Authored By: Sarah
15 Dec 2022

Well Abandonment Services Market Share is Estimated to Grow at a CAGR of 6.37% Between 2022 and 2027  

The well abandonment services market share will post an incremental growth of USD 1522.38 million, progressing at a CAGR of 6.37% during the forecast period. The maturing oil and gas fields will offer immense growth opportunities to market vendors. The market is fragmented, and the vendors are deploying growth strategies such as low-pricing strategies and strengthening the local customer base to compete in the market. 

Technavio’s report on “Well Abandonment Services Market by Application, Type, Product and Geography - Forecast and Analysis 2023-2027” provides a detailed analysis of the prevalent market forces, trends, and challenges likely to impact the market in focus.

Well Abandonment Services Market Share is Estimated to Grow at a CAGR of 6.37% Between 2022 and 2027   

What are the leading segments in the Well Abandonment Services Market? 

The well abandonment services market is segmented by application (offshore and onshore), type (permanent and temporary), and geography (APAC, North America, Europe, Middle East and Africa, and South America). 

The growth of the well abandonment services market size in the offshore segment will be significamt during the forecast period. The growth of this segment is primarily attributed to the changing lifestyles and a growing preference for comfort. 47% of market growth will develop from Europe. 

What are the factors impacting the growth of the Well Abandonment Services Market? 

The maturing oil and gas fields will directly influence the sales of well abandonment services market. In addition, the technological advances in well abandonment techniques is one of the major well abandonment services market trends that will positively impact the market growth. However, factors such as the high costs associated with well abandonment projects will hamper the well abandonment services market growth. 

What are the key Companies in the Well Abandonment Services Market? 

The market is fragmented due to the presence of several players. Some of the major well abandonment services market vendors are A&T Well and Pump, A Plus Well Service Inc., Acona, AGR Holdco Ltd., BiSN Oil Tools Ltd., Calfrac Well Services Ltd., Coretrax Ltd., Dan Wood Co., Expro Group Holdings NV, Halliburton Co., M & W Drilling LLC, NexTier Oilfield Solutions Inc., Oceaneering International Inc., Petrofac Ltd., Proserv UK Ltd., Schlumberger Ltd., TechnipFMC plc, Weatherford International Plc, and Well Engineering Partners (WEP) BV.  

To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. 

Download the Free PDF sample report for highlights on the market size, growth momentum, regional growth opportunities, vendor analysis, and other factors influencing the market growth.  

What are the key data covered in the Well Abandonment Services Market report? 

  • Precise market size estimation during the forecast period 2023-2027. 

  • CAGR of the well abandonment services market forecast during 2023-2027. 

  • Market-level data on units, average selling prices, and values of the well abandonment services market share. 

  • Prediction of the upcoming trends, drivers, and factors that challenge the growth of the well abandonment services market. 

  • Well abandonment services industry growth across APAC, North America, Europe, Middle East and Africa, and South America.

Read News Read Less
Interested in this report?
Get your sample now!
Technavio