Economic Growth In Emerging Markets Driving The Oil And Gas Supporting Activities Market: Strengthening the Growth Trajectory of the Oil And Gas Supporting Activities Market

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What Is the Expected CAGR for the Oil And Gas Supporting Activities Market Through 2025?
In recent years, the market size of support activities for oil and gas has witnessed robust growth. The market value, which stands at $313.44 billion in 2024, is predicted to escalate to $334.92 billion in 2025, showing a compound annual growth rate (CAGR) of 6.9%. The growth during the past period can be associated with a variety of factors, including oil prices, technological progress, the worldwide energy demand, and geopolitical aspects.

What's the Projected Size of the Global Oil And Gas Supporting Activities Market by 2029?
The market size of the oil and gas supporting activities is predicted to experience significant growth in the forthcoming years, expected to escalate to $414.05 billion by 2029 with a compound annual growth rate (CAGR) of 5.4%. The projected growth during this period can be linked to esg (environmental, social, and governance) factors, governmental policies and agendas related to climate, infrastructure advancements, and market fluctuations. Predominant tendencies forecasted for this period encompass energy transition and diversification, increased digitalization and data analytics, hydraulic fracturing and unconventional resources, as well as carbon management and reduction of emissions.

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Top Growth Drivers in the Oil And Gas Supporting Activities Industry: What's Accelerating the Market?
The oil and gas support activities market's primary driving force was the rapid expansion in emerging markets during the historic period. The growth of these emerging markets was fueled by an increase in disposable income, a stable political climate, and a rise in foreign investments. For example, the UK-based government agency, HM Revenue and Customs, reported in September 2024 that total government revenues from UK oil and gas production had grown to $9.9 billion (£9 billion) in the 2023 fiscal year, up from $1.54 billion (£1.4 billion) in 2022. This rise represents an increase of $8.36 billion (£7.6 billion). Therefore, robust economic growth spurred oil and gas demand, which in turn propelled the oil and gas supporting activities market during the historic period.

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What Trends Will Shape the Oil And Gas Supporting Activities Market Through 2029 and Beyond?
Businesses offering ancillary services for oil and gas procedures are leveraging rig-less technology to cut down the time required for well decommissioning. Rig-less P&A denotes the process of retiring oil wells where there is no necessity to substitute tubes and drill pipes when installing primary or secondary barriers, hence providing considerable cost advantages in comparison to rig-based operations. Additionally, the machinery employed for rig-less P&A can operate even at a water depth of 1600 feet. Major establishments utilizing rig-less technology comprise of Baker Hughes, Halliburton, Oceaneering International, Schlumberger, and Weatherford.

What Are the Main 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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Which Top Companies are Driving Growth in the Oil And Gas Supporting Activities Market?
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.

Which Regions Will Dominate the Oil And Gas Supporting Activities Market Through 2029?
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.

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