The Offshore Decommissioning Global Market Report 2023 by The Business Research Company, provides offshore decommissioning market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Offshore Decommissioning Global Market Report 2023, the market size is expected to grow from$5.38 billion in 2022 to $5.82 billion in 2023 at a compound annual growth rate (CAGR) of 8.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global offshore decommissioning is expected to grow to $7.82 billion in 2027 at a CAGR of 7.7%.
The increase in government investment in well-plugging and abandoned activities is expected to propel the offshore decommissioning market going forward. Well-plugging refers to plugging materials and techniques that permanently shut off an abandoned well from surface drainage contamination. Offshore decommissioning ensures that plugged wells do not leak after abandonment by shutting down offshore oil and gas production at a platform and restoring the ocean and seafloor to their pre-lease states.
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The offshore decommissioning market is segmented:
1) By Service Type: Project Management, Engineering And Planning, Permitting And Regulatory Compliance, Platform Preparation, Well Plugging And Abandonment, Conductor Removal, Mobilization And Demobilization of Derrick Barges, Platform Removal, Pipeline And Power Cable Decommissioning, Materials Disposal, Site Clearance
2) By Structure Type: Topside, Substructure, Subsea Infrastructure
3) By Application: Shallow Water, Deep Water
Strategic partnerships are a key trend in the offshore decommissioning market. Major players are entering into partnerships to leverage each other’s resources and sustain themselves in the market. For instance, in March 2021, Worley, a US-based company engaged in engineering and design solutions, partnered with Morrison Energy. Through this partnership, Morrison’s decommissioning projects will fall under Worley’s purview for engineering services. Morrison Energy is a US-based energy company that specialises in offshore decommissioning service
The offshore decommissioning market report table of contents includes:
1. Executive Summary
2. Offshore Decommissioning Market Characteristics
3. Offshore Decommissioning Market Trends And Strategies
4. Offshore Decommissioning Market – Macro Economic Scenario
5. Offshore Decommissioning Market Size And Growth
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26. Africa Offshore Decommissioning Market
27. Offshore Decommissioning Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Offshore Decommissioning Market
29. Offshore Decommissioning Market Future Outlook and Potential Analysis
30. Appendix
Top Major Players:
- Aker Solutions ASA
- Ramboll Group A/S
- AF Gruppen
- TechnipFMC PLC
- John Wood Group PLC
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