Offshore Decommissioning Market Growth Forecast 2028: Recent Trends, Developments, And Opportunities
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.
https://www.techsciresearch.com/report/global-offshore-decommissioning-market/2684.html
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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