Well Abandonment Services Market Share, Size, Trends, Industry Analysis Report, By Application (Offshore, Onshore); By Type; By Region; Segment Forecast, 2023-2032

PUBLISHED: May 23, 2023

PAGES: 115 Pages

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The global well abandonment services market size is expected to reach USD 2,280.87 million by 2030, according to a new study by Polaris Market Research. The report "Well Abandonment Services Market Share, Size, Trends, Industry Analysis Report, By Application (Offshore, Onshore); By Type; By Region; Segment Forecast, 2023-2032" gives a detailed insight into current market dynamics and provides analysis on future market growth.

The shift towards renewable energy sources, such as wind and solar power, has created a need for energy storage solutions to ensure a stable and reliable energy supply. This has led to increased investment in battery energy storage, driving the growth. Well, abandonment services are essential in decommissioning oil and gas wells, which is necessary for developing renewable energy. Spending on several emerging technologies, including batteries, low-emission hydrogen, and carbon capture, utilization, and storage, is expanding significantly from a low base. In 2022, spending on battery energy storage is anticipated to more than double, reaching close to USD 20 billion, according to the International Energy Agency. This will further propel the growth.

The governor's budget suggests allocating USD 200 million in General Funds over two years (2022-23 & 2023-24) to the California Geologic Energy Management Division (CalGEM) of the Department of Conservation (DOC) to plug abandoned wells and decommission-related equipment. Despite the potential benefits to the environment, human health, and safety of treating abandoned wells, this plan would significantly expand the scope of current well remediation efforts. Federal funds will also soon be accessible for well-remediation activities. This will further create a wide range of opportunities for market growth in the coming years.

The countries' increased budget for environmental sustainability is driving the market's growth. The US announces funding of USD 1.1 billion to repair abandoned oil & gas wells in 2022. United States' action plan to reduce methane emissions will benefit from plugging abandoned wells. The financing is a component of US President Biden's Bipartisan Infrastructure Law, which allotted USD 4.7 billion to assist in cleaning up abandoned oil and gas wells that contaminate recreation areas, backyards, & public spaces around the nation. This will fuel the growth of the market in the forecast period.

ell Abandonment Services Market Report Highlights

Offshore segment is anticipated to grow at higher growth due to development of new technologies that make the process more efficient and cost-effective.

Permanent segment is accounted for the higher growth rate owing to the increasing regulatory, growing environmental concerns and aging infrastructure.

Asia Pacific is expected to grow at a significant growth rate owing to the growing investment in renewable energy and government support.

The global players include: A&T Well, A Plus Well, Acteon Group, AGR Holdco, BiSN Oil Tools, Calfrac Well Services, Coretrax, Dan Wood, Expro Group, Halliburton, M & W Drilling, NexTier Oilfield Solutions, Oceaneering International, Petrofac, Proserv UK, Schlumberger, TechnipFMC, Weatherford International, & Well Engineering

Polaris Market Research has segmented the well abandonment services market report based on application, type, and region:

Well Abandonment Services, Application Outlook (Revenue - USD Million, 2019 - 2032)

Offshore
Onshore

Well Abandonment Services, Type Outlook (Revenue - USD Million, 2019 - 2032)

Permanent
Temporary

Well Abandonment Services, Regional Outlook (Revenue - USD Million, 2019 - 2032)

North America
U.S.
Canada
Europe
Germany
UK
France
Italy
Spain
Russia
Netherlands
Asia Pacific
China
India
Japan
South Korea
Indonesia
Malaysia
Latin America
Argentina
Brazil
Mexico
Middle East & Africa
UAE
Saudi Arabia
Israel
South Africa

