Oil and Gas Industry Overview

A gas turbine is a type of combustion engine that turns the chemical energy of fuel into mechanical or kinetic energy. Gas turbine services aid in the maintenance and repair of turbine equipment and its parts. The gas turbine services are used in power generation, oil and gas production, heavy industrial applications, and aircraft propulsion. The main types of gas turbine services are used in heavy duty, industrial, and aeroderivative applications. Heavy-duty gas turbines are combustion engines that burn a massive spectrum of fuels, including natural gas and heavy liquid residuals. It includes services for maintenance and repair, overhaul, and spare parts supply. The service providers operating in this industry are OEM and non-OEM, which are used by power generation, oil and gas, and others. The gas turbine services market research report is one of a series of new reports from The Business Research Company that provides gas turbine services market statistics, including gas turbine services industry global market size, regional shares, competitors with a gas turbine services market share, detailed gas turbine services market segments, market trends and opportunities, and any further data you may need to thrive in the gas turbine services industry. This gas turbine services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry. The global gas turbine services market size is expected to grow from $24.65 billion in 2022 to $27.24 billion in 2023 at a compound annual growth rate (CAGR) of 10.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The gas turbine services market size is expected to reach $39.01 billion in 2027 at a CAGR of 9.4%. An increase in natural gas consumption in electricity generation is expected to propel the growth of the gas turbine services market going forward. Electricity generation refers to the creation of energy utilizing several technologies. Natural gas is used to create energy in natural gas power plants. A gas turbine is used in all-natural gas facilities. Natural gas and air are injected into the turbine; they burn and expand to generate power by rotating a generator and a magnet. For instance, in April 2022, according to a report released by the Energy Information Administration, a US-based Federal Statistical System responsible for collecting, analyzing, and disseminating energy information, in 2021, the electric power sector accounted for approximately 37% of the total US natural gas consumption, while natural gas provided approximately 32% of the main energy consumption of the US electric power sector. Therefore, an increase in natural gas consumption in electricity generation is expected to drive the gas turbines market. Technological advancements are a key trend gaining popularity in the gas turbine services market. Major companies operating in the gas turbine services market are focused on developing new solutions that are flexible across other elements driving the expansion of gas turbine services. For instance, in June 2020, Baker Hughes, a US-based industrial service company, launched equipment for creating electricity and mechanical driving applications, the NovaLt Gas Turbines. The technology propels turbines that may achieve over 37% efficiency in simple-cycle mode and up to 85% efficiency in cogeneration configuration, making it the perfect choice in industrial and combined heat and power applications. In May 2021, Precision Aviation Group Inc., a US-based MRO and supply chain solutions provider, acquired Keystone Turbine Services, LLC, for an undisclosed amount. With the acquisition of Keystone Turbine Services, PAG's network of international repair facilities grows to 12, and its Rolls-Royce M250 Engine services diversify its MRO capabilities. Keystone Turbine Services, LLC, is a US-based gas turbine engine provider that provides engines, modules, and accessories. Major players in the gas turbine services market are Siemens AG, General Electric Company, Mitsubishi Heavy Industries Ltd., Ansaldo Energia S.p.A., MAN Energy Solutions SE, Kawasaki Heavy Industries Ltd., Caterpillar Inc., MTU Aero Engines AG, EthosEnergy, ProEnergy Services LLC, MJB International LLC, Sulzer Ltd., Rolls-Royce plc, Solar Turbines Incorporated, Centrax Gas Turbines, and OPRA Turbines. North America was the largest region in the gas turbine services market in 2022. The regions covered in the gas turbine services report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the gas turbine services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The gas turbine services market includes revenues earned by entities by providing overhaul and spare parts supply services. 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. The global gas turbine services market is segmented - 1) By Type: Heavy Duty, Industrial, Aeroderivative 2) By Service: Maintenance and Repair, Overhaul, and Spare Parts Supply 3) By Service Provider: OEM, Non-OEM 4) By End-User: Power Generation, Oil and Gas, Other End-Users

