Press release
Oil And Gas Supporting Activities Market Size Forecasted To Achieve $6066.7 Billion By 2029 With Steady Growth
Oil And Gas Supporting Activities
What Is the Oil And Gas Supporting Activities Market Size and Projected Growth Rate?
The oil and gas supporting activities market has seen strong growth, increasing from $313.44 billion in 2024 to $334.92 billion in 2025 at a CAGR of 6.9%. The growth is influenced by factors like oil prices, technological advancements, global energy demand, and geopolitical dynamics.
The oil and gas supporting activities market is set to grow steadily, expected to reach $414.05 billion by 2029 at a CAGR of 5.4%. Growth is anticipated due to ESG efforts, government initiatives, infrastructure expansion, and market dynamics. Prominent trends include energy diversification, digital tools and analytics, hydraulic fracturing, and carbon emission strategies.
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What Are the Major Segments in the Oil And Gas Supporting Activities Market?
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
Subsegments:
1) By Well Maintenance: Workover Services, Well Servicing, Well Integrity Management
2) By Exploration: Geological And Geophysical Services, Seismic Data Acquisition, Exploration Drilling
3) By Well Developing: Hydraulic Fracturing, Directional Drilling, Cementing Services
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What Are The Driving Oil And Gas Supporting Activities Market Evolution?
The oil and gas supporting activities market benefited from strong economic growth in emerging markets during the historic period. This growth was driven by higher disposable incomes, stable governance, and foreign investment. For instance, HM Revenue and Customs reported in September 2024 that UK government revenues from oil and gas rose to $9.9 billion in 2023 from $1.54 billion in 2022. This significant increase in demand helped boost the oil and gas supporting activities market.
Which Firms Dominate The Oil And Gas Supporting Activities Market Segments?
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.
What Trends Are Driving Growth in The Oil And Gas Supporting Activities Market?
Companies offering support activities for oil and gas operations are adopting rig-less technologies to streamline well decommissioning. This method eliminates the need for tube and drill pipe replacement while placing barriers, significantly reducing costs and operating at depths up to 1600 feet. Firms using this approach include Baker Hughes, Halliburton, Oceaneering International, Schlumberger, and Weatherford.
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Which Is The Largest Region In The Oil And Gas Supporting Activities 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Oil And Gas Supporting Activities Market?
2. What is the CAGR expected in the Oil And Gas Supporting Activities Market?
3. What Are the Key Innovations Transforming the Oil And Gas Supporting Activities Industry?
4. Which Region Is Leading the Oil And Gas Supporting Activities Market?
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