Oil And Gas Supporting Activities Market 2024 Size, Share Analysis, Demand And Forecast To 2033

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Oil And Gas Supporting Activities Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $397.02 billion In 2028 At A CAGR Of 6.4% :
The oil and gas supporting activities market size has grown strongly in recent years. It will grow from $288.79 billion in 2023 to $310.09 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to oil prices, technological advancements, global energy demand, geopolitical factors.

The oil and gas supporting activities market size is expected to see strong growth in the next few years. It will grow to $397.02 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to energy transition, infrastructure investment, emerging markets, environmental regulations. Major trends in the forecast period include mergers and acquisitions, digitalization and automation, remote operations and offshore exploration, hydrogen and alternative fuels, carbon capture and storage (ccs).

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Oil And Gas Supporting Activities Market Major Segments
The oil and gas supporting activities market covered in this report is segmented -
1) By Type: Well Maintenance, Exploration, Well Developing
2) By Drilling Type: Offshore, Onshore
3) By End-Users: Crude Petroleum Comprises, Natural Gas Extraction Comprises

Key Driver - Economic Growth In Emerging Markets Driving The Oil And Gas Supporting Activities Market
The oil and gas supporting activities market was mainly driven by rapid growth in emerging markets in the historic period. Emerging markets growth was aided by rising disposable income, stable political environment and increasing foreign investments in these countries. For instance, China's GDP grew by 2.3% in 2020 to $14.72 trillion. Additionally, according to the World Economic Outlook Reports by the IMF, global GDP growth was around 3.3% and 3.4% in 2020 and 2021 respectively. Thus, strong economic growth boosted the demand for oil and gas, and this drove the oil and gas supporting activities market during the historic period.

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Prominent Trend - Efficiency And Cost Savings Through Rig-Less Technology In Well Decommissioning
Companies providing support activities for oil and gas operations are using rig-less technology to reduce turnaround time for decommissioning of wells. Rig-less P&A refers to decommissioning of oil wells wherein companies need not replace tubes and drill pipes while placing primary or secondary barriers, thus offering significant cost savings over rig-based operations. Also, the equipment used for rig-less P&A can also be operated at a water depth of 1600 feet. For instance, some of the major companies using rig-less technology include Baker Hughes, Halliburton, Oceaneering International, Schlumberger, and Weatherford.

Oil And Gas Supporting Activities Market Players
Major companies operating in the oil and gas supporting activities market include Schlumberger Ltd, TechnipFMC plc, Saipem S.p.A., Halliburton, Weatherford International plc, Petrofac Ltd, Aibel, Calfrac Well Services Ltd., Patterson-UTI Energy Inc., Trican Well Service Ltd, Baker Hughes Company, National Oilwell Varco, TechnipFMC, Subsea 7 S.A, Wood PLC, Transocean, McDermott International, Oceaneering International, Archer, John Wood Group, Seadrill, MRC Global, Tidewater, Aker Solutions, GulfMark Offshore, Helix Energy Solutions Group, Core Laboratories, ProPetro Holding Corp., Expro Group, Bristow Group, Precision Drilling, Superior Energy Services, Helmerich & Payne, RPC Inc.

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Largest And Fastest Growing Region In The Market
North America was the largest region in the oil and gas supporting activities market in 2023. Middle East was the second largest in the oil and gas supporting activities market. The regions covered in the oil and gas supporting activities market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Oil And Gas Supporting Activities Market Report Structure
3. Oil And Gas Supporting Activities Market Trends And Strategies
4. Oil And Gas Supporting Activities Market - Macro Economic Scenario
5. Oil And Gas Supporting Activities Market Size And Growth
…..
27. Oil And Gas Supporting Activities Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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