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 a sample to get extensive insights into the Marine Vessel Decommissioning Market
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.
- 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.
- The market in Asia Pacific is projected to expand at a moderate pace during the forecast period owing to increase in seaborne trade in the region. Asia Pacific largely imports crude oil and raw materials from various countries.
- Middle East & Africa is likely to account for low share of the market in the near future as the marine sector in the region is still in the development phase
- Latin America is anticipated to hold moderate share of the market during the forecast period. The region has a vast coastline. The usage of old, outdated marine vessels is high in the region.
To understand how our report can bring difference to your business strategy, Ask for a brochure
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
Global Marine Vessel Decommissioning Market, by Application
This upcoming business intelligence report is intended to be a one-stop market research solution to guide organizations in taking timely and effective decisions for their business growth. The ongoing study is the culmination of our deep expertise on data science methods, combined with an unparalleled understanding of the external environment and analysis of the industries. Each of the reports by TMR aims at offering a detailed scrutiny of the value chain of our current and prospective customers, takes them from identifying value propositions, and subsequently assist their business executives to implement right strategies to create customer value. We believe that creating and sustaining the customer value is the key pivot on which business executives can create profits for their organizations and increase the market shares, continuously and with sustainability.
Each of our touchpoints through which we engage with the organization/enterprise during the primary research enables us to understand the internal environment it operates in and the ways in which the external environment influences its growth.
Always Evolving with Competition
Excellence is built into the DNA of TMR, and all our teams work collaboratively and committedly toward achieving that in whatever they do. From the very first interaction our teams of research analysts have with any interested market participant to the final preparation processes in each of our reports reflects a rigorous understanding of the dynamic industry environment that businesses operate in.
We relentlessly work to be a differentiator in whatever we do in the current era of hypercompetitive global environment. The result of our unceasing focus on excellence is reflected clearly in the insights and guidance we offer to our customers in order to empower them to create brand equity. Our simple yet very powerful underpinning for navigating the competition is to always keep evolving with changing business environments. Our close-kinit team of research analysts not only believe in this simple philosophy but also implement the same.
Constantly Innovating Our Research Methodologies and Models
We do not limit with any specific market research tool or one standard approach for obtaining or analyzing data. Undoubtedly, our report making process is ever-evolving to meet the customer needs and demands supported broadly by a vast knowledge of data science methods that we combine with business acumen our teams have built upon for several years. Evidently, our primary and secondary research data about customers and consumers have shown that we can go to any lengths to obtain them. This is followed by applying next-gen automation tools integrated with human judgement to clear the clutter, ascertain the most relevant and recent qualitative and quantitative insights, and package them in digestible chunks in our reports for our customers.
We Take Pride in No-One-Size-Fits-All Approach
Over the past several years, we have been conducting market intelligence studies across all industries for all types of organizations — big and small, profit and not-for-profit, and Fortune 500 and Unicorns, as we believe that a sound decision making must be based on no-one-size-fits-all approach. Without doubt, each of the organizations regardless of the industry they are in are affected differently by changes in political, economic, socio-culture, legal, ecological, and legal environments. The research models and the value chain analysis process that our analysts employ for conducting the study uphold this approach.
We look at myriad components of internal and external business environment affecting the growth strategies of organizations. Some of the broader aspects that we focus on are:
- Our team of Analysts and Support Teams always strive to see the bigger picture in life cycle stages of any industry
- The Teams focus on obtaining valuable insights into different models of competitive advantage while making an internal environment analysis
- They keep on modifying the value chain analysis processes of organizations to understand on how customer value is created
Some areas of assessing market dynamics that are used in the research models and methodologies adopted by our analysts can be summarized as:
- Corporate and business strategies underlying new brand positioning strategies
- Mapping for strategic planning for business units
- Various metrics for business portfolio analysis, including BCG matrix
- Value chain analysis
These will help create and sustain competitive advantage for our prospects and current customers.
Key focus areas and agenda that underpin and catalyze our primary and secondary research initiatives and endeavors are:
- What are some of the core competencies and distinctive competencies of new entrants and established players in the industry we are analyzing?
- What are some of the branding opportunities that are emerging at a rapid pace?
- What are the major competitive forces and elements of external environment shaping the industry life cycle stages of most organizations?
- Why some competitive strategies are popular than others among leaders in a certain market?
- What customer-based brand equity strategies companies have leveraged in a certain industry or set of related industries in a sector?
- What are some of the key pricing strategies that companies in an industry are implementing for marketing their products internationally?
- Identifying whether market-push or market-pull strategies are more relevant to a certain product or a service?
Disclaimer: This ongoing market research study is a meticulously planned activity where a broad array of factors and aspects that shape the marketing environment and industry are taken into account. However, keeping in mind the constantly changing nature of business dynamics and changing strategic intents, we are always actively making iterations and modifications in our approaches. As always, we are ready to tailor our insights and guidance to suit your requirements. Engage with us to know what more is there for your CXOs.