Oil And Gas Supporting Activities Global Market Report 2024

The oil & gas upstream activities market size has grown strongly in recent years. It will grow from $4,285.01 billion in 2023 to $4,578.99 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth observed in the historical period can be attributed to several factors, including fluctuations in oil prices, advancements in technology that improved oil and gas extraction capabilities, the rising global demand for energy resources, and geopolitical factors that influenced the oil and gas industry. These elements collectively contributed to the expansion of oil and gas supporting activities.

The oil & gas upstream activities market size is expected to see strong growth in the next few years. It will grow to $5,738.89 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The projected growth in the forecast period can be attributed to various factors, including increasing attention to ESG (environmental, social, and governance) considerations, government policies and climate-related initiatives, infrastructure development, and market volatility. Prominent trends expected in the forecast period encompass the transition to cleaner and diversified energy sources, the continued digitalization and utilization of data analytics, the focus on hydraulic fracturing and unconventional energy resources, and the emphasis on carbon management and reducing emissions.

The oil and gas supporting activities market experienced significant growth during the historic period, primarily driven by the rapid expansion of emerging markets. The growth in emerging markets was attributed to factors such as increased disposable income, a stable political environment, and growing foreign investments in these regions. For instance, China's GDP saw a 2.3% growth in 2020, reaching $14.72 trillion. Additionally, according to the World Economic Outlook Reports from the IMF, global GDP demonstrated growth rates of approximately 3.3% and 3.4% in 2020 and 2021, respectively. This robust economic growth led to an elevated demand for oil and gas, thereby fostering the oil and gas supporting activities market throughout the historic period.

The primary categories within oil and gas supporting activities include well maintenance, exploration, and well development. Exploration companies conduct drilling operations, including deep test holes and exploratory wells, both onshore and offshore, to identify proven reserves of recoverable oil and gas. Different types of drilling, such as offshore and onshore, are utilized in the extraction of crude petroleum and natural gas. These activities play a crucial role in the exploration and production of oil and gas resources.

The oil and gas supporting activities market research report is one of a series of new reports that provides oil and gas supporting activities market statistics, including oil and gas supporting activities industry global market size, regional shares, competitors with a oil and gas supporting activities market share, detailed oil and gas supporting activities market segments, market trends and opportunities, and any further data you may need to thrive in the oil and gas supporting activities industry. This oil and gas supporting activities market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The future growth of the oil and gas supporting activities market is expected to be propelled by the increasing demand for natural gas. Natural gas, a fossil fuel formed through the decomposition of organic material over millions of years, plays a crucial role in powering pipelines for the transportation of oil and gas from production sites to refineries. For instance, in September 2023, the Energy Information Administration reported a 1% increase in the consumption of natural gas in the United States, reaching 89.7 Bcf/d in 2023 from 88.6 Bcf/d in 2022. This rising demand for natural gas is set to drive the growth of the oil and gas supporting activities market.

During the historic period, the growing popularity of renewable energy sources emerged as a significant constraint on the oil and gas supporting activities market. The removal of fuel subsidies by governments and the decreasing costs of renewable energy technology and infrastructure made the cost of power generated from sources like solar and wind energy competitive with fossil fuels. The predictability in capital costs and the absence of material costs in renewable energy projects put them at an advantage compared to petrochemical-based projects, where project ROI depends on raw material costs. This factor had an impact on the market's growth.

Companies providing support activities for oil and gas operations are increasingly adopting rig-less technology to expedite the decommissioning of wells. Rig-less plug and abandonment (P&A) refers to the decommissioning of oil wells without the need to replace tubes and drill pipes while ensuring the placement of primary or secondary barriers. This approach offers significant cost savings compared to rig-based operations. Moreover, rig-less P&A equipment can operate at water depths of up to 1,600 feet. Prominent companies utilizing rig-less technology include Baker Hughes, Halliburton, Oceaneering International, Schlumberger, and Weatherford.

Major companies in the oil and gas supporting activities market are dedicated to developing innovative products, such as natural gas analyzers. These analyzers are designed to measure the composition of natural gas. For example, in December 2022, ABB Ltd., a Switzerland-based provider of electrification and automation technology, introduced Sensi+, a natural gas analyzer for continuous monitoring of H2S, H2O, and CO2 pollutants in natural gas streams used for custody transfer, tariff compliance, and process monitoring. Sensi+ enhances pipeline monitoring and operations, ensuring safety, simplicity, and efficiency. Its rapid responsiveness allows for quick reactions to process disruptions, leading to reduced waste and methane emissions.

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.

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.

The countries covered in the oil and gas supporting activities market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa

The oil and gas supporting activities market includes revenues earned by entities by logging, cementing, casing, perforating, fracturing, and maintenance. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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