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

Report Code: PMI83419 | Publish Date: March 2024 | No. of Pages: 170

Global Offshore Decommissioning Market By Overview

Introduction

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. The global offshore decommissioning market accounted for US$ 5.6 billion in 2022 and is estimated to be US$ 12.0 billion by 2032 and is anticipated to register a CAGR of 7.5%.

Global Offshore Decommissioning Market By Dynamics

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.

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Global Offshore Decommissioning Market By Segmentation

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.

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Report Scope:

Attribute

Details

Base year for estimation

2023

Forecast period

2024 – 2034

Market representation

Revenue in USD Billion & CAGR from 2024 – 2034

Market Segmentation

By Service- Well plugging and abandonment, Project management, engineering and planning, Permitting and regulatory Compliance, Platform preparation, Conductor removal, and Mobilization and demobilization of derrick barges

By Depth– Shallow water and Deepwater

Regional scope

North America - U.S., Canada

Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe

Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific

Latin America - Brazil, Mexico, Argentina, Rest of Latin America

Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

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

Global Offshore Decommissioning Market By Key Players

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.

Global Offshore Decommissioning Market By Company Profile

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

Global Offshore Decommissioning Market By Table of Contents

  1. Research Objective and Assumption
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Service
      • Market Snippet, By Depth
      • Market Snippet, By Region
    • Opportunity Map Analysis
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
    • Market Trends
    • Merger and Acquisitions
    • Recent Approvals
    • Impact Analysis
    • PEST Analysis
    • Porter’s Analysis
  4. Global Offshore Decommissioning Market, By Service, 2019 – 2029, (US$ Mn)
    • Overview
      • Market Value and Forecast (US$ Mn), and Share Analysis (%), 2019 — 2029
      • Y-o-Y Growth Analysis (%), 2019 – 2029
      • Segment Trends
    • Well Plugging and Abandonment
      • Overview
      • Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
    • Project Management, Engineering and Planning
      • Overview
      • Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
    • Permitting and Regulatory Compliance
      • Overview
      • Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
    • Platform Preparation
      • Overview
      • Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
    • Conductor Removal
      • Overview
      • Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
    • Mobilization and Demobilization Of Derrick Barges
      • Overview
      • Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
  5. Global Offshore Decommissioning Market, By Depth, 2019 – 2029, (US$ Mn)
    • Overview
      • Market Value and Forecast (US$ Mn), and Share Analysis (%), 2019 — 2029
      • Y-o-Y Growth Analysis (%), 2019 – 2029
      • Segment Trends
    • Shallow Water
      • Overview
      • Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
    • Deepwater
      • Overview
      • Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
  6. Global Offshore Decommissioning Market, By Region, 2019 – 2029, (US$ Mn)
    • Overview
      • Market Value and Forecast (US$ Mn), and Share Analysis (%), 2019 — 2029
      • Y-o-Y Growth Analysis (%), 2019 – 2029
      • Regional Trends
    • North America
      • Market Size and Forecast (US$ Mn), By Service, 2019 – 2029
      • Market Size and Forecast (US$ Mn), By Depth, 2019 – 2029
      • Market Size and Forecast (US$ Mn), By Country, 2019 – 2029
        • U.S.
        • Canada
    • Europe
      • Market Size and Forecast (US$ Mn), By Service, 2019 – 2029
      • Market Size and Forecast (US$ Mn), By Depth, 2019 – 2029
      • Market Size and Forecast (US$ Mn), By Country, 2019 – 2029
        • Germany
        • UK
        • France
        • Russia
        • Italy
        • Rest of Europe
    • Asia Pacific
      • Market Size and Forecast (US$ Mn), By Service, 2019 – 2029
      • Market Size and Forecast (US$ Mn), By Depth, 2019 – 2029
      • Market Size and Forecast (US$ Mn), By Country, 2019 – 2029
        • China
        • India
        • Australia
        • Japan
        • South Korea
        • Rest of Asia Pacific
    • Latin America
      • Market Size and Forecast (US$ Mn), By Service, 2019 – 2029
      • Market Size and Forecast (US$ Mn), By Depth, 2019 – 2029
      • Market Size and Forecast (US$ Mn), By Country, 2019 – 2029
        • Brazil
        • Mexico
        • Rest of Latin America
    • Middle East
      • Market Size and Forecast (US$ Mn), By Service, 2019 – 2029
      • Market Size and Forecast (US$ Mn), By Depth, 2019 – 2029
      • Market Size and Forecast (US$ Mn), By Country, 2019 – 2029
        • GCC
        • Israel
        • Rest of Middle East
    • Africa
      • Market Size and Forecast (US$ Mn), By Service, 2019 – 2029
      • Market Size and Forecast (US$ Mn), By Depth, 2019 – 2029
      • Market Size and Forecast (US$ Mn), By Country, 2019 – 2029
        • South Africa
        • Central Africa
        • North Africa
  7. Competitive Landscape
    • Heat Map Analysis
    • Company Profiles
      • Amec Foster Wheeler Energy Limited
        • Company Overview
        • Product Portfolio
        • Key Highlights
        • Financial Overview
      • Aker Solutions
        • Company Overview
        • Product Portfolio
        • Key Highlights
        • Financial Overview
      • James Fisher Offshore Ltd
        • Company Overview
        • Product Portfolio
        • Key Highlights
        • Financial Overview
      • AF Gruppen ASA
        • Company Overview
        • Product Portfolio
        • Key Highlights
        • Financial Overview
      • First Subsea Ltd.
        • Company Overview
        • Product Portfolio
        • Key Highlights
        • Financial Overview
      • TETRA Technologies, Inc.
        • Company Overview
        • Product Portfolio
        • Key Highlights
        • Financial Overview
      • John Wood Group PLC
        • Company Overview
        • Product Portfolio
        • Key Highlights
        • Financial Overview
      • Able UK Ltd
        • Company Overview
        • Product Portfolio
        • Key Highlights
        • Financial Overview
      • DNV GL AS
        • Company Overview
        • Product Portfolio
        • Key Highlights
        • Financial Overview
      • Heerema Marine Contractors Nederland SE
        • Company Overview
        • Product Portfolio
        • Key Highlights
        • Financial Overview
      • Allseas Group S.A.
        • Company Overview
        • Product Portfolio
        • Key Highlights
        • Financial Overview
      • DeepOcean Group Holding AS
        • Company Overview
        • Product Portfolio
        • Key Highlights
        • Financial Overview
      • TechnipFMC plc
        • Company Overview
        • Product Portfolio
        • Key Highlights
        • Financial Overview
    • Analyst Views
  8. Section
    • Research Methodology
    • About Us
    • Contact

FAQs

The Offshore Decommissioning market is segmented into basis of service, depth, and region.

The offshore decommissioning market is expected to register moderate growth over the forecast period, owing to flourishing offshore oil and gas exploration and production activities.

By region, Europe offshore decommissioning market is accounted for major revenue share of the offshore decommissioning market and is further anticipated to maintain its dominance over the forecast period.

The Key players operating in the Offshore Decommissioning market include 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.