships/vessels that have reached the end of their usable life are decommissioned by the country’s maritime authority.
- Decommissioning of marine vessels usually takes place due to safety reasons. Vessels are decommissioned primarily when they become too old, require frequent maintenance, or face severe rusting or corrosion issues. Marine vessel decommissioning plays a vital role in the efficient functioning of the maritime sector.
- The decommissioning process consists of topside removal, jacket removal, debris removal, pipeline and power cable removals, etc. The material from the decommissioned marine vessels is primarily used in another ship, depending upon its quality, or is sent for recycling.
Request PDF Brochure :https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=78900
Key Drivers of Global Marine Vessel Decommissioning Market
- Demand for marine vessel decommissioning is expected to increase in the near future owing to rise in pollution norms and technological advancements. Demand for new updated marine vessels is rising owing to growth in offshore activities throughout the globe.
- Increase in seaborne trade and oil & gas exploration activities is anticipated to boost the global marine vessel decommissioning market in the next few years
COVID-19 Impact on Global Marine Vessel Decommissioning Market
- The rapid spread of the COVID-19 pandemic has had a major impact on the global shipping market. Lockdowns across the globe have adversely affected the decommissioning market owing to scarcity of labor. The overall marine vessel decommissioning process has been highly disrupted by the COVID-19 pandemic.
REQUEST FOR COVID19 IMPACT ANALYSIS :https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19&rep_id=78900
- On March 5, 2020, Sentinel Marine received contract of £36 Mn to operate its fleet of emergency response and rescue vessels (ERRVs) in the North Sea. The contract is a mix of multi-year agreements and shorter-term contracts to support oilfield operators involved in decommissioning projects.
Europe to Hold Major Share of Global Marine Vessel Decommissioning Market
- Based on region, the global marine vessel decommissioning market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Europe dominated the global marine vessel decommissioning market in 2019. This trend is projected to continue during the forecast period. The region has a large coastline and large numbers of marine vessels. Furthermore, government laws and regulations limit the use of old marine vessels owing to high carbon emission and health concerns of vessels.
- North America is anticipated to account for vital share of the global marine vessel decommissioning market during the forecast period. Increase in offshore discoveries of new oil & gas reserves in the region is driving the market in North America. Furthermore, growth in seaborne trade is anticipated to boost the decommissioning of old marine vessels and introduction of new hybrid marine vessels.
Explore Transparency Market Research’s award-winning coverage of the global Industry:
Key Players Operating in Market
Major players operating in the global marine vessel decommissioning market are:
- BUREAU VERITAS
- LOC Group
- Sentinel Marine
- Able UK Ltd.
- Oceaneering International, Inc.
- Rever Offshore
- OOS Energy
Global Marine Vessel Decommissioning Market: Research Scope
Global Marine Vessel Decommissioning Market, by Service Type
Global Marine Vessel Decommissioning Market, by Process
- Topside Removal
- Jacket Removal
- Debris Removal
- Pipelines and Power Cable Removals
Global Marine Vessel Decommissioning Market, by End-use
- Container Ships.
- Bulk Carrier.
- Tanker Ships.
- Passenger Ships
- Offshore Ships
Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather, and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.