Offshore Decommissioning Market Analysis: $9.51 Billion by 2029 With a CAGR of 8.2%

Stay informed on tariff shifts, macro trends, and global economic changes-use code ONLINE30 to enjoy 30% off our global market reports.

Offshore Decommissioning Market Value Projection: How Much Will the Market Size by 2025?
The size of the offshore decommissioning market has powerfully expanded in the past few years. The anticipated growth is from $6.38 billion in 2024 to $6.94 billion in 2025, reflecting a compound annual growth rate (CAGR) of 8.9%. This growth experienced in previous years is due to several factors like the increase in deserted wells, escalated investments for inactive oil and gas well remediation and growth of mature offshore oilfields.

What Will Be the Market Growth Forecat for Offshore Decommissioning in 2029?
The offshore decommissioning market size is projected to experience considerable expansion in the forthcoming years. It is slated to escalate to $9.51 billion by 2029, with a compound annual growth rate (CAGR) of 8.2%. This growth during the projection period can be credited to the amplified government funding for well decommissioning and cessation programs, escalating exploration and production activities for oil and gas, and the surging requirement for crude oil products. Significant trends for the forecast period encompass increasing concentration on decommissioning contracts with industry pioneers, burgeoning acquisition efforts to broaden geographic reach, rising significance of topside removal projects, strategic alliances and cooperations among players in the market, and advancements in subsea processing and transportation systems.

Explore The Complete Report Now:
https://www.thebusinessresearchcompany.com/report/offshore-decommissioning-global-market-report

What Are the Core Competitive Drivers in the Offshore Decommissioning Industry?
The expansion of the offshore decommissioning market is projected to be fueled by a rise in governmental spending on well-plugging and abandoned operations. Well-plugging is a process involving the usage of materials and methodologies to permanently close an abandoned well to prevent contamination from surface water drainage. Offshore decommissioning guarantees that no leaks occur from plugged wells post-abandonment by ceasing offshore oil and gas operations on a platform and reverting the ocean and seafloor to their conditions before leasing. For example, in May 2022, as per an article by Business Standard, an Indian English-language daily newspaper, it was reported that the US plans to expend $33 million on addressing oil and gas wells on federal properties. Additionally, about 277 out of the estimated 15,000 abandoned oil and gas wells on federal properties will be cleaned using roughly $33 million from a $1 trillion bipartisan infrastructure scheme recently approved by President Joe Biden. This law is set to allocate $4.7 billion towards the rectification of abandoned oil and gas wells, including those on federal territories. Hence, the escalation in government spending is contributing to the growth of the offshore decommissioning market.

Get Free Sample Report Here:
https://www.thebusinessresearchcompany.com/sample.aspx?id=8032&type=smp

Which Offshore Decommissioning Market Segment Is Projected to See the Fastest Growth?
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

Which Trends Are Opening New Opportunities in the Offshore Decommissioning Market?
Forming partnerships strategically is a prominent trend within the offshore decommissioning market. Significant players are allying themselves to exploit mutual resources and persist in the market. For illustration, in February 2024, Sapura Energy, an offshore contractor based in Malaysia, formed a partnership with AF Offshore Decom to cater to the increasing requirement for offshore decommissioning in Southeast Asia by providing comprehensive services ranging from engineering to waste management. Their collaborative endeavor, Kitar Solutions, fuses Sapura's local talent with AF Offshore Decom's expertise in deconstructing and recycling oil and gas infrastructure to optimize operations. AF Offshore Decom is a company from the US involved in offshore decommissioning projects.

Customize Your Insights And Get The Full Report Here:
https://www.thebusinessresearchcompany.com/customise?id=8032&type=smp

Who Are the Leaders 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 Regional Offshore Decommissioning Markets Offer the Greatest Growth Potential?
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.

Reach out to us:
The Business Research Company: https://www.thebusinessresearchcompany.com/,
Americas +1 310-496-7795,
Europe +44 7882 955267,
Asia & Others +44 7882 955267 & +91 8897263534,
Email us at info@tbrc.info.

Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company,
Twitter: https://twitter.com/tbrc_info,
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ

Learn More About The Business Research Company
With over 17500+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Armed with 1,500,000 datasets, the optimistic contribution of in-depth secondary research, and unique insights from industry leaders, you can get the information you need to stay ahead.Our flagship product, the Global Market Model (GMM), is a premier market intelligence platform delivering comprehensive and updated forecasts to support informed decision-making.

This release was published on openPR.