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Offshore Decommissioning Global Market Report 2024 To 2033 | TechnipFMC PLC, Petrofac Limited, John Wood Group Plc, Aker Solutions ASA, Allseas Group SA,Equinor ASA, Schlumberger Ltd
Offshore Decommissioning Market Share
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According to The Business Research Company's, The offshore decommissioning market size has grown strongly in recent years. It will grow from $5.88 billion in 2023 to $6.43 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth in the historic period can be attributed to growing number of abandoned wells, the rising investments for the remediation of inactive oil and gas wells and the increasing mature offshore oilfields.
The offshore decommissioning market size is expected to see strong growth in the next few years. It will grow to $8.91 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to the surge in government funding for well decommissioning and abandonment programs, the increasing exploration and production activities for oil and gas and rising demand for crude oil products. Major trends in the forecast period include increasing emphasis on decommissioning contracts with industry leaders, expanding acquisition efforts to increase geographic presence, growing importance of topside removal projects, strategic partnerships and collaborations among market players and innovations in subsea processing and transportation systems.
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Market Drivers and Trends:
Increasing 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 state. For instance, in May 2022, according to an article shared by Business Standard, an India-based English-language daily edition newspaper, $33 million would be spent by the US to remediate oil and gas wells on federal property. Further, 277 of the estimated 15k abandoned oil and gas wells on federal land would be clean with approximately $33 million of the $1 trillion bipartisan infrastructure package just signed into law by President Joe Biden. The law would allocate $4.7 billion to repair abandoned oil and gas wells, including those on federal lands. Therefore, increasing government investment is driving the growth of the offshore decommissioning market.
Strategic partnerships are a key trend in the offshore decommissioning market. Major players are entering into a partnership to leverage each other's resources and sustain 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 specializing in offshore decommissioning services.
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Major Key Players of the Market:
Abbott Laboratories, Otsuka Holdings Co., Glaxosmithkline Plc, Herbal Life Nutrition, Bayer, Natures Bounty Co., Glanbia Plc, Nu Skin Entreprises, Arkopharma, Nutramarks, Nestle S.A, Usana Health Sciences Inc, Cipla Ltd, Lasons India Pvt. Ltd, VOOST, Berocca, Blackmores, Swisse, Nature's Way, Centrum, Cenovis, MuscleBlaze MB-Vite, HK Vitals, Rainbow Light, One A Day Men's Multivitamin, CSPS Pharmaceutical, Zhejiang NHU, G&G, Simply Supplements, Evolution Organics, Nutri-Link, BioCare, Naturex, Microphyt, Ynsect, Olygose, VTF, Solgar, Evalar, Biovea, Mcepharma, Terezia, Archer Daniels Midland Company, Herbalife Ltd, NBTY, Inc, Forever Living, Grupo Omnilife, Shaklee Corporation, American Health Inc, Atrium Innovations, Pfizer, Inc, NOW Foods, HealthVit, Nature Made, GNC Holdings, Inc, Merck KGaA, Ascendis Health, Inova Pharmaceuticals, Vital Health Foods, Vitabiotics Ltd, Adcock Ingram, SA Natural Products, Beauty Gen, BSN, Grenade, Nature's Nutrition, NPL, PharmaFreak.
Offshore Decommissioning Market 2024 Key Insights:
• The offshore decommissioning market size is expected to see strong growth in the next few years. It will grow to $8.91 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%.
• Government Investment Fuels Offshore Decommissioning Market Growth
• Worley And Morrison Energy Forge Strategic Alliance In Offshore Decommissioning
• Europe was the largest region in the offshore decommissioning market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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