The Global Offshore Decommissioning Market is poised for growth from 2024 to 2028, driven by increased demand for oil and gas and aging offshore infrastructure.
According to TechSci Research’s report, The Offshore Decommissioning Market is expected to experience robust growth during this period, with a focus on mature oil and gas fields and aging offshore platforms, particularly in shallow water.
As hydrocarbon production declines in producing wells, decommissioning becomes necessary to prevent accidents or hydrocarbon leaks into marine waters. This need, coupled with the aging of worldwide oil fields, contributes to the market’s expansion.
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The Global Offshore Decommissioning Market is segmented by service, structure, water depth, and region. Services include Project Management, Engineering, Platform Preparation, Well Plugging and Abandonment, Platform Removal, Material Disposal, Site Clearance, and Others. Structures comprise Topside, Subsea Infrastructure, and Substructure. Water depth is categorized as Shallow Water and Deep Water, while regions include North America, Asia-Pacific, Europe, South America, and the Middle East & Africa.
Well plugging & abandonment is projected to lead the offshore decommissioning market in service contribution. Shallow water is expected to dominate due to lower operational costs and rising oil prices. The North Sea, with a maximum depth of 700 meters and an average depth of 95 meters, will drive market expansion due to decreased decommissioning costs per well. Europe is anticipated to be the largest market, with the UK leading decommissioning efforts, eliminating over 605,000 tons of UKCS topsides from the North Sea and investing approximately USD 16.70 billion in decommissioning by 2027.
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 offshore decommissioning market has experienced significant growth due to the increasing demand for decommissioning of large offshore oilfields and abandoned wells worldwide. In April 2020, the Canadian government allocated USD 1.7 billion towards the elimination of unaided and parted oil and gas wells in British Columbia, Alberta, and Saskatchewan, aiming to support the energy industry and create job opportunities. This initiative is expected to generate 5,200 new jobs in Alberta alone. Governments globally are investing in decommissioning abandoned wells to address environmental concerns and prevent economic failure for companies, resulting in market growth during the forecast period,” stated Mr. Karan Chechi, Research Director at TechSci Research.
The report, “Offshore Decommissioning Market– Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018–2028F,” evaluates the future growth potential of the offshore decommissioning market, providing insights into market size, structure, and growth opportunities. It aims to offer valuable market intelligence to decision-makers, identifying emerging trends, drivers, challenges, and opportunities in the global offshore decommissioning market.
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