Offshore decommissioning market is anticipated to grow at a CAGR of 6.1% during the forecast period (2024-2031). Decommissioning involves the safe plugging of the hole in the earth’s surface and disposal of the equipment used in offshore oil production. Decommissioning is a rapidly developing market sector in the petroleum business, with major potential and major risks. It is a source of major liability for counties, operators, contractors, and the public and it must be understood if it is to be managed cost-effectively.
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Globally, the advances in post-abandonment monitoring systems and the use of single lifts in decommissioning are emerging trends in the market. The oil and gas industry has been facing difficulties in demonstrating and guaranteeing safe well abandonment and in meeting the monitoring requirements set by environmental regulators. In November 2018, the ShaleSafe consortium initially developed ShaleSafe, a multi-sensor survey system, to alert shale gas operators to contamination risks. The technology has been used for monitoring abandoned wells. When the system is deployed into shale gas wells, it monitors key parameters multiple times a day to notify shale gas operators whenever the presence of any gas or other unexpected chemical is detected. In addition to working in shale gas aquifers, the technology also helps monitor onshore wells that have been abandoned. Therefore, the advances in post-abandonment monitoring technologies will ensure the safety and integrity of well abandonment, which will drive the growth of the market.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Offshore Decommissioning Market Report Segment
By Service
- Project Management, Engineering & Planning
- Permitting & Regulatory Compliance
- Platform Preparation
- Well Plugging & Abandonment
- Conductor Removal
- Mobilization & Demobilization of Derrick Barges
- Platform Removal
- Pipeline & Power Cable Decommissioning
- Materials Disposal
- Site Clearance
By Depth
- Shallow Water
- Deepwater
By Structure
- Topside
- Substructure
- Sub Infrastructure
Global Offshore Decommissioning Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2023 and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global offshore decommissioning market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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