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Offshore Decommissioning Market Size Worth USD 9.2 billion by 2030 at a CAGR of 7.4%, by Service (Well Plugging & Abandonment, Platform Removal, Conductor Removal), Depth (Shallow, Deepwater), Structure, Removal, and Geography: DelvensWashington DC, May 22, 2023 (GLOBE NEWSWIRE) -- According to the market research report, “Global Offshore Decommissioning Market Revenue, and Share & Trends Analysis Report, by Service (Well Plugging & Abandonment, Platform Removal, Conductor Removal) Depth (Shallow, Deepwater) Structure (Topsides, Substructure) Removal (Leave in Place, Partial, Complete), Supply & Demand Side Analysis, and Segment Forecasts, 2023-2030”, published by Delvens, the global market for Offshore Decommissioning is expected to reach $9.2 billion by 2030 from $3.5 billion in 2022, registering impressive expansion at a compound annual growth rate (CAGR) of 7.4%. Growing number of abandoned wells and presence of large mature offshore oilfields worldwide. The prominent players in Offshore Decommissioning Market are Aker Solutions (Norway), Ramboll Group (Denmark), AF Gruppen (Norway), TechniFMC (France), and John Wood Group Plc (U.K.) among others. Request For Free Sample Report: https://www.delvens.com/get-free-sample/offshore-decommissioning-market-trends-forecast-till-2028 Offshore decommissioning has emerged as the fastest-growing market with great prospects and low hazards in the next years. The United Nations Convention on the Law of the Sea (UNCLOS) requires member countries to remove any abandoned or decommissioned installations or structures to ensure navigational safety, taking into account any generally accepted international standards of the IMO and with due regard for fishing and marine environment protection, which has brightened the offshore decommissioning market's future. The number of wells that must be permanently plugged and abandoned is fast growing, particularly in mature offshore locations such as the North Sea and the Gulf of Mexico. According to Oil & Gas UK's Decommissioning insight 2019, an estimated 2,624 wells will be decommissioned in the North Sea between 2019 and 2028, demonstrating offshore decommissioning industry trends. Furthermore, the growing government emphasis on well plug and abandonment operations is pushing the offshore decommissioning services market. For example, in April 2021, a Democrat in the US House of Representatives submitted legislation allowing USD 8 billion to plug and clean up abandoned oil wells around the country, with the goal of providing jobs for oil and gas workers while lowering climate-warming emissions. Furthermore, a drop in crude oil prices is expected to boost development in the offshore decommissioning business. Aging infrastructure in the shallow North Sea and on the UK continental shelf are projected to drive decommissioning demand in the near future. Offshore Decommissioning Market Segmentation Analysis During the forecast period, the well plugging & abandonment service is anticipated to contribute the most to the offshore decommissioning market. Services, project management, engineering, and planning, permitting and regulatory compliance, platform preparation, well plugging and abandonment, conductor removal, mobilisation and demobilisation of derrick barges, platform removal, pipeline and power cable decommissioning, materials disposal, and site clearance are the different market segments. The demand from the European market, which was the segment with the biggest market share in 2022, was well plugging and abandonment. The entire cost of decommissioning a project includes up to 51% of the cost of well plugging and abandonment. During the projected period, the market for shallow water is anticipated to develop at the fastest rate. The offshore decommissioning industry is divided into shallow water and deep water segments based on the depth at which decommissioning initiatives take place. Due to its reduced operating expenses, the shallow water segment, which previously accounted for the largest market, is expected to keep its lead over the deep water segment. However, as many platform installations are currently at deepwater and ultra-deepwater depths, the deepwater segment would eventually face competition from shallow water. The topside segment of the offshore decommissioning market is likely to develop the fastest throughout the projected period, according to structure. The market has been segmented into groups based on topside, substructure, and subsea infrastructure. The majority of an offshore platform's weight is in its topsides, and their decommissioning necessitates the use of specialised heavy lift vessels and removal equipment. As a result, in terms of structure, the topsides market is the largest market sector. Complete removal is predicted to have the greatest removal impact on the offshore decommissioning market during the projection period. The categories of removal, partial removal, leave in place, and ultimate removal make up the offshore decommissioning market. The rigorous regulations for entire offshore platform removal to return the marine life and seafloor to their pre-production conditions are predicted to drive the industry. Key Companies & Market Share Insights Some of the key players operating in the global Offshore Decommissioning market are Aker Solutions (Norway), Ramboll Group (Denmark), AF Gruppen (Norway), TechniFMC (France), John Wood Group Plc (U.K.), Heerema Marine Contractors (The Netherlands), Royal Boskalis Westminster N.V. (The Netherlands), Petrofac (Jersey), Oceaneering International (US), Baker Hughes Company (US), Halliburton (US), Schlumberger (US), Weatherford (US), Subsea7 (UK), DeepOcean Group (Norway), Perenco (UK), Saipem (Italy), DNV GL (Norway), Allseas Group (Switzerland), Acteon Group (UK), Maersk Decom (Denmark), Able UK (UK), Enermech (UK), Mactech Offshore (US), and Linch-Pin Offshore (Australia) Recent Developments
