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  • Offshore Decommissioning Market Growth Analysis | 2022-28

    Offshore Decommissioning Market Growth Analysis | 2022-28

    Offshore Decommissioning Market Growth Analysis | 2022-28
    Report code - SROG134 Delivery - 2 Weeks
    Offshore Decommissioning Market Size, Share, Trend, Forecast, & Industry Analysis &nda See more...

    Market Insights

    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

    To study more about this report,

     

    What is offshore 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.
     
    To get more ingorinformationt market trends,

    Key Players

    Some of the major players in the market are-

    Segment Analysis

    By Service Type

    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?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    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

    Frequently Asked Questions (FAQs)

    Offshore Decommissioning is a process that involves clogging of the hole in the earths 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.

    Europe is expected to be the fastest-growing market during the next five years.

    The well plugging & abandonment segment is expected to lead the market in the coming years.

    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 Offshore Decommissioning Market is likely to grow at a healthy CAGR of 7.4 % during the forecast period.

    The Offshore Decommissioning Market is likely to grow from USD 5.04 billion in 2021 to reach USD 8.32 billion by 2028.

    The study period of this market report is 2016-28.