Press release
Offshore Decommissioning Market: Rapid Growth and Key Market Trends
Offshore Decommissioning Market
Navigating the Future: Projections for Offshore Decommissioning Market and Its Key Drivers
What Is The Projected Market Size Of The Global Offshore Decommissioning Market And Its Growth Rate?
• The offshore decommissioning market has shown significant growth of late. From $6.38 billion in 2024, the market size is projected to reach $6.97 billion in 2025, reflecting a compound annual growth rate (CAGR) of 9.3%.
• Some factors contributing to this robust growth include the rising count of abandoned wells, substantial investments in decommissioning inactive oil and gas wells, and the growing numbers of mature offshore oilfields.
• The future also seems promising for the market. In the next few years, the offshore decommissioning market is expected to grow further, reaching $9.52 billion in 2029 at a CAGR of 8.1%.
• This growth can be credited to increasing government funding for well decommissioning programs, expanding oil and gas exploration and production activities, and growing demand for crude oil products.
What Is Driving The Growth In The Offshore Decommissioning Market?
Higher government investment in well-plugging and abandoned activities is a key factor propelling the growth of the offshore decommissioning market. This process efficiently closes an unused well, protecting the surface environment from any seepage. Ensuring offshore oil and gas production platforms are securely decommissioned helps to restore the ocean and seafloor to their original state. A recent example of this can be seen in the US where, in May 2022, $33 million was reportedly allocated to remediate oil and gas wells on federal land. This funding decision was part of the $1 trillion bipartisan infrastructure package signed into law by President Joe Biden. Overall, $4.7 billion is earmarked to repair abandoned oil and gas wells, including those sited on federal lands.
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Who Are the Key Players Driving Offshore Decommissioning Market Growth?
• TechnipFMC PLC
• Petrofac Limited
• John Wood Group Plc
• Aker Solutions ASA
• Allseas Group SA
• Equinor ASA
• Schlumberger Ltd.
• Acteon Group Ltd
• DNV GL
• AF Gruppen ASA
What Are The Key Trends In The Offshore Decommissioning Market?
• Emphasis on decommissioning contracts with industry leaders
• Expansion of acquisition efforts to broaden geographic presence
• Growing importance of topside removal projects
• Increasing strategic partnerships and collaborations among market players
• Innovations in subsea processing and transportation systems
What Are The Segments Of The Global Offshore Decommissioning Market?
• By Type: Project Management, Engineering And Planning, Platform Preparation, Well Plugging And Abandonment, Conductor Removal, Platform Removal, Pipeline And Power Cable Decommissioning, Material Disposal And Site Clearance, Other Services
• By Structure Type: Topside, Substructure, Subsea Infrastructure
• By Application: Shallow Water, Deep Water
Which Region Leads The Offshore Decommissioning Market?
Europe was the largest region in the offshore decommissioning market in 2024. The robust market in the region can be attributed to several factors including stringent environmental regulations and a high number of mature oil and gas fields. Other regions considered in the report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Offshore Decommissioning Market Global Market Report?
- Market Size Analysis: Analyze the Offshore Decommissioning Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Offshore Decommissioning Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Offshore Decommissioning Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Offshore Decommissioning Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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