Offshore Decommissioning Market, By Service (Well Plugging and Abandonment, Project Management, Engineering and Planning, Permitting and Regulatory Compliance, Platform Preparation, Conductor Removal, Mobilization and Demobilization of Derrick Barges, and Others), By Depth (Shallow Water and Deepwater), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2034

Offshore Decommissioning Market was valued at US$ 6.4 Billion in 2024 and is projected to grow at a CAGR of 7.90% to reach US$ 12.9 Billion by 2034.

Offshore decommissioning is process of plugging and disposal of equipment used in offshore oil production and helps to maintain safety and sanity of the offshore environment. Decommissioning process is carried out when oil production from the well decreases significantly. Offshore decommissioning is including removal of decks, subsea pipelines, subsea wells, sank rigs, and damaged offshore platforms. Decommissioning includes plugging oil and gas wells, removing the associated platform structure, and restoring the impacted environment. The aim of decommissioning is the to ensure long-term protection of the public and the environment, and typically includes reducing the levels of residual radionuclides in the materials and facilities on the site, so that they can be safely recycled, reused, or disposed of as exempt waste or as radioactive waste.

                    For More Report Details, Download Free Sample PDF

Rising offshore oil and gas exploration

Flourishing offshore oil and gas exploration and production activities across the globe is major factor driving growth of the global offshore decommissioning market. In addition, rising demand for fuel in turn increases demand for offshore decommissioning activities which is expected to propel the target market. Furthermore, infrastructure aging and maturing oilfields are other factors expected to promote growth of the global offshore decommissioning market. Moreover, declining prices of crude oil is expected to fuel growth of the target market over the forecast period. Increasing disruptive and innovative technologies are factors expected to create lucrative growth opportunity for the major players operating in the global offshore decommissioning market.

However, cost-efficiency regarding offshore decommissioning projects is expected to hamper growth of the global offshore decommissioning market.

The offshore decommissioning market is segmented based on service, depth, and region.

On the basis of service, the target market is bifurcated into well plugging and abandonment, project management, engineering and planning, permitting and regulatory compliance, platform preparation, conductor removal, and mobilization and demobilization of derrick barges. On the basis of depth, the global offshore decommissioning market is categorized into shallow water and deep water.

Regional Insights:

The offshore decommissioning market accounted for US$ 6.72 billion in 2020 and is estimated to be US$ 10.89 billion by 2030 and is anticipated to register a CAGR of 5.0%. On region the global offshore decommissioning market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Europe offshore decommissioning market is expected to account for fastest growing market in the global offshore decommissioning market. This can be attributed to maturing oilfields and high spending in North Sea and UK. The North America offshore decommissioning market is expected to second-highest revenue share in the global offshore decommissioning market. This is owing to maturing oilfields along with large number of platforms decommissioning in the countries of the North America region. The market in Asia Pacific is witnessed to have a significant growth rate in the global offshore decommissioning market. This is due to increasing number of oilfields in emerging economies such as China, India, etc. The market in Middle East is projected to have a significant growth in the global offshore decommissioning market due to its prolonged oil and gas operations and production activities.

Report Scope:

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2020 to 2030. For the purpose of this study, has segmented the global offshore decommissioning market report based on service, depth and region

Global Offshore Decommissioning Market, By Region:

• North America
  • Middle East & Africa
    • GCC
    • Israel
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia Pacific
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Italy
    • Rest of Europe
  • U.S.
  • Canada

The key players operating in the global offshore decommissioning market includes Amec Foster Wheeler Energy Limited, Aker Solutions, James Fisher Offshore Ltd, AF Gruppen ASA, First Subsea Ltd., TETRA Technologies, Inc., John Wood Group PLC, Able UK Ltd., DNV GL AS, Heerema Marine Contractors Nederland SE, Allseas Group S.A., DeepOcean Group Holding AS, and TechnipFMC plc.

Aker Solutions:

In July 2021, Aker Solutions and AF Gruppen had signed an LOI for merging with two companies with an aim of creating a leading global player for eco friendly recycling of offshore assets.

• Amec Foster Wheeler Energy Limited
• Aker Solutions
• James Fisher Offshore Ltd
• AF Gruppen ASA
• First Subsea Ltd.
• TETRA Technologies, Inc.
• John Wood Group PLC
• Able UK Ltd
• DNV GL AS
• Heerema Marine Contractors Nederland SE
• Allseas Group S.A.
• DeepOcean Group Holding AS
• TechnipFMC plc