To Grow Your Business Revenue, Make an Inquiry Before Buying at: https://www.delvens.com/Inquire-before-buying/offshore-decommissioning-market-trends-forecast-till-2028 Offshore Decommissioning Market Overview The market is expanding significantly as a result of the ageing platforms and maturing oil and gas fields, but certain obstacles, such as the high cost of offshore decommissioning projects, could restrain this growth. The COVID-19 epidemic has had a negative impact on the expansion of the worldwide oil and gas industry. As nations implemented partial or complete lockdown procedures to combat the epidemic, oil and gas corporations all over the world were forced to shut down their manufacturing facilities and services. Internationally based offshore decommissioning firms have also had to find ways to get over quarantine and inter-country travel regulations that have caused crew members to overstay their contracts for lengthy periods of time. Offshore Decommissioning Market Regional Insights The European market dominated the offshore decommissioning industry during the projection period and held the largest market share. Of the approximately 950,000 tonnes of topsides that will be recovered off Europe's shores throughout the North Sea, about 605,000 tonnes will originate from UKCS. The UK is expected to spend over EUR 15.3 billion on decommissioning over the following ten years. 2,400 wells are expected to be shut down across the entire North Sea and the region to the west of the Shetlands by 2027. How much demand there is for offshore decommissioning will depend in large part on the North American market. North America is the greatest market in terms of the annual number of platforms that are decommissioned. The US Gulf of Mexico is where the majority of offshore decommissioning occurs, and it is here that the Rigs to Reef programme has been in effect for a very long time. Offshore Decommissioning Market Outlook Driver: Growing number of abandoned wells and presence of large mature offshore oilfields worldwide When a well's useful life is up, it needs to be fully sealed off and abandoned. A number of cement plugs are inserted into the wellbore during such plug and abandoned (P&A) operations to isolate the reservoir and other fluid-bearing formations. Particularly in mature, offshore regions like the North Sea and the Gulf of Mexico, the number of wells that must be permanently sealed and abandoned is fast rising. The market for offshore decommissioning services is being driven by the government's increased attention on well plug and abandonment activities. For instance, in April 2021, a Democratic member of the US House of Representatives submitted a bill authorising USD 8 billion to plug and clean up abandoned oil wells around the country, a move intended to increase employment opportunities for oil and gas workers and lower greenhouse gas emissions. Thus, the market for offshore decommissioning is being driven by the growing requirement for well plugging and abandonment. Restraint: High cost associated with offshore decommissioning processes Although the characteristics and configuration of platforms may be identical, the cost of decommissioning them might vary greatly based on the location, environment, and laws. Decommissioning is a difficult task requiring a variety of tools and knowledgeable operators. A corporation can make money while producing hydrocarbons with the use of an oilfield. Decommissioning activities are nonetheless carried out on oilfields, which are now a burden for the corporation. Oil and gas infrastructure decommissioning is expensive. Although costs are estimated widely around the world, relocating a whole platform from shallow seas, like the Gulf of Mexico, may run between $15 million and $20 million. According to the industry group Oil and Gas UK, removing infrastructure from deep water, such as the North Sea, may cost between £30 million for smaller platforms and £200 million for larger facilities. Opportunity: Aging offshore infrastructures, especially in North Sea and Gulf of Mexico Infrastructure is needed in large quantities to produce crude oil and gas. Infrastructure requirements for onshore projects are often lower than for offshore developments. One of the trickiest steps in oil and gas production is installing these infrastructure pieces, like pipelines, platforms, rigs, and conductors. In the upcoming several decades, more than 7,500 offshore oil and gas installations across 53 countries will become unusable, with the eventual decommissioning of constantly expanding infrastructure posing a huge problem. A market opportunity for offshore decommissioning is anticipated as a result. Challenge: Growing adoption of technologies to increase production from mature fields Primary and secondary phases make up the operation of oil and gas fields. An oilfield produces crude oil or gas during its primary lifespan under the pressure of a natural reservoir. However, artificial assistance, such as better oil recovery, injecting water or gas, and inserting polymers, is required for higher production during a well's second phase. EOR can stop mature fields from deteriorating and boost the total recovery rate. Few fields have recovery rates that are higher than 60%. The IEA predicts that between 2025 and 2040, the total production employing EOR technology will increase from 2.7 mb/d to more over 4.5 mb/d, making up roughly 4% of the world's production in that year. This poses a significant obstacle for the offshore decommissioning sector. Global Offshore Decommissioning Market Table of Contents Type Outlook
Service Outlook
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