“The Global Well Abandonment Services Market is expected to cross USD 2 Bn by 2030”, says Visiongain

08 January 2020
Energy

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.

Notes for Editors
If you are interested in a more detailed overview of this report, please send an e-mail to sara.peerun@visiongain.com or call her on +44 (0) 207 336 6100.

About Visiongain
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.

Recent News

Visiongain Publishes Gigafactory Market Report 2020-2030

Recent rapid improvements in lithium-ion (Li-ion) battery costs and performance, coupled with growing demand for electric vehicles (EVs) and increased renewable energy generation, have unleashed massive investments in the massive mega factories.

11 September 2020

Read

Visiongain Publishes Non-Destructive Testing (NDT) Market Report 2020-2030

The global non-destructive market (NDT) is on the brink of accelerated development as demand from end-users such as automobile, shipping, aerospace, defence sectors rises.

03 September 2020

Read

Visiongain publishes Green (Renewable) Diesel Market Report 2020-2030

Visiongain’s global green diesel market report can keep you informed and up to date with the developments in the market, across four different regions: North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.

17 June 2020

Read

Visiongain publishes Grid-Scale Battery Storage Technologies Market Report 2020-2030

The grid-scale battery storage technologies market is expected to witness a high growth on account of due to smart grid investments, large investments in renewable energy and T&D transmission network integration.

17 June 2020

Read

Kelloggs
3m
Thales
Shell
TEVA
Lockheed-Martin
Pfizer
Raytheon
Halliburton
Du-Pont
Honeywell
Daimler
BASF
Bayer
BP
BAE-Systems
Unilever