Vertical immersion pumps are a form of pumping technology that uses an elongated shaft enclosed in a column to isolate the motor from the pump and allow the motor to remain outside the fluid. Its primary purpose is to replace pumps that require flooding, suction, or priming in tanks or pits. The main products of vertical immersion pumps are line shaft pumps (VS-4) and cantilever pumps (VS-5). Line shaft pump (VS-4) refers to pumps that are frequently used in industrial and agricultural settings. These are made of materials including PP (GFR), PVDF, cast iron, ductile cast iron, WCB, and others. It has various capacities, including up to 100 m3/hr, 100 to 500 m3/hr, 500 to 1000 m3/hr, and above 1000 m3/hr, which are used for different applications, including irrigation, potable water supply, water cooling, dewatering, geothermal wells, oils, fuels, lubricants transfer, and others.   The vertical immersion pumps market research report is one of a series of new reports from The Business Research Company that provides vertical immersion pumps market statistics, including vertical immersion pumps industry global market size, regional shares, competitors with a vertical immersion pumps market share, detailed vertical immersion pumps market segments, market trends and opportunities, and any further data you may need to thrive in the vertical immersion pumps industry. This vertical immersion pumps 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 global vertical immersion pumps market size is expected to grow from $3.32 billion in 2022 to $3.45 billion in 2023 at a compound annual growth rate (CAGR) of 4.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The vertical immersion pumps market is expected to grow to $3.95 billion in 2027 at a CAGR of 3.4%. The growing demand from various industries is expected to propel the demand for the vertical immersion pumps market going forward.Vertical immersion pumps are gaining traction in a variety of sectors, including irrigation, dewatering, water cooling, and oil, gasoline, and lubricant transfer. Due to its multiple uses, there is an increase in demand for vertical immersion pumps in the oil and gas, chemical, and power generation industries because to its increasing demand in the global market. For instance, in October 2022, according to the U.S. Energy Information Administration (EIA), a US-based government agency, global liquid fuel consumption is expected to increase by 100.98 million barrels per day in 2023 from 91.95 million barrels per day in 2020. Therefore, the growing demand from various industries will drive the need for the vertical immersion pumps market. Technological advancement is a key trend gaining popularity in the vertical immersion pump market. Major companies operating in the vertical immersion pump market are advancing their new technologies toward vertical multistage pumps to sustain their position in the market. For instance, in June 2021, Dooch pumps, a Korea-based manufacturer of energy-efficient water pumps, launched a vertical multistage XR(L) pump series. These XR and XRL pumps are vertical, non-self-priming, multistage centrifugal in-line pumps powered by a standard electric motor. A connection connects the motor's output shaft to the pump shaft directly. Additionally, stay bolts hold the pressure-resistant cylinder and flow passage components between the pump head and casing. In August 2020, Wolf Pump Inc., a US-based manufacturer of stainless steel submersible pumps, acquired Robbco Pumps for an undisclosed amount. This Robbco Pumps' acquisition expands Wolf Pump's product portfolio of heavy-duty cast submersible and lineshaft turbine products. Robbco Pumps is a US-based manufacturer of vertical turbine and immersion pumps. Major players in the vertical immersion pumps market are KSB SE & Co. KGaA, ITT Inc., Ruhrpumpen Group, Castle Pumps, AxFlow Holding AB, Flowserve Corporation, North Ridge Pumps, Tapflo Group, Vertiflo Pump Company, FLUX Pumps, Salvatore Robuschi and C. S.r.l., Lenntech BV, Brinkmann Pumps, Gusher Pumps, RENNER, Vertiflo Pump Company, Tapflo Pumps, and CRI Pumps. North America was the largest region in the vertical immersion pumps market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the vertical immersion pumps report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the vertical immersion pumps market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The vertical immersion pumps market consists of sales of vertical centrifugal immersion pumps, cantilever pumps, backing plates, shafts and shaft seals, and motor adapters. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. 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. The global vertical immersion pumps market is segmented - 1) By Product Type: Line Shaft Pump (VS-4), Cantilever Pump (VS-5) 2) By Material: PP (GFR), PVDF, Cast Iron, Ductile Cast Iron, WCB, Other Materials 3) By Capacity: Up to 100 m3/hr; 100 to 500 m3/hr; 500 to 1000 m3/hr; Above 1000 m3/hr 4) By Application: Irrigation, Portable Water Supply, Water Cooling, Dewatering, Geothermal Well, Oils, Fuels, Lubricants Transfer, Other Applications