Product Code: PM3271

1. Introduction

1.1. Report Description
- 1.1.1. Objectives of the Study
- 1.1.2. Market Scope
- 1.1.3. Assumptions
1.2. Stakeholders

2. Executive Summary

2.1. Market Highlights

3. Research Methodology

3.1. Overview
- 3.1.1. Data Mining
3.2. Data Sources
- 3.2.1. Primary Sources
- 3.2.2. Secondary Sources

4. Global Well Abandonment Services Market Insights

4.1. Well Abandonment Services Market - Industry Snapshot
4.2. Well Abandonment Services Market Dynamics
- 4.2.1. Drivers and Opportunities
  - 4.2.1.1. Maturing oil and gas fields
  - 4.2.1.2. Technological advances in well abandonment techniques
- 4.2.2. Restraints and Challenges
  - 4.2.2.1. High cost
4.3. Porter's Five Forces Analysis
- 4.3.1. Bargaining Power of Suppliers (Moderate)
- 4.3.2. Threats of New Entrants: (Low)
- 4.3.3. Bargaining Power of Buyers (Moderate)
- 4.3.4. Threat of Substitute (Moderate)
- 4.3.5. Rivalry among existing firms (High)
4.4. PESTLE Analysis
4.5. Well Abandonment Services Industry trends
4.6. Value Chain Analysis
4.7. COVID-19 Impact Analysis

5. Global Well Abandonment Services Market, by Application

5.1. Key Findings
5.2. Introduction
- 5.2.1. Global Well Abandonment Services, by Application, 2019-2032 (USD Million)
5.3. Offshore
- 5.3.1. Global Well Abandonment Services Market, by Offshore, by Region, 2019-2032 (USD Million)
5.4. Onshore
- 5.4.1. Global Well Abandonment Services Market, by Onshore, by Region, 2019-2032 (USD Million)

6. Global Well Abandonment Services Market, by Type

6.1. Key Findings
6.2. Introduction
- 6.2.1. Global Well Abandonment Services Market, by Type, 2019-2032 (USD Million)
6.3. Permanent
- 6.3.1. Global Well Abandonment Services Market, by Permanent, by Region, 2019-2032 (USD Million)
6.4. Temporary
- 6.4.1. Global Well Abandonment Services Market, by Temporary, by Region, 2019-2032 (USD Million)

