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.

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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.

Key Development

  • 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.

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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.
  • Maersk
  • Mammoet
  • Rever Offshore
  • OOS Energy

Global Marine Vessel Decommissioning Market: Research Scope

Global Marine Vessel Decommissioning Market, by Service Type

  • Recycling
  • Demolition
  • Others

Global Marine Vessel Decommissioning Market, by Process

  • Pre-abandonment
  • Topside Removal
  • Jacket Removal
  • Debris Removal
  • Pipelines and Power Cable Removals
  • Processing/Disposal

Global Marine Vessel Decommissioning Market, by End-use

  • Barges
  • Container Ships.
  • Bulk Carrier.
  • Tanker Ships.
  • Passenger Ships
  • Offshore Ships
  • Others

Global Marine Vessel Decommissioning Market, by Application

  • Onshore
  • Offshore

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

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Marine Vessel Decommissioning Market

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