Marine Vessel Decommissioning Market to Drive Huge Growth between 2020 to 2030

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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.

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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.