Biodiesel is a sustainable, biodegradable fuel produced domestically from vegetable oils, animal fats, or used restaurant grease. Biodiesel is used as a source of power for automobiles, home appliances, and others. The major feedstock involved in biodiesel are vegetable oil and animal fats. Vegetable oils refer to edible and non-edible oils that are extracted from various types of fruits, seeds, grains, and nuts. Biodiesel is produced by transesterification and hydro-heating. Biodiesel is used in several applications, such as, fuel, power generation, and agriculture. The biodiesel market research report is one of a series of new reports from The Business Research Company that provides biodiesel market statistics, including biodiesel industry global market size, regional shares, competitors with a biodiesel market share, detailed biodiesel market segments, market trends and opportunities, and any further data you may need to thrive in the biodiesel industry. This biodiesel 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 global biodiesel market size is expected to grow from $51.97 billion in 2022 to $55.38 billion in 2023, at a compound annual growth rate (CAGR) of 6.57%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, and affecting many markets across the globe. The biodiesel market is expected to reach $69.96 billion in 2027 at a CAGR of 6.01%. An increase in demand for biofuels is expected to propel the growth of the biodiesel market. Biofuels are a cleaner-burning substitute generated from renewable resources, including fresh and used vegetable oils and animal fats. The rising environmental concerns and increasing demand for the adoption of renewable and sustainable energy sources favour the need for biofuel. Biodiesel is a biofuel that helps reduce the carbon footprint of transportation and other industries. For instance, in November 2021, according to a report published by the International Energy Agency (IEA), a France-based autonomous intergovernmental organisation, biodiesel consumption was 47,867 million litres in 2022, an increase from 43,855 million litres in 2020. Moreover, biodiesel consumption is expected to reach 51,424 million litres in 2026. Therefore, an increase in biofuel demand is driving the biodiesel market's growth. Technological advancement is a key trend in the biodiesel market. Major companies operating in the biofuel market are focused on developing new technological solutions to strengthen their market position. For instance, in January 2022, Crown Iron Works, a US-based supplier of oilseed extraction technology, refining plants, and equipment, introduced ACRE, or Advanced Catalyst Reduction and Economization. ACRE is a process upgrade to refine its biodiesel process technology. The ACRE uses a third transesterification reactor to increase residence time and accomplish stoichiometric reactions. It is utilised to make the most of the catalyst's potential for reuse. Along with catalyst reduction, ACRE is energy-efficient, which helps biodiesel producers save money on steam and electricity. The amount of fresh steam injected is decreased by using economisers and heat exchangers to use extra process heat. One of Crown's most recent inventions is ACRE. As a result, new biodiesel processing technologies keep developing, promising to optimise output by increasing efficiency and lowering prices. In June 2022, Chevron, a US-based energy corporation, acquired Renewable Energy Group for an undisclosed amount. With this acquisition, Chevron will offer affordable, low-carbon solutions that make use of current fleets and infrastructure, and both organisations will have the expertise, assets, and customer connections to propel Chevron to the forefront of renewable fuels in the United States and provide clients with a broader portfolio of low-cost, low-carbon-emission options that leverage existing fleets and infrastructure. Renewable Energy Group is a US-based biodiesel production company. Major players in the biodiesel market are Archer-Daniels-Midland Company, Cargill Incorporated, Renewable Energy Group Incorporated, Wilmar International Limited, Bunge Limited, Neste Oyj, Ag Processing Inc., FutureFuel Corporation, TerraVia Holdings Incorporated, VERBIO Vereinigte BioEnergie AG, Emami Group, Munzer Bioindustrie, BIOX Corporation, Shell Public Limited Company, and World Energy LLC. Western Europe was the largest region in the biodiesel market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the Biodiesel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and the USA. The biodiesel market consists of sales of canola oil, soybean oil, palm oil, and corn oil. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. 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. The global biodiesel market is segmented - 1) By Feedstock: Vegetable Oil, Animal Fats 2) By Production Process: Alcohol Trans Esterification, Hydro-Heating 3) By Application: Fuel, Power Generation, Agriculture