7. Global Well Abandonment Services Market, by Geography

7.1. Key findings
7.2. Introduction
- 7.2.1. Well Abandonment Services Market Assessment, By Geography, 2019-2032 (USD Million)
7.3. Well Abandonment Services Market - North America
- 7.3.1. North America: Well Abandonment Services Market, by Type, 2019-2032 (USD Million)
- 7.3.2. North America: Well Abandonment Services Market, by Application, 2019-2032 (USD Million)
- 7.3.3. Well Abandonment Services Market - U.S.
  - 7.3.3.1. U.S.: Well Abandonment Services Market, by Type, 2019-2032 (USD Million)
  - 7.3.3.2. U.S.: Well Abandonment Services Market, by Application, 2019-2032 (USD Million)
- 7.3.4. Well Abandonment Services Market - Canada
  - 7.3.4.1. Canada: Well Abandonment Services Market, by Type, 2019-2032 (USD Million)
  - 7.3.4.2. Canada: Well Abandonment Services Market, by Application, 2019-2032 (USD Million)
7.4. Well Abandonment Services Market - Europe
- 7.4.1. Europe: Well Abandonment Services Market, by Type, 2019-2032 (USD Million)
- 7.4.2. Europe: Well Abandonment Services Market, by Application, 2019-2032 (USD Million)
- 7.4.3. Well Abandonment Services Market - UK
  - 7.4.3.1. UK: Well Abandonment Services Market, by Type, 2019-2032 (USD Million)
  - 7.4.3.2. UK: Well Abandonment Services Market, by Application, 2019-2032 (USD Million)
- 7.4.4. Well Abandonment Services Market - France
  - 7.4.4.1. France: Well Abandonment Services Market, by Type, 2019-2032 (USD Million)
  - 7.4.4.2. France: Well Abandonment Services Market, by Application, 2019-2032 (USD Million)
- 7.4.5. Well Abandonment Services Market - Germany
  - 7.4.5.1. Germany: Well Abandonment Services Market, by Type, 2019-2032 (USD Million)
  - 7.4.5.2. Germany: Well Abandonment Services Market, by Application, 2019-2032 (USD Million)
- 7.4.6. Well Abandonment Services Market - Italy
  - 7.4.6.1. Italy: Well Abandonment Services Market, by Type, 2019-2032 (USD Million)
  - 7.4.6.2. Italy: Well Abandonment Services Market, by Application, 2019-2032 (USD Million)
- 7.4.7. Well Abandonment Services Market - Spain
  - 7.4.7.1. Spain: Well Abandonment Services Market, by Type, 2019-2032 (USD Million)
  - 7.4.7.2. Spain: Well Abandonment Services Market, by Application, 2019-2032 (USD Million)
- 7.4.8. Well Abandonment Services Market - Netherlands
  - 7.4.8.1. Netherlands: Well Abandonment Services Market, by Type, 2019-2032 (USD Million)
  - 7.4.8.2. Netherlands: Well Abandonment Services Market, by Application, 2019-2032 (USD Million)
- 7.4.9. Well Abandonment Services Market - Russia
  - 7.4.9.1. Russia: Well Abandonment Services Market, by Type, 2019-2032 (USD Million)
  - 7.4.9.2. Russia: Well Abandonment Services Market, by Application, 2019-2032 (USD Million)
7.5. Well Abandonment Services Market - Asia Pacific
- 7.5.1. Asia Pacific: Well Abandonment Services Market, by Type, 2019-2032 (USD Million)
- 7.5.2. Asia Pacific: Well Abandonment Services Market, by Application, 2019-2032 (USD Million)
- 7.5.3. Well Abandonment Services Market - China
  - 7.5.3.1. China: Well Abandonment Services Market, by Type, 2019-2032 (USD Million)
  - 7.5.3.2. China: Well Abandonment Services Market, by Application, 2019-2032 (USD Million)
- 7.5.4. Well Abandonment Services Market - India
