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Oil And Gas Supporting Activities Market to Surpass $336.42 Billion by 2029 | Key Trends & Insights
Oil And Gas Supporting Activities
How Will the Oil And Gas Supporting Activities Market Grow by 2025 in Terms of Size and Growth?
In recent years, there has been significant growth in the size of the market for support activities in the oil and gas sector. The projected growth is from $252.4 billion in 2024 to $266.56 billion in 2025, representing a compound annual growth rate (CAGR) of 5.6%. Variations in oil prices, technological progress, worldwide energy demand, and geopolitics are the factors that drove growth in the historical period.
What Are the Estimated Growth Rates for the Oil And Gas Supporting Activities Industry Through 2029?
In the coming years, the market for support activities in the oil and gas sector is predicted to experience significant expansion. The market size is projected to reach $336.42 billion by 2029, with a compound annual growth rate (CAGR) of 6.0%. This projected growth during the forecasted timeframe can be ascribed to factors such as environmental, social, and governance (ESG) elements, government regulations, climate agendas, infrastructure growth, and market instability. Some of the key trends expected to arise during the forecast period encompass transitions and diversification in energy, digitalization and application of data analytics, hydraulic fracking and the usage of unconventional resources, as well as carbon control and reduction of emissions.
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What Are the Strategic Drivers Boosting Oil And Gas Supporting Activities Market Performance?
The primary driver for the oil and gas supporting activities market was the quick expansion in emerging markets during the historic period. This growth in emerging markets was facilitated by factors such as an increase in disposable income, a stable political climate, and a rise in foreign investment in these countries. For example, in the UK, the HM Revenue and Customs reported in September 2024, that government revenues from oil and gas production soared to $9.9 billion (£9 billion) in the 2023 fiscal year. This represented a significant climb from $1.54 billion (£1.4 billion) in 2022, which is an upward adjustment by $8.36 billion (£7.6 billion). Consequently, this robust economic growth heightened the need for oil and gas, thereby prompting growth in the oil and gas supporting activities market throughout the historic period.
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What Are the 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
What Are the Key Adoption Trends in the Oil And Gas Supporting Activities Market?
Support services for oil and gas operations are increasingly being provided by companies utilizing rig-less technology due to its efficiency in decommissioning wells. Baker Hughes, Halliburton, Oceaneering International, Schlumberger, and Weatherford are among the leading corporations leveraging rig-less P&A. This method eliminates the need to substitute tubes and drill pipes while setting primary or secondary barriers during the decommissioning process, resulting in substantial cost savings when compared to traditional rig-based approaches. Furthermore, the instruments used in rig-less P&A operations can function at a water depth of 1600 feet.
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Which Companies Lead the Competitive Landscape of the Oil And Gas Supporting Activities Industry?
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.
Where Are the Key Oil And Gas Supporting Activities Market Opportunities by Region?
North America was the largest region in the oil and gas supporting activities market in 2024. 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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