Drilling fluids refers to a fluid that is circulated in the borehole to carry out a cost-effective and efficient drilling operation resulting in the stable and gauged borehole to the specified depth to prospective formations. The main products of drilling fluids are oil-based, synthetic-based, water-based, and other products. Oil-based drilling fluids refer to fluids composed of oil as the continuous phase and water as the dispersed phase in conjunction with emulsifiers, wetting agents, and gallants. The applications include onshore and offshore use by various end-users, such as crude petroleum companies and natural gas extraction companies. The drilling fluids market research report is one of a series of new reports from The Business Research Company that provides drilling fluids market statistics, including drilling fluids industry global market size, regional shares, competitors with a drilling fluids market share, detailed drilling fluids market segments, market trends and opportunities, and any further data you may need to thrive in the drilling fluids industry. This drilling fluids market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry. The global drilling fluids market size is expected to grow from $8.87 billion in 2022 to $9.45 billion in 2023 at a compound annual growth rate (CAGR) of 6.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The drilling fluids market size is expected to grow to $11.84 billion in 2027 at a CAGR of 5.8%. Increased demand for oil is expected to fuel the growth of the drilling fluids market. Oil is a common product used in the production of petroleum that is extracted from the surface of the earth through drilling. Drilling fluids are used in the drilling activity carried out for oil extraction for various purposes, such as cooling and lubricating the drill and so on. Therefore, the increase in the demand for oil has, in turn, increased the oil extraction activities by companies, which is driving the drilling fluid market. For instance, in March 2021, according to the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, global demand for oil was 9 mb/d (million barrels per day) in 2019, and this is anticipated to rise to 104.1 mb/d, which is an increase of 4.4 mb/d in the coming years. Further, according to The Organization of the Petroleum Exporting Countries, an Austria-based intergovernmental organization of 13 oil-producing countries, oil demand is estimated to rise by 1.6 mb/d in 2022, while non-OECD growth is expected at 1.5 mb/d. Therefore, growing oil demand is driving the drilling fluids market. Product innovation is a key trend in the drilling fluids market. Major players operating in the drilling fluids market are developing new products such as the DELTA-TEQ low-impact drilling fluid, a non-aqueous formulation for improved hole cleaning in a deviated borehole, with the aid of innovative technologies. For instance, in April 2022, Ingevity Corporation, a US-based company operating in drilling fluids, launches EnvaWet UHS 3100 wetting agent and its novel EnvaDryTM P-FL dual-functional dry additive for invert emulsion drilling fluids. This offers unique performance and sustainability that helps maintain consistent rheology of fluids containing an exceedingly high volume of solids and enhances the ability to boost emulsion stability, extending the life of the drilling mud, and reducing customer investments in time, money, and equipment. In August 2021, Richardson International Limited, a Canada-based agricultural and food industry company, acquired Control Chemical Corporation for an undisclosed amount. Through this acquisition, Richardson International Limited aims to diversify its business offerings and include innovative product offerings in its portfolio. Control Chemical Corporation is a Canada-based manufacturer of high-performance drilling fluids and proprietary vegetable oil lubricants. Major players in the drilling fluids market are Baker Hughes, Halliburton Company, Weatherford International plc, Schlumberger Limited, Newpark Resources Inc., Anchor Drilling Fluids USA Inc., TETRA Technologies Inc., Petrochem Performance Chemicals LLC, CES Energy Solutions Corp, International Drilling Fluids and Engineering Services (IDEC) Ltd., NOV Inc., Scomi Group, Stellar Drilling Fluids LLC, Gumpro Drilling Fluids Pvt. Ltd., Global Drilling Fluids & Chemicals Limited, DIAMOCO Group, Q'Max Solutions Inc., BASF SE, Chevron Phillips Chemical Company LLC, and Dow Chemical Company North America was the largest region in the drilling fluids market in 2022 and is expected to be the fastest-growing region in the forecast period. The regions covered in the drilling fluid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the drilling fluids market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The drilling fluids market consists of sales of non-aqueous fluid, reservoir drilling fluid, and air drilling fluids, such as foams, mists, and stiff foams. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. 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. The global drilling fluids market is segmented - 1) By Product: Oil-based, Synthetic-based, Water-based, Other products 2) By Application: Onshore or Offshore 3) By End-User: Crude Petroleum Companies, Natural Gas Extraction Companies

