Global Well Abandonment Services Market
The GMI Research forecasts that the Well Abandonment Services Market is witnessing an upsurge in demand over the forecast period. This is mainly due to the emergence of ringless techniques and multiple advancements in the domain.
Introduction of the Well Abandonment Services Market:
These services provide a combined solution for safe decommissioning of non-productive and matured subsea infrastructures and oil & gas platforms. Further, it helps to eradicate the ongoing costs of maintaining these kinds of oil wells and offers a guard against potential liabilities.
Key Players of the Global Well Abandonment Services Market:
- Aker Solutions
- Expro Group
- John Wood Group Plc
- Oceaneering International, Inc.
- TETRA Technologies, Inc.
- AF Gruppen
- Ramboll Group
- TechnipFMC plc
- Acteon Group Ltd.
- Schlumberger Limited
Well Abandonment Services Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Some of the prominent drivers responsible for the growth of the global well abandonment services market include the expanding oil and gas exploration activities, augmenting demand for oil and gas, along with the rigorous norms imposed by the government to ensure that these wells do not have a harmful impact on the environment. Government across different regions has mandated leak tests by the application of distinction pressures to make sure that the plug holds strong. The steady acceleration rate in the number of oil and gas facilities, including subsea platforms and wells, is strengthening the well abandonment services market size. For example, in the U.S., in 2018 had 3.2 million abandoned oil and gas wells emitted 281 kilotons of methane. They pose a serious danger to the population and climate, which fuels the well abandonment services market share. However, the widespread outbreak of the coronavirus pandemic has adversely influenced the market growth. The lockdown imposed throughout the world has reduced the operations of many industries and the employment of commercial and personal vehicles for transportation. This contracted the demand for crude oil leading to the diminution of crude oil prices. Thus, the operators reduced the productivity of reservoirs.
Removal Type Segment Drivers
Based on the removal type, complete is forecasted to witness a higher rate over the forecast period. This is primarily due to the strict rules and policies imposed for the entire offshore platform expulsion to restore the marine life and seafloor to its pre-production conditions. This is supplementing the growth of the market.
Depth Segment Drivers
On the basis of the depth, shallow water is contemplated to observe a robust growth shortly. This is majorly due to the lower operational cost and recuperating oil prices. Almost all shallow water projects are early offshore projects, which are now in the stage of decommissioning. On the other hand, deep water is projected to expand at a faster compound annual growth rate in the coming years.
Regional Drivers
Based on the regional coverage, Europe is projected to increase at a faster CAGR over the forecast period. This is because it was the first region to offshore oil & gas infrastructure, most of which are at the decommissioning stage. The country has extensively disbursed on decommissioning of wells. In 2018, 8% of the overall expenditure of the oil & gas industry in UKCS accounted for the decommissioning. Furthermore, the rising interest of the government towards these projects coupled with the venerable fields will impel the market share.
Well Abandonment Services Market Segmentation:
Segmentation by Service
- Site Clearance
- Materials Disposal
- Well Plugging & Abandonment
- Permitting & Regulatory Compliance
- Pipeline & Power Cable Decommissioning
- Others
Segmentation by Removal Type
- Leave in Place
- Partial Removal
- Complete Removal
Segmentation by Depth
- Shallow Water
- Deep Water
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is a market research and consulting company that offers business sights and market research reports for every enterprise, including small & medium enterprises and large organizations. Our research team helps the clients to understand the impact of market dynamics such as market size, share, drivers, growth opportunities, and other aspects. We have a team of analysts and industry experts who conduct market intelligence studies to ensure relevant and fact-based research across a wide range of sectors such as FMCG, Technology, Energy, Healthcare, and other industries. We collect relevant information about the industry using both internal and external databases. Our main focus is to keep our clients abridged of the emerging opportunities and challenges in a wide range of industries. We provide step-by-step assistance to our client through strategic and consulting services to reach a managerial and actionable decision. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping businesses stay ahead of the curve.
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