Offshore Decommissioning Market Projected to Register at a 7.10% CAGR by 2030 - Report by Market Research Future (MRFR)
Offshore Decommissioning Becoming Progressively a Bigger Industry by Rising Opportunity and Technology
New York, US, Dec. 15, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Offshore Decommissioning Market Information Report by Type, by Service Type, by Application and By Regions - Global Forecast to 2030”, asserts that the global offshore decommissioning market is estimated to ascend moderately by 2030, registering a 7.10% CAGR during the assessment period (2022-2030).
Offshore Decommissioning Market Overview
The global offshore decommissioning market will demonstrate notable growth in the upcoming period. Well-explored deepwater basins worldwide demonstrate the most potent and promising decommissioning opportunities. Decommissioning process refers to the withdrawal of offshore energy infrastructures that have reached the end of their lifecycle. There are multiple O&G infrastructures worldwide approaching the end of production and are left obsolete without purpose. As the global economy is rapidly shifting toward a low-carbon economy and energy transition, several O&G platforms and associated infrastructure are expected to undergo decommissioning.
Active players in the global offshore decommissioning market are,
Tetra Technologies Inc. (US)
Aker Solutions ASA (Norway)
Ramboll Group A/S (Denmark)
John Wood Group Plc. (Scotland)
Allseas Group SA (Switzerland)
Claxton Engineering Services (UK)
DeepOcean Group (Netherlands)
Statoil ASA (Norway)
TechnipFMC PLC (UK)
DNV GL (Norway)
Claxton Engineering Services (UK)
AF Gruppen ASA (Norway)
Amec Foster Wheeler (UK)
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Also, regulations from the UNCLOS (United Nations Convention on the Law of the Sea) mandate member countries to remove abandoned, disused, and obsolete O&G structures to ensure environmental safety. With the international standards of the IMO related to fishing and protecting the marine environment, the offshore decommissioning market is likely to witness significant market growth.
Offshore Decommissioning Market Segments
The offshore decommissioning market is segmented into types, service types, applications, and regions. The type segment is sub-segmented into topside, substructure, sub infrastructure. The service type segment is sub-segmented into well plugging & abandonment, conductor & platform removal, and others. The application segment is sub-segmented into shallow water and deepwater. The region segment is sub-segmented into North America, Europe, Asia-Pacific, and the-rest-of-the-world.
Report Scope:
Report Metrics | Details |
CAGR during 2022-2030 | 7.10% |
Base Year | 2021 |
Forecast | 2022-2030 |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Key Market Opportunities | Rigs To Reef Programs |
Key Market Drivers | Aging Oil And Gas Fields – A New Source Of Revenue |
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Industry Trends
The oil & gas industry has resurged over the past couple of years after witnessing a major slump in the last decade. Annually only a few deepwater structures are installed or removed across the globe. However, this trend provides significant growth opportunities for the offshore decommissioning market.
Besides, dropping O&G prices and corresponding cuts in expenditure define the market landscape, driving the demand to investigate alternate, cheaper approaches for decommissioning. This also further defines the enormous expenditure sanctioned for decommissioning projects in countries with assets. Also, the increasing demand for novel expertise indicates hundreds of new opportunities in the next few years.
Worldwide O&G challenges are prompting to take innovative approaches towards reusing obsolete offshore oil platforms. On the other hand, the high costs of offshore decommissioning processes may restrain market growth. The sector will continue to grow further with the other emerging offshore energy technologies, like offshore wind farms that also require decommissioning services.
Technological advances impact market growth positively, improving project execution and creating innovative commercial models. These developments are also expected to reduce the costs of decommissioning activities significantly. Regions with stricter regulations and challenging resources are also driving the need for technology-enabled cost reduction in decommissioning deepwater assets.
Offshore Decommissioning Market Regional Analysis
North America dominates the global offshore decommissioning market. The region is the largest consumer of oil & gas and hosts many offshore drilling activities. Besides, the increased adoption of production systems and several cloud-based services by several distribution channels impact the market growth positively. Huge advances in decommissioning technologies, alongside the presence of leading providers of decommissioning solutions and services, drive market growth.
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Europe stands second in the global offshore decommissioning market. The presence of well-developed offshore drilling infrastructures boosts the region's market shares. Moreover, the increasing demand for fossil fuels and increasing R&D activities & investments in improving decommissioning systems in the region substantiates market revenues. Norway accounts for the leading share and the largest revenue generator in the regional market.
The UK decommissioning is expanding fast and is predicted to surge in activity over the next three to four years. The UK opened its 33rd offshore O&G licensing round in October, and various international O&G companies are competing to develop almost 900 new locations in the North Sea. North Sea O&G decommissioning would cost £20 BN and will decommission around 2,100 wells involved in oil and gas extraction in the next decade.
Offshore Decommissioning Market Competitive Analysis
The offshore decommissioning market appears competitive, with many well-established players forming a competitive landscape. Many related equipment, such as decommissioning simulators and associated software that can enhance safety and reduce costs, are launched every year. The simulator operators and drilling contractors use simulators to develop the technical & non-technical capabilities and skills of their rig crews required for decommissioning wells and improve the overall team performance.
Players initiate several strategic approaches to gain a larger market share, such as mergers & acquisitions, collaboration, expansion, and product launches. Also, they make substantial strategic investments to drive research & development activities and expansion plans. Industry players back up their technology with a global network of technical support.
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For instance, on Nov.21, 2022, Energy Infrastructure Partners AG (EIP), a Swiss company providing renewable, sustainable energy infrastructure investment solutions, announced raising €400 MN in funding to support the 350MW Wikinger acquisition. It is partially a debt raise that EIP can use to purchase a 49% stake in the Wikinger offshore wind facility in the Baltic Sea, Germany.
The debt package comprises a term loan, decommissioning letter of credit, debt service reserve, and working capital facilities that will run for over the next 12 years. This exciting project demonstrates EIP's role as a leading law firm in the offshore wind sector in Germany and worldwide. Located northeast of Rügen island, Wikinger offshore wind farm has 70 Adwen AD 5-135 wind turbines.
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