Offshore Decommissioning Market Value to reach $8.76 Billion by 2025

The offshore decommissioning market is projected to reach USD 8.76 billion by 2025, growing at a CAGR of 5.05%, from 2017 to 2025. Europe is estimated to be the largest market for offshore decommissioning, followed closely by North America. The European market is also projected to be the fastest growing market during the forecast period. The growth of the offshore decommissioning market is driven by ageing offshore infrastructure, maturing fields and low international oil prices.

The European market is estimated to be the fastest growing market for offshore decommissioning from 2017 to 2025. This growth is attributed to increasing decommissioning activities and planned projects, particularly for fields on the British continental shelf. A strong regulatory environment with set guidelines and support from government agencies is an important factor in the growth of the offshore decommissioning market in the region.

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Based on the types of offshore decommissioning services, the market has been segmented into project management, engineering and planning, permitting and regulatory compliance, platform preparation, well plugging and abandonment, conductor removal, mobilization and demobilization of derrick barges, platform removal (includes topside, jacket removal, subsea), pipeline and power cable decommissioning, materials disposal, and site clearance. The well plugging and abandonment segment is estimated to have the largest market share, by value, in 2016, and this trend is likely to continue during the forecast period of 2017 to 2025, in view of demand in the North Sea and the Gulf of Mexico. Since a large number of offshore wells have already reached the maturity phase, the market for well plugging and abandonment is likely to grow fast as operators look to shut wells that are less productive.

The markets in the Asia-Pacific, the Middle East, Latin America, and the Caribbean are projected to witness steady growth of the offshore decommissioning market. Countries in the Asia-Pacific, such as China, Indonesia, and Malaysia have a significant number of offshore platforms that are eligible for decommissioning. In Latin America and the Caribbean, maturing wells in Brazil, Colombia, and Trinidad and Tobago offer decommissioning opportunities. There is an increasing focus on offshore oil & gas production in Middle Eastern countries, such as Saudi Arabia, UAE, and Qatar, which would bring future opportunities for the offshore decommissioning market.

The offshore decommissioning market is served by a mix of large international players with presence and capabilities across different regions and local players with a strong presence in their domestic markets. The key players operating in the market include Amec Foster Wheeler ASA (France), Aker Solutions (Norway), AF Gruppen S.A. (U.S.), Tetra Technologies (U.S.), John Wood Group PLC (U.K.), Able UK (U.K.), DNV GL (Norway), Heerema Marine (The Netherlands), Allseas Group (Switzerland), DeepOcean Group (The Netherlands) and Technipfmc PLC (U.S.), among others.

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