Offshore Decommissioning Market Trends, Size & Share 2031
Offshore Decommissioning Market Trends, Size & Share 2031
Segments - Offshore Decommissioning Market by Water Depth (Shallow Water, Deepwater, and Ultra-deepwater) and Regions (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023–2031
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| Report ID :EP-1296
| 4.9 Rating
| 76 Reviews
| 213 Pages
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Report Description
Offshore Decommissioning Market Outlook 2031
The global offshore decommissioning market size was USD 5.58 Billion in 2022 and is expected to reach USD 10.61 Billion by 2031 expand at a CAGR of 7.4% during the forecast period, 2023 – 2031. The growth of the market is attributed to aging offshore infrastructure in the oil & gas industry.
Ships and vessels become defunct beyond repair after a point in time, and it becomes necessary to replace them with new vessels. Hence, the domain of offshore decommissioning has emerged as a key area of growth within the marine industry. Furthermore, the growing focus of port operators to decommission defunct ships is driving the market growth.
Ships and vessels that start consuming high amount of fuels require to be reconsidered for sailing. Hence, the need for offshore decommissioning has become an important component in the decision-making process in the marine industry. Several experts have given their opinions on the ratio of decommissioning that should ideally be followed by vessel operators.
Offshore Decommissioning Market Drivers, Restraints, Trends, and Opportunities
- Rising offshore oil and gas production activities and increasing oil and gas demand are expected to fuel the market growth.
- The advancements in the marine industry is anticipated to fuel the growth of the market.
- The use of offshore decommissioning to maintain sustained and manageable marine traffic has stimulated the market growth.
- Volatile nature of oil prices in recent years has decreased the expenditure in upstream oil & gas industry, restraining the growth of the market
- Environmental concerns related to the use of excessive number of vessels can create challenges for the market growth.
- The presence of the abandoned wells in matured offshore oil fields across the world can lucrative opportunities for the offshore decommissioning market.
Scope of The Offshore Decommissioning Market Report
The report on the global offshore decommissioning Market includes an assessment of the market, trends, segments and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
Offshore Decommissioning Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
Water Depth (Shallow Water, and Deepwater, and Ultra-deepwater) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
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Key Players Covered in the Report |
Aker Solutions ASA, AF Gruppen S.A., |
Offshore Decommissioning Market Segment Insights
Shallow water segment to account significant market share
In terms of water depth, the market is segmented into shallow water, deep-water, and ultra-deepwater. The shallow water segment is expected to account for a significant market share during the forecast period. The segment growth is attributed to factors such as low operational cost and recovering oil prices in the oil & gas industry.
Many of the offshore projects that are decommissioned in shallow water, as early offshore products were primarily shallow water, while deepwater projects have commenced in recent years. Since the past few years, the average cost per well for decommissioning have gone down significantly, resulting in the growth of the market.
Hence, with many new offshore oil & gas projects, coupled with the rising investments in offshore oil & gas sector, the demand for decommissioning is expected to grow significantly during the forecast period.
Europe to account a considerable market share.
Based on geography, the market is divided into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. Europe is projected to account for a considerable market share during the forecast period. The growth of the market in the region is attributed to the region being one of the first markets to use offshore oil & gas infrastructure.
In Europe, over 950,000 ton of topsides are planned for removal across the North Sea. Out of these, more than 605,000 tons are from UKCS. The UK is expected to spend approximately EUR 15.3 Billion (approx. USD 18.1 Billion) on decommissioning in the tenure of 10 years. An estimated 2,400 wells are expected to be decommissioned across the whole North Sea and West of Shetland region, by 2027. About 914 of these wells are positioned in the Norway, Denmark, and Netherlands.
Segments
The global offshore decommissioning market has been segmented on the basis of
Water Depth
- shallow Water
- Deepwater
- Ultra-deepwater
Geography
- North America
- Europe
- Asia-Pacific
- South America
- Middle-East and Africa
Key players
- Aker Solutions ASA
- AF Gruppen S.A.
