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Oil And Gas Supporting Activities Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region | Schlumberger Ltd, TechnipFMC plc, Saipem S.p.A., Halliburton, Weatherford International plc
Oil And Gas Supporting Activities Market Size
The Business Research Company offers in-depth market insights through Oil And Gas Supporting Activities Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The oil & gas upstream activities market size has grown strongly in recent years. It will grow from $4285.01 billion in 2023 to $4578.99 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to oil prices, technological advancements, global energy demand, geopolitical factors.
The oil & gas upstream activities market size is expected to see strong growth in the next few years. It will grow to $5738.89 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to esg (environmental, social, and governance) considerations, government policies and climate agendas, infrastructure development, market volatility. Major trends in the forecast period include energy transition and diversification, digitalization and data analytics, hydraulic fracturing and unconventional resources, carbon management and emissions reduction.
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Market Segmentation:
The main types of oil and gas supporting activities are well maintenance, exploration, and well developing. Exploration companies drilled a deep test hole, and exploratory well both onshore and offshore to locate proven reserves of recoverable gas and oil. The various drilling types include offshore, and onshore that are used for crude petroleum comprises and natural gas extraction comprises.
Major 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.
Competitive Landscape:
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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Top 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.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Oil And Gas Supporting Activities Market Characteristics
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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