08 January 2020
The v: 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.
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