08 January 2020
The Well Abandonment Services Market Report 2020-2030 : Forecasts by Type (Temporarily Abandoned, Shut In), By Application (Onshore, Offshore), by Region (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa) and analysis of leading companies operating in this industry. The Global Well Abandonment Services Market is expected to cross USD 2 Billion by 2030.
Oil and gas fields declining economic life is one of the primary drivers for the growth of the global market for well-abandonment services. The number of maturing oil and gas facilities like subsea wells, platforms, and other assets is steadily increasing. Mature oil and gas fields account for approximately three-fourths of global production, and low production from these wells drives the need for decommissioning services despite tertiary drilling techniques.
As oil wells are decommissioned at various stages, including platform preparation, well plugging and abandonment, and removal of drivers, the increase in the need for decommissioning services will then drive market growth for abandonment services.
One of the key trends that will gain traction in the market is the emergence of rigid well abandonment techniques. Due to the rising restrictive regulations and the high operating costs of ageing oil and gas projects, oil and gas companies are gradually focused on offshore decommissioning. Due to its high cost-effectiveness and applicability to a wide variety of oil wells, rigless well abandonment engineering is used to decommission wells offshore.
In comparison, the rigless well abandonment approach satisfies most well abandonment criteria with reduced footprint and fast delivery of the project. During the forecast period, the extensive use of rigless well abandonment technology will well drive market growth in services abandonment at a CAGR of nearly 7 percent.
The global market for products to be well lost is highly divided. The research report offers an overview of the competitive landscape of the industry and provides information on the products offered by various companies to help clients increase their revenue share. Main perspectives given by this market analysis study on abandonment facilities can help businesses make informed business decisions.
Offshore business had the largest market share of well-dropped facilities in 2019. The emergence of several mature offshore oil and gas wells around the globe, especially in the North Sea and the GoM, will drive growth in this application segment of the well abandonment services industry.
Notes for Editors
If you are interested in a more detailed overview of this report, please send an e-mail to firstname.lastname@example.org or call her on +44 (0) 207 336 6100.
Visiongain is one of the fastest growing and most innovative independent media companies in Europe. Based in London, UK, Visiongain produces a host of business-to-business reports focusing on the automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors.
Visiongain publishes reports produced by analysts who are qualified experts in their field. Visiongain has firmly established itself as the first port of call for the business professional who needs independent, high-quality, original material to rely and depend on.
Governments from various regions are introducing initiatives to control the growth of pollution. Developed and developing countries’ governments are estimated to implement objectives, regulations, and favorable policies for electric vehicle deployment and its demand.
09 April 2021
Growing implementation of test benches in various industrial applications, such as semiconductor and electronics, industrial manufacturing, and automotive are primarily influencing the market’s growth in the coming years.
09 April 2021
The growth in demand for smart factory and Industry 4.0, the growing focus of manufacturers on reducing operational and maintenance costs, surging demand for FDM systems, and rising investments for FDM solutions by automation companies are the critical growth factors for the market in the coming years.
09 April 2021
The growing implementation of battery-powered outdoor power equipment for maintaining gardening and lawns actions, growing landscaping services demand, and rising gardening activities across residential areas are the key factors driving the market’s growth.