Global offshore decommissioning market projected to hit $12.97b by 2035

Ageing offshore assets and environmental regulations drive market growth and innovation.

The global offshore decommissioning market is projected to reach $12.97b by 2035, reflecting a 7.1% compound annual growth from 2025 to 2035.

In its new analysis, Market Research Future said “the global offshore decommissioning market is witnessing significant growth as the oil and gas industry faces increasing pressure to retire ageing offshore assets safely and sustainably.”

“With many offshore oil fields approaching the end of their productive life, companies are focusing on cost-effective and environmentally responsible methods for decommissioning platforms, subsea structures, and pipelines,” the company said.

Some of the factors driving market expansion are a rise in ageing offshore infrastructure, stringent environmental regulations, and the expansion of offshore exploration in mature markets.

The Asia-Pacific region is emerging as a significant market due to ongoing offshore exploration in countries like China, Malaysia, and Indonesia. Whilst many projects are relatively new, there is a growing awareness of the need for planned decommissioning, and adoption of innovative technologies is gradually increasing.

“Regional dynamics indicate that mature markets like Europe and North America will continue leading the demand, while emerging regions in Asia-Pacific and Latin America will increasingly adopt decommissioning solutions as offshore exploration expands,” Market Research Future said.

“The market’s trajectory underscores the importance of innovation, regulatory compliance, and environmental stewardship in shaping the future of offshore asset retirement,” it added.