Steady Expansion Forecast for Offshore Decommissioning Market, Projected to Reach $9.52 Billion by 2029

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What Is the Expected CAGR for the Offshore Decommissioning Market Through 2025?
The market size for offshore decommissioning has significantly expanded over the past few years. The market is forecasted to escalate from $6.38 billion in 2024 to $6.97 billion in 2025, reflecting a compound annual growth rate (CAGR) of 9.3%. The historic growth is credited to the escalating number of deserted wells, increased investments in the remediation of non-active oil and gas wells, and the surge in mature offshore oilfields.

What's the Projected Size of the Global Offshore Decommissioning Market by 2029?
The size of the offshore decommissioning market is poised for robust expansion in the coming years, with projections estimating a growth to $9.52 billion by 2029 at a compound annual growth rate (CAGR) of 8.1%. This predicted growth during the forecast period can be linked to an increase in government expenditure on well decommissioning and abandonment plans, heightened exploration and production pursuits within the oil and gas sector, and escalating demand for products derived from crude oil. Noteworthy developments to look out for in the forecast period include augmenting focus on decommissioning agreements with industry front runners, broadening acquisition moves for enhancing geographical reach, a mounting emphasis on topside removal projects, strategic alliances and coopetition amidst market participants, and technological breakthroughs in subsea processing and transportation systems.

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Top Growth Drivers in the Offshore Decommissioning Industry: What's Accelerating the Market?
The surge in governmental spending on well-plugging and abandonment procedures is set to boost the offshore decommissioning market. Well-plugging involves the use of various materials and methods to permanently close an abandoned well to prevent contamination of surface drainage. Offshore decommissioning is designed to ensure that these capped wells do not leak post-abandonment, which is achieved by terminating the production of offshore oil and gas at a platform and reestablishing the ocean and seafloor to their initial pre-lease condition. A Business Standard article in May 2022 reported that the US plans to invest $33 million to restore oil and gas wells on federal property. This will allow for the cleanup of 277 out of an estimated 15k abandoned oil and gas wells on federal land, made possible by the $33 million from the recently signed $1 trillion bipartisan infrastructure package by President Joe Biden. The legislation will earmark $4.7 billion to fix abandoned oil and gas wells, inclusive of those situated on federal lands. Hence, the escalation in government funding is stimulating the expansion of the offshore decommissioning market.

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What Trends Will Shape the Offshore Decommissioning Market Through 2029 and Beyond?
Forming strategic alliances is a noteworthy trend in the offshore decommissioning market. Top players are collaborating to maximize their combined resources and maintain market presence. For instance, in February 2024, Malaysia-based offshore contractor Sapura Energy initiated a partnership with AF Offshore Decom to address the growing need for offshore decommissioning in Southeast Asia by providing comprehensive services from designing to waste management. Their collaborative undertaking, Kitar Solutions, marries Sapura's localized knowledge with AF Offshore Decom's accumulation of expertise in dismantling and reprocessing oil and gas facilities, making operations more efficient. AF Offshore Decom is a US-based firm engaged in offshore decommissioning.

What Are the Main Segments in the Offshore Decommissioning Market?
The offshore decommissioning market covered in this report is segmented -

1) 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
2) By Structure Type: Topside, Substructure, Subsea Infrastructure
3) By Application: Shallow Water, Deep Water

Subsegments:
1) By Project Management: Project Planning And Scheduling, Risk Management, Budgeting And Cost Control
2) By Engineering And Planning: Site Assessment and Surveys, Environmental Impact Assessments, Decommissioning Methodology Development
3) By Platform Preparation: Structural Modifications, Safety Inspections, Hazardous Material Removal
4) By Well Plugging And Abandonment: Well Integrity Assessments, Plugging Operations, Regulatory Compliance
5) By Conductor Removal: Conductor Cutting And Removal Techniques, Environmental Considerations, Equipment And Tooling
6) By Platform Removal: Dismantling And Deconstruction, Transport And Logistics, Disposal Methods
7) By Pipeline And Power Cable Decommissioning: Pipeline Cleaning And Purging, Cutting And Removal Techniques, Environmental Management
8) By Material Disposal And Site Clearance: Waste Management Strategies, Site Restoration Activities, Reuse And Recycling Initiatives
9) By Other Services: Subsea Decommissioning, Salvage Operations, Regulatory And Compliance Consulting

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Which Top Companies are Driving Growth in the Offshore Decommissioning Market?
Major companies operating in the offshore decommissioning market include 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, Reliance Industries Limited, Cairn Oil and Gas, Essar Offshore Subsea Limited, Afcons Infrastructure Limited, Seamec Ltd, China Offshore Oil Engineering Corporation, Shanghai Salvage Company, China Oilfield Services Limited, Shanghai Zhenhua Heavy Industries Company, Boskalis Subsea Services, Augean North Sea Services, Veolia Environmental Services, ASCO Group, Gazprom, Rosneft, LUKOIL, NOVATEK, Sovcomflot, ExxonMobil Corporation, Baker Hughes Company, Halliburton Offshore Services Inc., Weatherford International PLC, Tetra Technologies Inc., Allnorth Consultants, Petrogas Group, R.J. MacIsaac Construction Ltd, Petrobras, OceanPact, Subsea 7, Ocyan, Oceaneering, Norwell Engineering, Aries Marine, Gulfstream Services, Decom Engineering, Environment Quality Services, The Sparrows Group, Southey Contracting, Sasol, Alduco Engineering Services

Which Regions Will Dominate the Offshore Decommissioning Market Through 2029?
Europe was the largest region in the offshore decommissioning market in 2024. The regions covered in the offshore decommissioning market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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