Oil And Gas Supporting Activities Market Overview, Trends, Growth, Demand, Key Players, Analysis And Forecast 2024-2033

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).

Market Overview -
The oil and gas supporting activities provide support activities on a contract or fee basis for oil and gas operations such as exploration, drilling, and extraction.

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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.

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.

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Key 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 highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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