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Offshore Decommissioning Market Trends, Top Companies, Share, Growth And Forecast 2032
Offshore Decommissioning Market
The Business Research Company's Offshore Decommissioning Global Market Report 2023 identifies increase in government investment in well-plugging and abandoned activities as the major driver for the offshore decommissioning market's growth in the forecast period. 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.
The global offshore decommissioning 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 offshore decommissioning market size is expected to grow to $7.82 billion in 2027 at a CAGR of 7.7%.
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Major competitors in the offshore decommissioning market are Aker Solutions ASA, Ramboll Group A/S, AF Gruppen, TechnipFMC PLC, John Wood Group PLC, Heerema Marine Contractors, Tetra Technologies Inc., Acteon Group Limited, Amec Foster Wheeler, DeepOcean Group Holding AS, Petrofac, Royal Boskalis Westminster N.V.
A key trend in the offshore decommissioning market includes strategic partnerships. 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 services.
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The offshore decommissioning market is segmented -
• 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
• By Structure Type: Topside, Substructure, Subsea Infrastructure
• By Application: Shallow Water, Deep Water
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Europe was the largest region in the offshore decommissioning market.
The Business Research Company's "Global Offshore Decommissioning Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Offshore Decommissioning Market Include:
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
……
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
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