Global Offshore Decommissioning Market is expected to grow due to an increase in demand for oil and gas and aging offshore infrastructures during the forecast period of 2024-2028.
According to TechSci Research report, Global Offshore Decommissioning Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2028, the Global Offshore Decommissioning Market is anticipated to register robust growth during the forecast period. The increasing focus on mature oil and gas fields and aging offshore platforms, particularly in shallow water.
The decreasing hydrocarbon production from the producing well is the initial cause of the decommissioning, which raises the market for offshore decommissioning. a substantial quantity of crude oil sourced from worldwide mature oil fields that are continually aged. It is necessary to specifically remove all the tools and clear the wells to prevent any accident or hydrocarbon leak into marine water. These components are contributing to the expansion of the market for offshore decommissioning.
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Global Offshore Decommissioning Market is segmented based on service, structure, water depth and region. Based on Service, the market is divided into Project Management, Engineering, and Planning, Platform Preparation, Well Plugging and Abandonment, Platform Removal, Material Disposal, Site Clearance, Others. Based on Structure the market is divided into Topside, Subsea Infrastructure, Substructure. Based on Water Depth, the market is divided into Shallow Water and Deep Water. Based on region, the market is further bifurcated into North America, Asia-Pacific, Europe, South America, Middle East & Africa.
Based on Service, the well plugging & abandonment is expected to be the largest contributor to the offshore decommissioning market, by service, during the forecast period. Based on Water Depth, Shallow Water to Dominate the Market in the forecast period. Due to factors like low operational costs and rising oil prices in the oil and gas market, it is anticipated that the shallow water segment will continue to dominate during the forecast period. Since early offshore products were in shallow water, most of the projects being decommissioned are in shallow water, whereas deepwater projects have developed in recent years. The North Sea has a maximum depth of 700 meters and an average depth of 95 meters. The market being studied will expand during the forecast period because of the significant decrease in the average cost per well for decommissioning over the past few years. As a result, the demand for decommissioning is anticipated to rise significantly over the forecast period due to several offshore oil and gas projects and rising offshore oil and gas sector investments.
Based on Region, Europe is expected to be the largest market during the forecast period. Over the course of the forecast period, the offshore decommissioning industry was governed by the European market, which held the largest market share. In Europe, more than 605,000 tons of UKCS topsides are projected to be eliminated from the North Sea. Over the next ten years, the UK is anticipated to spend roughly USD 16.70 billion on decommissioning from 2022. By 2027, it is anticipated that 2,400 wells will be retreated across the entire North Sea and the area west of the Shetland Islands.
Key market players in the Global Offshore Decommissioning Market are:
- Acteon Group
- Aker Solutions
- Allseas Group S.A.
- Baker Hughes Company
- DeepOcean Group Holding
- Halliburton
- Heerema Marine Contractors
- Oceaneering International
- Ramboll Group
- Royal Boskalis Westminster N.V.
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“The growing demand for offshore decommissioning because of large, mature offshore oilfields and an increasing number of abandoned wells worldwide have fueled the market’s extensive expansion over the past few years. In addition, the Canadian government invested USD 1.7 billion in April 2020 to the elimination of unaided and parted oil and gas wells in British Columbia, Alberta, and Saskatchewan. The initiative’s intent is to support the energy industry while maintaining or mounting employment opportunities. Alberta alone is estimated to see 5,200 new jobs created by the cleanup funds. In these provinces, the federal government aims to help companies avoid economic failure and meet their environmental zones while also creating immediate jobs. As a result, various governments around the world have generated their funds in decommissioning abandoned wells because of the rising number of wells. The offshore decommissioning market will grow because of these reasons during the forecast period.” Said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Offshore Decommissioning Market– Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018–2028F. Segmented by Service (Project Management, Engineering, and Planning, Platform Preparation, Well Plugging and Abandonment, Platform Removal, Material Disposal, Site Clearance, Others), By Structure (Topside, Subsea Infrastructure, Substructure) By Water Depth (Shallow Water, Deep Water), By Region” has evaluated the future growth potential of Offshore Decommissioning Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Offshore Decommissioning Market.
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