Shallow Water segment will dominate the Global Offshore Decommissioning Market in the forecast period.
Global Offshore Decommissioning Market is
expected to grow due to an increase in demand for oil and gas and aging
offshore infrastructures during the forecast period of 2024-2028.
According to TechSci Research report,
Global Offshore Decommissioning Market - Global
Industry Size, Share, Trends, Opportunity, and Forecast, 2028, the Global Offshore
Decommissioning Market is anticipated to register robust growth during the
forecast period. The increasing focus on mature oil and gas fields and aging
offshore platforms, particularly in shallow water.
The decreasing hydrocarbon production
from the producing well is the initial cause of the decommissioning, which
raises the market for offshore decommissioning. a substantial quantity of crude
oil sourced from worldwide mature oil fields that are continually aged. It is
necessary to specifically remove all the tools and clear the wells to prevent
any accident or hydrocarbon leak into marine water. These components are
contributing to the expansion of the market for offshore decommissioning.
Browse over XX market data Figures
spread through 110 Pages and an in-depth TOC on " Global Offshore Decommissioning Market.”
Global Offshore
Decommissioning Market is segmented based on service, structure, water depth
and region. Based on Service, the market is divided into Project Management,
Engineering, and Planning, Platform Preparation, Well Plugging and Abandonment,
Platform Removal, Material Disposal, Site Clearance, Others. Based on Structure
the market is divided into Topside, Subsea Infrastructure, Substructure. Based
on Water Depth, the market is divided into Shallow Water and Deep Water. Based
on region, the market is further bifurcated into North America, Asia-Pacific,
Europe, South America, Middle East & Africa.
Based on Service, the well plugging
& abandonment is expected to be the largest contributor to the offshore
decommissioning market, by service, during the forecast period. Based on Water Depth, Shallow Water to
Dominate the Market in the forecast period. Due to factors like low operational
costs and rising oil prices in the oil and gas market, it is anticipated that
the shallow water segment will continue to dominate during the forecast period.
Since early offshore products were in shallow water, most of the projects being
decommissioned are in shallow water, whereas deepwater projects have developed
in recent years. The North Sea has a maximum depth of 700 meters and an average
depth of 95 meters. The market being studied will expand during the forecast
period because of the significant decrease in the average cost per well for
decommissioning over the past few years. As a result, the demand for
decommissioning is anticipated to rise significantly over the forecast period
due to several offshore oil and gas projects and rising offshore oil and gas
sector investments.
Based on Region, Europe is expected to
be the largest market during the forecast period. Over the course of the
forecast period, the offshore decommissioning industry was governed by the
European market, which held the largest market share. In Europe, more than
605,000 tons of UKCS topsides are projected to be eliminated from the North
Sea. Over the next ten years, the UK is anticipated to spend roughly USD 16.70
billion on decommissioning from 2022. By 2027, it is anticipated that 2,400
wells will be retreated across the entire North Sea and the area west of the
Shetland Islands.
Key market players in the Global Offshore Decommissioning
Market are:
·
Acteon Group
·
Aker Solutions
·
Allseas Group S.A.
·
Baker Hughes Company
·
DeepOcean Group Holding
·
Halliburton
·
Heerema Marine Contractors
·
Oceaneering International
·
Ramboll Group
·
Royal Boskalis Westminster N.V.
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“The growing demand for offshore decommissioning because of large,
mature offshore oilfields and an increasing number of abandoned wells worldwide
have fueled the market's extensive expansion over the past few years. In
addition, the Canadian government invested USD 1.7 billion in April 2020 to the
elimination of unaided and parted oil and gas wells in British Columbia,
Alberta, and Saskatchewan. The initiative's intent is to support the energy
industry while maintaining or mounting employment opportunities. Alberta alone
is estimated to see 5,200 new jobs created by the cleanup funds. In these
provinces, the federal government aims to help companies avoid economic failure
and meet their environmental zones while also creating immediate jobs. As a
result, various governments around the world have generated their funds in
decommissioning abandoned wells because of the rising number of wells. The
offshore decommissioning market will grow because of these reasons during the
forecast period.” Said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
“Offshore Decommissioning Market– Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018–2028F. Segmented by Service (Project Management, Engineering, and Planning, Platform Preparation, Well Plugging and Abandonment, Platform Removal, Material Disposal, Site Clearance, Others), By Structure (Topside, Subsea Infrastructure, Substructure) By Water Depth (Shallow Water, Deep Water), By Region” has evaluated the future growth potential of Offshore Decommissioning Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Offshore Decommissioning Market.
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