  - 7.5.4.1. India: Well Abandonment Services Market, by Type, 2019-2032 (USD Million)
  - 7.5.4.2. India: Well Abandonment Services Market, by Application, 2019-2032 (USD Million)
- 7.5.5. Well Abandonment Services Market - Malaysia
  - 7.5.5.1. Malaysia: Well Abandonment Services Market, by Type, 2019-2032 (USD Million)
  - 7.5.5.2. Malaysia: Well Abandonment Services Market, by Application, 2019-2032 (USD Million)
- 7.5.6. Well Abandonment Services Market - Japan
  - 7.5.6.1. Japan: Well Abandonment Services Market, by Type, 2019-2032 (USD Million)
  - 7.5.6.2. Japan: Well Abandonment Services Market, by Application, 2019-2032 (USD Million)
- 7.5.7. Well Abandonment Services Market - Indonesia
  - 7.5.7.1. Indonesia: Well Abandonment Services Market, by Type, 2019-2032 (USD Million)
  - 7.5.7.2. Indonesia: Well Abandonment Services Market, by Application, 2019-2032 (USD Million)
- 7.5.8. Well Abandonment Services Market - South Korea
  - 7.5.8.1. South Korea: Well Abandonment Services Market, by Type, 2019-2032 (USD Million)
  - 7.5.8.2. South Korea: Well Abandonment Services Market, by Application, 2019-2032 (USD Million)
7.6. Well Abandonment Services Market - Middle East & Africa
- 7.6.1. Middle East & Africa: Well Abandonment Services Market, by Type, 2019-2032 (USD Million)
- 7.6.2. Middle East & Africa: Well Abandonment Services Market, by Application, 2019-2032 (USD Million)
- 7.6.3. Well Abandonment Services Market - Saudi Arabia
  - 7.6.3.1. Saudi Arabia: Well Abandonment Services Market, by Type, 2019-2032 (USD Million)
  - 7.6.3.2. Saudi Arabia: Well Abandonment Services Market, by Application, 2019-2032 (USD Million)
- 7.6.4. Well Abandonment Services Market - UAE
  - 7.6.4.1. UAE: Well Abandonment Services Market, by Type, 2019-2032 (USD Million)
  - 7.6.4.2. UAE: Well Abandonment Services Market, by Application, 2019-2032 (USD Million)
- 7.6.5. Well Abandonment Services Market - Israel
  - 7.6.5.1. Israel: Well Abandonment Services Market, by Type, 2019-2032 (USD Million)
  - 7.6.5.2. Israel: Well Abandonment Services Market, by Application, 2019-2032 (USD Million)
- 7.6.6. Well Abandonment Services Market - South Africa
  - 7.6.6.1. South Africa: Well Abandonment Services Market, by Type, 2019-2032 (USD Million)
  - 7.6.6.2. South Africa: Well Abandonment Services Market, by Application, 2019-2032 (USD Million)
7.7. Well Abandonment Services Market - Latin America
- 7.7.1. Latin America: Well Abandonment Services Market, by Type, 2019-2032 (USD Million)
- 7.7.2. Latin America: Well Abandonment Services Market, by Application, 2019-2032 (USD Million)
- 7.7.3. Well Abandonment Services Market - Mexico
  - 7.7.3.1. Mexico: Well Abandonment Services Market, by Type, 2019-2032 (USD Million)
  - 7.7.3.2. Mexico: Well Abandonment Services Market, by Application, 2019-2032 (USD Million)
- 7.7.4. Well Abandonment Services Market - Brazil
  - 7.7.4.1. Brazil: Well Abandonment Services Market, by Type, 2019-2032 (USD Million)
  - 7.7.4.2. Brazil: Well Abandonment Services Market, by Application, 2019-2032 (USD Million)
- 7.7.5. Well Abandonment Services Market - Argentina
  - 7.7.5.1. Argentina: Well Abandonment Services Market, by Type, 2019-2032 (USD Million)
  - 7.7.5.2. Argentina: Well Abandonment Services Market, by Application, 2019-2032 (USD Million)

