Well Abandonment Services Market: By Size, Trends, Share, Growth, Segments, Industry Analysis and Forecast, 2032 is the recent addition to Polaris Market Research’s online repository, in which buyers will find the comprehension of business professionals’ opinions and insightful knowledge of business-related data, qualitative research, and concepts. The report provides a thorough overview of the most recent Well Abandonment Services Market trends and industry changes that are impacting market growth. This statistical research analyses and forecasts the global and regional markets.
According to the research report, the global well abandonment services market was valued at USD 1,194.17 million in 2022 and is expected to reach USD 2,280.87 million by 2032, to grow at a CAGR of 6.7% during the forecast period.
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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.
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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, and type:
Well Abandonment Services, Application Outlook (Revenue – USD Million, 2019 – 2032)
- Offshore
- Onshore
Well Abandonment Services, Type Outlook (Revenue – USD Million, 2019 – 2032)
- Permanent
- Temporary
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The Report Addresses the Following Queries:
- How have the production techniques evolved in recent years?
- How can the emerging players in the market establish their foothold in the current market landscape?
- The market in which region is expected to witness the highest growth during the forecast period?
- What is the projected value of the market during the forecast period?
- How can the emerging players in the market solidify their position in the market?
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