Well Abandonment Services Market, By Type (Temporary, Permanent), By Service (Materials Disposal, Site Clearance, Well Plugging & Abandonment, and Others), By Application (Onshore, Offshore), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2034

Report Code: PMI519823 | Publish Date: February 2024 | No. of Pages: 172

Well Abandonment Services Market Overview

Well Abandonment Services provides an integrated solution for safe decommissioning of non-productive and matured oil & gas platforms and its infrastructures. To seal oil well permanently which are no longer productive the well abandonment service provider are required to seal well permanently with all legal obligations.

Well Abandonment Services Market Size:

Attributes

Details

Well Abandonment Services Market Value (2024)

US$ 4.4Bn

Well Abandonment Services Market Projected Value (2034)

US$ 7.3Bn

Well Abandonment Services Market CAGR (2024 – 2034)

5.30%

Well Abandonment Services Market Drivers & Restraints

Well Abandonment Services Market Drivers and Restrains:

Advancement in well abandonment technologies to fuel market growth

Advancement in well abandonment technologies has become a leading factor in target market growth. Development of hydraulic fracturing, casing cement breaker tool and rising need for oil-field investment has further, driven the market growth. The new developed technologies offer beneficial properties such as reducing risk of contamination from leakage, and provides more cost-effective decommissioning. The new devices break down the bond between casing in plug, well cement and abandonment operations which help in reducing time & cost of decommissioning operations as compared to traditional abandonment methods which in turn boost the demand for Well Abandonment Services market growth.

Restrains:

However, stringent government regulations on types of services to be provided can create a barrier for entry of new companies which in turn restrain the market growth. Further, high investment cost to provide services has hampered the demand for Well Abandonment Services Market growth.

Well Abandonment Services Market Segmentations & Regional Insights

Well Abandonment Services Market Segmentation:

Well Abandonment Services Market is segmented based on Type, Service, Application, and Region.

Type Insight

On the basis of Type, Well Abandonment Services Market is segmented into Temporary, Permanent.

Service Insight

On the basis of Service, Well Abandonment Services Market is segmented into Materials Disposal, Site Clearance, Well Plugging & Abandonment, and Others.

Application Insights

On the basis of Application, Well Abandonment Services Market is segmented into Onshore, Offshore.

Well Abandonment Services Market Regional Insights:

On region the Well Abandonment Services Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

North America market is estimated to witness a significantly high revenue share over the forecast period due to rising demand for oil & gas production and exploration activities, continuous technological development and presence of largest producer of oil & gas in US.

Europe market is estimated to witness a fastest revenue share over the forecast period due to increased decommissioning activities of offshore oil & gas platforms, presence of large number of oil & gas wells, and growing number of companies that offers well abandonment services.

Report Scope:

Attribute

Details

Base year for estimation

2023

Forecast period

2024 – 2034

Market representation

Revenue in USD Billion & CAGR from 2024 to 2034

Market Segmentation

By Type - Temporary, Permanent

By Service - Materials Disposal, Site Clearance, Well Plugging & Abandonment, and Others

By Application - Onshore, Offshore

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 2022 to 2032.

Well Abandonment Services Market Competitive Landscape & Key Players

Well Abandonment Services Market Key Players:

The key players operating the Well Abandonment Services Market includes, Expo Holdings UK2 Ltd., Technifmic Plc., Aker Solutions, Schlumberger Ltd., Tetra Technologies Inc., Ramboll Group, John Wood Group Plc., Acteon Group Ltd., Oceaneering International Inc., AF Gruppen ASA, and others.

Well Abandonment Services Market Recent News

The New Launched Product News,

  • In October 2023, Unity, the largest provider of well integrity solutions in Europe launched new ‘Wellhead Integrity Verification Programme’ for mitigating risk during well abandonment operations. The program provides complete health check of Xmas Tree, well head & equipment by improving safety and efficiency.

Few Other Promising Reports:

Well Abandonment Services Market Company Profile

  • Expo Holdings UK2 Ltd.
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Technifmic Plc.
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Aker Solutions
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Schlumberger Ltd.
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Tetra Technologies Inc.
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Ramboll Group
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • John Wood Group Plc.
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Acteon Group Ltd.
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Oceaneering International Inc.
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • AF Gruppen ASA
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies

FAQs

The Well Abandonment Services Market is segmented into Type, Service, Application, and Region.

By region, the Well Abandonment Services Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North America market is estimated to witness a significantly high revenue share over the forecast period.

The key players operating the Well Abandonment Services Market includes, Expo Holdings UK2 Ltd., Technifmic Plc., Aker Solutions, Schlumberger Ltd., Tetra Technologies Inc., Ramboll Group, John Wood Group Plc., Acteon Group Ltd., Oceaneering International Inc., AF Gruppen ASA, and others.

Well Abandonment Services Market accounted for US$ 5.5 billion in 2024 and is estimated to be US$ 7.3 billion by 2034 and is anticipated to register a CAGR of 5.30%.