8. Competitive Landscape

8.1. Expansion and Acquisition Analysis
- 8.1.1. Expansion
- 8.1.2. Acquisitions
8.2. Partnerships/Collaborations/Agreements/Exhibitions

9. Company Profiles

9.1. A&T Well
- 9.1.1. Company Overview
- 9.1.2. Financial Performance
- 9.1.3. Product Benchmarking
- 9.1.4. Recent Development
9.2. A Plus Well
- 9.2.1. Company Overview
- 9.2.2. Financial Performance
- 9.2.3. Product Benchmarking
- 9.2.4. Recent Development
9.3. Acteon Group
- 9.3.1. Company Overview
- 9.3.2. Financial Performance
- 9.3.3. Product Benchmarking
- 9.3.4. Recent Development
9.4. AGR Holdco
- 9.4.1. Company Overview
- 9.4.2. Financial Performance
- 9.4.3. Product Benchmarking
- 9.4.4. Recent Development
9.5. BiSN Oil Tools
- 9.5.1. Company Overview
- 9.5.2. Financial Performance
- 9.5.3. Product Benchmarking
- 9.5.4. Recent Development
9.6. Calfrac Well Services
- 9.6.1. Company Overview
- 9.6.2. Financial Performance
- 9.6.3. Product Benchmarking
- 9.6.4. Recent Development
9.7. Coretrax
- 9.7.1. Company Overview
- 9.7.2. Financial Performance
- 9.7.3. Product Benchmarking
- 9.7.4. Recent Development
9.8. Dan Wood
- 9.8.1. Company Overview
- 9.8.2. Financial Performance
- 9.8.3. Product Benchmarking
- 9.8.4. Recent Development
9.9. Expro Group
- 9.9.1. Company Overview
- 9.9.2. Financial Performance
- 9.9.3. Product Benchmarking
- 9.9.4. Recent Development
9.10. Halliburton
- 9.10.1. Company Overview
- 9.10.2. Financial Performance
- 9.10.3. Product Benchmarking
- 9.10.4. Recent Development
9.11. M & W Drilling
- 9.11.1. Company Overview
- 9.11.2. Financial Performance
- 9.11.3. Product Benchmarking
- 9.11.4. Recent Development
9.12. NexTier Oilfield Solutions
- 9.12.1. Company Overview
- 9.12.2. Financial Performance
- 9.12.3. Product Benchmarking
- 9.12.4. Recent Development
9.13. Oceaneering International
- 9.13.1. Company Overview
- 9.13.2. Financial Performance
- 9.13.3. Product Benchmarking
- 9.13.4. Recent Development
9.14. Petrofac
- 9.14.1. Company Overview
- 9.14.2. Financial Performance
- 9.14.3. Product Benchmarking
- 9.14.4. Recent Development
9.15. Proserv UK
- 9.15.1. Company Overview
- 9.15.2. Financial Performance
- 9.15.3. Product Benchmarking
- 9.15.4. Recent Development
9.16. Schlumberger
- 9.16.1. Company Overview
- 9.16.2. Financial Performance
- 9.16.3. Product Benchmarking
- 9.16.4. Recent Development
9.17. TechnipFMC
- 9.17.1. Company Overview
- 9.17.2. Financial Performance
- 9.17.3. Product Benchmarking
- 9.17.4. Recent Development
9.18. Weatherford International
- 9.18.1. Company Overview
- 9.18.2. Financial Performance
- 9.18.3. Product Benchmarking
- 9.18.4. Recent Development
9.19. Well Engineering
- 9.19.1. Company Overview
- 9.19.2. Financial Performance
- 9.19.3. Product Benchmarking
- 9.19.4. Recent Development

