2024 Offshore Decommissioning Market Outlook: Size, Share, and Key Growth Drivers
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What Growth Rate is the Offshore Decommissioning Market Anticipated to Experience from 2024-2033?
The market size for offshore decommissioning has significantly expanded in the past few years. It is expected to rise from $5.88 billion in 2023 to $6.43 billion in 2024, exhibiting a compound annual growth rate (CAGR) of 9.2%. The surge in this market during the historic period can be linked to an increase in the number of deserted wells, escalating investments for restoring inactive oil and gas wells, and a growth in aging offshore oilfields.
In the coming years, the offshore decommissioning market is predicted to experience robust growth. The market size is projected to reach $8.91 billion by 2028 progressing at a compound annual growth rate (CAGR) of 8.5%. Several factors contributing to this projected growth in the forecast period include a rise in government investment in well decommissioning and abandonment initiatives, increased exploration and production of oil and gas, along with a surge in the demand for crude oil products. Key trends that will influence the market in this forecast period encompass a growing focus on decommissioning contracts with industry frontrunners, widened acquisition strategies aimed at enhancing geographical reach, increased importance attached to topside removal projects, strategic alliances and teamwork among market participants and innovative advancements in subsea processing and transportation systems.
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What Are the Significant Influencers of Growth in the offshore decommissioning Market?
The offshore decommissioning market is poised for growth, fueled by increased government funding for activities related to well-plugging and abandonment. Well-plugging involves the use of specific materials and techniques to permanently seal abandoned wells, preventing contamination from surface drainage. Offshore decommissioning ensures the non-leakage of these plugged wells post-abandonment. It involves ceasing offshore oil and gas production at a platform, and restoring both the ocean and seafloor to their original state before leasing. For example, as per a Business Standard report in May 2022, the US is set to invest $33 million for the remediation of oil and gas wells on federal land. Moreover, part of the signed $1 trillion bipartisan infrastructure package, around $33 million, will be used to clean up 277 out of an estimated 15k abandoned oil and gas wells on federal land. The law plans to allocate $4.7 billion for repairing abandoned oil and gas wells, including those on federal grounds. Thus, these surges in government investment are propelling the offshore decommissioning market’s expansion.
What Key Segments Define the Offshore Decommissioning Market?
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
What Are the Key Developments Shaping the Offshore Decommissioning Market?
A key tendency within the offshore decommissioning market is the formation of strategic alliances. Essential market players are collaborating in order to utilize mutual resources and maintain market position. For example, Worley, a US firm that focuses on engineering and design solutions, formed a partnership with Morrison Energy in March 2021. This partnership will allow Worley to oversee Morrison’s decommissioning projects in terms of engineering services. Morrison Energy is a US energy company with expertise in offshore decommissioning services.
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What Regions Are Driving Expansion in the Offshore Decommissioning Market?
Europe was the largest region in the offshore decommissioning market in 2023. The regions covered in the offshore decommissioning market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Offshore Decommissioning Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the offshore decommissioning market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Offshore Decommissioning Market Include
1. Offshore Decommissioning Market Executive Summary
2. Offshore Decommissioning Market Segments
3. Offshore Decommissioning Market Size And Template Market Growth Rate
4. Key Offshore Decommissioning Market Trends
5. Major Offshore Decommissioning Market Drivers
……
25. Key Mergers And Acquisitions In The Offshore Decommissioning Market
26. Top Offshore Decommissioning Companies
27. Offshore Decommissioning Market Opportunities And Strategies
28. Offshore Decommissioning Market, Conclusions And Recommendations
29. Appendix
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