- John Wood Group PLC
- Able UK
- Allseas Group
Competitive Landscape
The offshore decommissioning services market is moderately consolidated. Some of the major companies operating in the market being studied are Aker Solutions ASA, AF Gruppen S.A., John Wood Group PLC, Able UK, Allseas Group.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Offshore Decommissioning Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Offshore Decommissioning Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Offshore Decommissioning Market - Supply Chain
4.5. Global Offshore Decommissioning Market Forecast
4.5.1. Offshore Decommissioning Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Offshore Decommissioning Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Offshore Decommissioning Market Absolute $ Opportunity
5. Global Offshore Decommissioning Market Analysis and Forecast by Region
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Region
5.2.2. Y-o-Y Growth Projections by Region
5.3. Offshore Decommissioning Market Size and Volume Forecast by Region
5.3.1. North America
5.3.2. Latin America
5.3.3. Europe
5.3.4. Asia Pacific
5.3.5. Middle East and Africa (MEA)
5.4. Absolute $ Opportunity Assessment by Region
5.5. Market Attractiveness/Growth Potential Analysis by Region
5.6. Global Offshore Decommissioning Demand Share Forecast, 2019-2026
6. North America Offshore Decommissioning Market Analysis and Forecast
6.1. Introduction
6.1.1. Basis Point Share (BPS) Analysis by Country
6.1.2. Y-o-Y Growth Projections by Country
6.2. North America Offshore Decommissioning Market Size and Volume Forecast by Country
6.2.1. U.S.
6.2.2. Canada
6.3. Absolute $ Opportunity Assessment by Country
6.4. Market Attractiveness/Growth Potential Analysis
6.4.1. By Country
6.4.2. By Product Type
6.4.3. By Application
6.5. North America Offshore Decommissioning Demand Share Forecast, 2019-2026
7. Latin America Offshore Decommissioning Market Analysis and Forecast
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis by Country
7.1.2. Y-o-Y Growth Projections by Country
7.1.3. Latin America Average Pricing Analysis
7.2. Latin America Offshore Decommissioning Market Size and Volume Forecast by Country
7.2.1. Brazil
7.2.2. Mexico
7.2.3. Rest of Latin America
7.3. Absolute $ Opportunity Assessment by Country
7.4. Market Attractiveness/Growth Potential Analysis
7.4.1. By Country
7.4.2. By Product Type
7.4.3. By Application
7.5. Latin America Offshore Decommissioning Demand Share Forecast, 2019-2026
8. Europe Offshore Decommissioning Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.1.3. Europe Average Pricing Analysis
8.2. Europe Offshore Decommissioning Market Size and Volume Forecast by Country
8.2.1. Germany
8.2.2. France
8.2.3. Italy
8.2.4. U.K.
8.2.5. Spain
8.2.6. Russia
8.2.7. Rest of Europe
8.3. Absolute $ Opportunity Assessment by Country
8.4. Market Attractiveness/Growth Potential Analysis
8.4.1. By Country
8.4.2. By Product Type
8.4.3. By Application
8.5. Europe Offshore Decommissioning Demand Share Forecast, 2019-2026
9. Asia Pacific Offshore Decommissioning Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Asia Pacific Average Pricing Analysis
9.2. Asia Pacific Offshore Decommissioning Market Size and Volume Forecast by Country
9.2.1. China
9.2.2. Japan
9.2.3. South Korea
9.2.4. India
9.2.5. Australia
9.2.6. Rest of Asia Pacific (APAC)
9.3. Absolute $ Opportunity Assessment by Country
9.4. Market Attractiveness/Growth Potential Analysis
9.4.1. By Country
9.4.2. By Product Type
9.4.3. By Application
9.5. Asia Pacific Offshore Decommissioning Demand Share Forecast, 2019-2026
10. Middle East & Africa Offshore Decommissioning Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Middle East & Africa Average Pricing Analysis
10.2. Middle East & Africa Offshore Decommissioning Market Size and Volume Forecast by Country
10.2.1. Saudi Arabia
10.2.2. South Africa
10.2.3. UAE
10.2.4. Rest of Middle East & Africa (MEA)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Market Attractiveness/Growth Potential Analysis
10.4.1. By Country
10.4.2. By Product Type
10.4.3. By Application
10.5. Middle East & Africa Offshore Decommissioning Demand Share Forecast, 2019-2026
11. Competition Landscape
11.1. Global Offshore Decommissioning Market: Market Share Analysis
11.2. Offshore Decommissioning Distributors and Customers
11.3. Offshore Decommissioning Market: Competitive Dashboard
11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
11.4.1. Aker Solutions ASA AF Gruppen S.A. John Wood Group PLC Able UK Allseas Group
Methodology
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