The Offshore Decommissioning Market is Segmented by Service Type (Project Management, Engineering and Planning, Permitting & Regulatory Compliance, Platform Preparation, Conductor Removal, Material Disposal, Site Clearance, Pipeline & Power Cable Decommissioning, Well Plugging & Abandonment, and Platform Removal), by Depth Type (Shallow Water, Deepwater), by Structure Type (Topsides, Substructure, and Subsea Infrastructure), by Removal Type (Leave in Place, Partial, and Complete), and by Region (North America, Europe, Asia-Pacific, and Rest of the World)
The Offshore Decommissioning Market is Segmented by Service Type (Project Management, Engineering and Planning, Permitting & Regulatory Compliance, Platform Preparation, Conductor Removal, Material Disposal, Site Clearance, Pipeline & Power Cable Decommissioning, Well Plugging & Abandonment, and Platform Removal), by Depth Type...
The offshore decommissioning market is likely to grow from USD 5.04 billion in 2021 to reach USD 8.32 billion by 2028 at a healthy CAGR of 7.4 % during the forecast period
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What isoffshore decommissioning?
Offshore Decommissioning is a process that involves clogging of the hole in the earth’s surface and disposal of the equipment used in offshore oil production. The process appertains ten steps, which are project management, engineering, and planning; permitting and regulatory compliance; platform preparation; well plugging and abandonment; conductor removal; mobilization and demobilization of derrick barges; platform removal; pipeline and power cable decommissioning; materials disposal; and site clearance
Offshore Decommissioning Market Report Overview
Market Size in 2028
USD 8.32 billion
Market Size in 2021
USD 5.04 billion
Market Growth (2022-2028)
CAGR of 7.4 %
Base Year of Study
2021
Trend Period
2016-2020
Forecast Period
2022-2028
Drivers
The impressive growth of the market is attributable towards:
Growing focus on aging offshore platforms and mature oil and gas fields, particularly in shallow-water operations.
An increasing number of orphaned wells and the presence of big mature offshore oilfields.
The market is segmented as project management, engineering and planning, permitting and regulatory compliance, platform preparation, well plugging and abandonment, conductor removal, mobilization and demobilization of derrick barges, platform removal, pipeline and power cable decommissioning, materials disposal, and site clearance.
The well-plugging & abandonment segment is estimated to lead the market during the forecast period, driven by demand from the European market. Well-plugging & abandonment holds up to 45% share of the total decommissioning cost of a project.
By Depth Type
The market is segmented into shallow water and deep water. The shallow water segment is estimated to capture the larger share of the market and is projected to maintain its edge over the deepwater segment, owing to its lower operational costs. Regardless, in the future, the deepwater segment would compete with the shallow water segment as many platform installations are now, at deepwater and ultra-deepwater depths.
By Structure Type
The market is segmented into topsides, substructures, and subsea infrastructure. The topsides segment captured the largest share of the market in 2021 and is estimated to maintain its dominance during the forecast period. The growth of the segment is attributed to offshore platforms and decommissioning of topsides and related equipment that need specialized heavy lift vessels and removal equipment.
By Removal Type
The market is segmented into partial, leave-in-place, and complete removal types. The complete removal segment is estimated to lead the market during the forecast period. The growth of the segment is due to the enactment of brassbound regulations for complete offshore platform removal to restore marine life and seafloor to its pre-production conditions.
Regional Analysis
Europe accounts for the largest share of the offshore decommissioning market followed by North America. The European market is also expected to be the fastest-growing market during the forecast period. Factors driving the region’s market are mature oil and gas fields, particularly in the UK and the North Sea. Further, the imminent cessation of production in major oil and gas fields offers lucrative growth opportunities in the European market. North America and Asia-Pacific are also expected to offer considerable growth opportunities during the forecast period.
To know which region offers the best growth opportunities,
Segmentation
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market
The market is segmented into the following categories.
By Service Type:
Project Management
Permitting & Regulatory Compliance
Platform Preparation
Well Plugging & Abandonment
Conductor Removal
Mobilization & Demobilization of Derrick Barges
Platform Removal
Pipeline & Power Cable Decommissioning
Material Disposal
Site Clearance
By Depth Type:
Shallow Water
Deepwater
By Structure Type:
Topsides
Substructures
Subsea Infrastructure
By Removal Type:
Complete Removal
Partial Removal
Leave in Place
By Region:
North America (Country Analysis: the USA, Canada, and Mexico)
Europe (Country Analysis: Germany, France, the UK, Russia, and Rest of Europe)
Asia-Pacific (Country Analysis: China, Japan, India, and the Rest of Asia-Pacific)
Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)
Research Methodology
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.
We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.
Report Features
This report provides intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision-making for the existing players as well as those willing to enter the market.
Key questions this report answers
Relevant contents in the report
How big is the sales opportunity?
In-depth analysis of the Offshore Decommissioning Market
How lucrative is the future?
Market forecast and trend data and emerging trends
Which regions offer the best sales opportunities?
Global, regional, and country level historical data and forecasts
Which are the most attractive market segments?
Market segment analysis and forecast
Which are the top players and their market positioning?
Porter’s five forces analysis, PEST analysis, Life cycle analysis
What are the factors affecting the market?
Drivers & challenges
Will I get the information on my specific requirement?
10% free customization
Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
Detailed profiling of additional market players (up to 3 players)
SWOT analysis of key players (up to 3 players)
Market Segmentation
Current market segmentation of any one of the service types by removal type.
Competitive Benchmarking
Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances
Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.
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Offshore Decommissioning is a process that involves clogging of the hole in the earth’s surface and disposal of the equipment used in offshore oil production. The process appertains ten steps, which are project management, engineering, and planning; permitting and regulatory compliance; platform preparation; well plugging and abandonment; conductor removal; mobilization and demobilization of derrick barges; platform removal; pipeline and power cable decommissioning; materials disposal; and site clearance
Aker Solutions, Ramboll Group, AF Gruppen ASA, Technifmc Plc, John Wood Group Plc, and Tetra Technologies Inc., among several others are among the key players in the market.
Growing focus on aging offshore platforms and mature oil and gas fields, particularly in shallow-water operations.
An increasing number of orphaned wells and the presence of big mature offshore oilfields.