According to a recent research, Industry revenue for Offshore Decommissioning is expected to rise to $17.8 billion by 2030 from $9.1 billion of 2023. The revenue growth of industry players is estimated to average at 10.1% annually for period 2023 to 2030. Growing end-industry applications in major countries like U.S., U.K. and Norway, is driving the market demand high.
Research Study analyse the new revenue pockets, emerging markets, competition landscape, opportunities & niche insights for Removal Type (Partial, Complete, Leave in Place), Service Type (Well Plugging & Abandonment, Platform Removal, Conductor Removal, Site Clearance) and Application (Shallow Water, Deep Water, Ultra-deep Water).
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Regional Analysis
Gulf of Mexico and North Sea are the two most active and leading regions in the market. North Sea region has observed a major increase in decommissioning projects after the oil price decline of 2018, involving key players like Saipem and TechnipFMC stepping up their game. This area stands out for its commitment to sustainability and its drive towards implementing approaches that minimize ecological impact. E&P operators are focused on cutting operational costs and adhering to environmental standards & regulations. The competitive market landscape pushes companies to innovate cost-efficient decommissioning methods which can align with the objectives of E&P players
With challenges like high costs and regulatory delays, Offshore Decommissioning market’s supply chain from e&p operators to platform removal to site clearance is expected to evolve & expand further; and industry players will make strategic advancement in emerging markets including Brazil, India and Vietnam for revenue diversification and TAM expansion. Offshore decommissioning is, in line with the principles of an economy. This means that materials, from platforms can be reused or recycled
Industry Leadership and Strategies
The Offshore Decommissioning market is characterized by intense competition, with a number of leading players such as Saipem, Halliburton, Baker Hughes, Petrofac, TechnipFMC, Subsea 7, Oceaneering International, Wood Group, Boskalis, Aker Solutions, Allseas and Schlumberger. These players are pushing & penetrating the market with their strategies.
Application Leading Providers Provider Strategy
Well Plugging & Abandonment Halliburton, Baker Hughes, Schlumberger Emphasizing technological advancements to reduce decommissioning time and costs
Platform Removal Saipem, Allseas, TechnipFMC Focus on large-scale platform removals with enhanced marine logistics and safety
Conductor Removal Petrofac, Subsea 7, Oceaneering International Implementing eco-friendly solutions to meet stringent environmental guidelines
Site Remediation Aker Solutions, Wood Group, Boskalis Expanding service offerings to include waste management and ocean floor rehabilitation
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