Product Code: PM3271

List of Tables

Table 1 Global Well Abandonment Services Market, by Type, 2019-2032 (USD Million)
Table 2 Global Well Abandonment Services Market, by Application, 2019-2032 (USD Million)
Table 3 Well Abandonment Services Market Assessment, By Geography, 2019-2032 (USD Million)
Table 4 North America: Well Abandonment Services Market, by Type, 2019-2032 (USD Million)
Table 5 North America: Well Abandonment Services Market, by Application, 2019-2032 (USD Million)
Table 6 U.S.: Well Abandonment Services Market, by Type, 2019-2032 (USD Million)
Table 7 U.S.: Well Abandonment Services Market, by Application, 2019-2032 (USD Million)
Table 8 Canada: Well Abandonment Services Market, by Type, 2019-2032 (USD Million)
Table 9 Canada: Well Abandonment Services Market, by Application, 2019-2032 (USD Million)
Table 10 Europe: Well Abandonment Services Market, by Type, 2019-2032 (USD Million)
Table 11 Europe: Well Abandonment Services Market, by Application, 2019-2032 (USD Million)
Table 12 UK: Well Abandonment Services Market, by Type, 2019-2032 (USD Million)
Table 13 UK: Well Abandonment Services Market, by Application, 2019-2032 (USD Million)
Table 14 France: Well Abandonment Services Market, by Type, 2019-2032 (USD Million)
Table 15 France: Well Abandonment Services Market, by Application, 2019-2032 (USD Million)
Table 16 Germany: Well Abandonment Services Market, by Type, 2019-2032 (USD Million)
Table 17 Germany: Well Abandonment Services Market, by Application, 2019-2032 (USD Million)
Table 18 Italy: Well Abandonment Services Market, by Type, 2019-2032 (USD Million)
Table 19 Italy: Well Abandonment Services Market, by Application, 2019-2032 (USD Million)
Table 20 Spain: Well Abandonment Services Market, by Type, 2019-2032 (USD Million)
Table 21 Spain: Well Abandonment Services Market, by Application, 2019-2032 (USD Million)
Table 22 Netherlands: Well Abandonment Services Market, by Type, 2019-2032 (USD Million)
Table 23 Netherlands: Well Abandonment Services Market, by Application, 2019-2032 (USD Million)
Table 24 Russia: Well Abandonment Services Market, by Type, 2019-2032 (USD Million)
Table 25 Russia: Well Abandonment Services Market, by Application, 2019-2032 (USD Million)
Table 26 Asia Pacific: Well Abandonment Services Market, by Type, 2019-2032 (USD Million)
Table 27 Asia Pacific: Well Abandonment Services Market, by Application, 2019-2032 (USD Million)
Table 28 China: Well Abandonment Services Market, by Type, 2019-2032 (USD Million)
Table 29 China: Well Abandonment Services Market, by Application, 2019-2032 (USD Million)
Table 30 India: Well Abandonment Services Market, by Type, 2019-2032 (USD Million)
Table 31 India: Well Abandonment Services Market, by Application, 2019-2032 (USD Million)
Table 32 Malaysia: Well Abandonment Services Market, by Type, 2019-2032 (USD Million)
Table 33 Malaysia: Well Abandonment Services Market, by Application, 2019-2032 (USD Million)
Table 34 Japan: Well Abandonment Services Market, by Type, 2019-2032 (USD Million)
Table 35 Japan: Well Abandonment Services Market, by Application, 2019-2032 (USD Million)
Table 36 Indonesia: Well Abandonment Services Market, by Type, 2019-2032 (USD Million)
Table 37 Indonesia: Well Abandonment Services Market, by Application, 2019-2032 (USD Million)
Table 38 South Korea: Well Abandonment Services Market, by Type, 2019-2032 (USD Million)
Table 39 South Korea: Well Abandonment Services Market, by Application, 2019-2032 (USD Million)
Table 40 Middle East & Africa: Well Abandonment Services Market, by Type, 2019-2032 (USD Million)
Table 41 Middle East & Africa: Well Abandonment Services Market, by Application, 2019-2032 (USD Million)
Table 42 Saudi Arabia: Well Abandonment Services Market, by Type, 2019-2032 (USD Million)
Table 43 Saudi Arabia: Well Abandonment Services Market, by Application, 2019-2032 (USD Million)
Table 44 UAE: Well Abandonment Services Market, by Type, 2019-2032 (USD Million)
Table 45 UAE: Well Abandonment Services Market, by Application, 2019-2032 (USD Million)
Table 46 Israel: Well Abandonment Services Market, by Type, 2019-2032 (USD Million)
Table 47 Israel: Well Abandonment Services Market, by Application, 2019-2032 (USD Million)
Table 48 South Africa: Well Abandonment Services Market, by Type, 2019-2032 (USD Million)
Table 49 South Africa: Well Abandonment Services Market, by Application, 2019-2032 (USD Million)
Table 50 Latin America: Well Abandonment Services Market, by Type, 2019-2032 (USD Million)
Table 51 Latin America: Well Abandonment Services Market, by Application, 2019-2032 (USD Million)
Table 52 Mexico: Well Abandonment Services Market, by Type, 2019-2032 (USD Million)
Table 53 Mexico: Well Abandonment Services Market, by Application, 2019-2032 (USD Million)
Table 54 Brazil: Well Abandonment Services Market, by Type, 2019-2032 (USD Million)
Table 55 Brazil: Well Abandonment Services Market, by Application, 2019-2032 (USD Million)
Table 56 Argentina: Well Abandonment Services Market, by Type, 2019-2032 (USD Million)
Table 57 Argentina: Well Abandonment Services Market, by Application, 2019-2032 (USD Million)

List of Figures

Figure 1 Global Well Abandonment Services Market, 2019-2032 (USD Million)
Figure 2 Integrated Ecosystem
Figure 3 Research Methodology: Top-Down & Bottom-Up Approach
Figure 4 Market by Geography
Figure 5 Porter's Five Forces
Figure 6 Market by Type
Figure 7 Global Well Abandonment Services Market, by Type, 2022 & 2032 (USD Million)
Figure 8 Market by Application
Figure 9 Global Well Abandonment Services Market, by Application, 2022 & 2032 (USD Million)
Figure 10 Well Abandonment Services Market Assessment, By Geography, 2019-2032 (USD Million)
Figure 11 Strategic Analysis - Well Abandonment Services Market