Offshore Decommissioning Market Expected to Reach US ~$10.07 Billion and CAGR 7.6% by 2030
The global offshore decommissioning market size is expected to reach USD 10.07 billion by 2030, according to a new study by Polaris Market Research.
The key factors responsible for the industry growth include the emerging contracts between the major players for withdrawing seaward and their strategies such as partnerships, collaboration, and others. For instance, in March 2021, Heerema Marine Contractors and Aker Solutions agreed to decommission the Heimdal and Veslefrikkfields in coastal Norway. Three offshore installations from the Heimdal and Veslefrikk fields will be received, dismantled, and recycled as part of the project. The overall weight of these installations is approximately 68,000 metric tonnes, with the goal of recycling around 98 percent of all materials. Thus, the rising decommissioning of seaward has led to rising in strategies adopted by major players and also increased the investment in it, which has driven the industry growth.
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Based on the service type, the good plugging & abandonment segment accounted for the leading share in the industry, in 2021. The segment is growing due to the majorly demand from the European market. Well, plugging and abandonment is one of the largest and most important processes in any withdrawal project, as it entails the safe and permanent closure of production or exploratory wells.
The growth of this sector is also aided by rising interest in top smart cities and the advanced application of local models. Besides that, the growing competition in the global industry platform, which has been developed by significant and numerous local players, has upgraded the organizations by quickly incorporating them with incredibly low or no installation costs.
Industry players such as Acteon Group, Aker Solutions, Allseas Group, Baker Hughes Company, DeepOcean Group, Halliburton, Heerema Marine Contractors, Oceaneering International, Petrofac, Ramboll Group, Royal Boskalis Westminster N.V., Schlumberger, Subsea 7, TechnipFMC, Weatherford are some key players operating in the global industry.
Significant investments in top-notch capital-intensive projects have moved the market forward. In May 2021, Heerema and AF Offshore have started top-side removal projects in the Northern Sea. Abu Dhabi National Energy Company PJSC (TAQA) of Europe’s, the Middle East’s, and Africa’s world’s most valuable integrated utility businesses. Brae Bravo asset removal campaign is TAQA’s first large asset removal project, and, TAQA and its partners put safety and environmental effect principles at the core of the operation.
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Polaris Market Research has segmented the offshore decommissioning market report based on services type, structure, water depth, and region:
Offshore Decommissioning, Service Type Outlook (Revenue – USD Billion, 2018 – 2030)
- 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
Offshore Decommissioning, Structure Outlook (Revenue – USD Billion, 2018 – 2030)
- Subsea infrastructure
Offshore Decommissioning, Water Depth Outlook (Revenue – USD Billion, 2018 – 2030)
- Shallow Water
- Deepwater and Ultra-Deepwater
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