Offshore decommissioning refers to the procedure for putting an offshore platform's oil and gas operations to a stop and restoring the seafloor and ocean to the condition in which they were before the lease was signed. The main services of offshore decommissioning are project management, engineering and planning, permitting and regulatory compliance, platform preparation, well plugging and abandonment, conductor removal, mobilization and demobilization of derrick barges, platform removal, pipeline and power cable decommissioning, materials disposal, and site clearance. Project management refers to the entailment of identifying project objectives and checkpoints as well as creating a variety of scenarios and a backup plan. The various structures, including topside, substructure, and subsea infrastructure, are used for different applications, such as shallow water and deep water. The offshore decommissioning market research report is one of a series of new reports from The Business Research Company that provides offshore decommissioning market statistics, including offshore decommissioning industry global market size, regional shares, competitors with an offshore decommissioning market share, detailed offshore decommissioning market segments, market trends and opportunities, and any further data you may need to thrive in the offshore decommissioning industry. This offshore decommissioning market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry. The global offshore decommissioning market size is expected to grow from $5.38 billion in 2022 to $5.82 billion in 2023 at a compound annual growth rate (CAGR) of 8.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The offshore decommissioning market size is expected to grow to $7.82 billion in 2027 at a CAGR of 7.7%. The increase in government investment in well-plugging and abandoned activities is expected to propel the offshore decommissioning market going forward. Well-plugging refers to plugging materials and techniques that permanently shut off an abandoned well from surface drainage contamination. Offshore decommissioning ensures that plugged wells do not leak after abandonment by shutting down offshore oil and gas production at a platform and restoring the ocean and seafloor to their pre-lease states. For instance, in May 2022, according to an article shared by Business Standard, an India-based English-language daily edition newspaper, $33 million would be spent by the US to remediate oil and gas wells on federal property. Further, 277 of the estimated 15k abandoned oil and gas wells on federal land would be clean with approximately $33 million of the $1 trillion bipartisan infrastructure package just signed into law by President Joe Biden. The law would allocate $4.7 billion to repair abandoned oil and gas wells, including those on federal lands. Therefore, increasing government investment is driving the growth of the offshore decommissioning market. Strategic partnerships are a key trend in the offshore decommissioning market. Major players are entering into partnerships to leverage each other's resources and sustain themselves in the market. For instance, in March 2021, Worley, a US-based company engaged in engineering and design solutions, partnered with Morrison Energy. Through this partnership, Morrison's decommissioning projects will fall under Worley's purview for engineering services. Morrison Energy is a US-based energy company that specialises in offshore decommissioning services. In March 2022, Claxton, the UK-based lead brand of Acteon’s drilling and decommissioning segment, acquired decommissioning personnel and assets from Oceaneering International for an undisclosed amount. This acquisition would strengthen Claxton's position as one of the top international providers of offshore cutting services by increasing its capacity, the variety of technologies at its disposal, and its decommissioning expertise. Oceaneering International is a US-based service provider for the drilling and decommissioning of offshore oilfields. Major players in the offshore decommissioning market are Aker Solutions ASA, Ramboll Group A/S, AF Gruppen, TechnipFMC PLC, John Wood Group PLC, Heerema Marine Contractors, Tetra Technologies Inc., Acteon Group Limited, Amec Foster Wheeler, DeepOcean Group Holding AS, Petrofac, Royal Boskalis Westminster N.V., Baker Hughes Company, Halliburton Offshore Services Inc., Schlumberger Limited, Weatherford International PLC, Subsea 7 S.A., and ExxonMobil Corporation. Europe was the largest region in the offshore decommissioning market in 2022. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the Offshore Decommissioning Market Report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The offshore decommissioning market includes revenues earned by entities through structural tear-down, building material segregation, debris removal and recycling, pressure washing, surface wipe-down, lead paint or asbestos abatement, storage tank removal, and other types. 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. The global offshore decommissioning market is segmented - 1) By Service Type: Project Management, Engineering And Planning, Permitting And Regulatory Compliance, Platform Preparation, Well Plugging And Abandonment, Conductor Removal, Mobilization And Demobilization of Derrick Barges, Platform Removal, Pipeline And Power Cable Decommissioning, Materials Disposal, Site Clearance 2) By Structure Type: Topside, Substructure, Subsea Infrastructure 3) By Application: Shallow Water, Deep Water

Oil condition monitoring (OCM) is a predictive maintenance program that assists clients in avoiding expensive machinery, engine, and power-train breakdowns by monitoring changes in the lubricant quality of the machinery. This is used to measure equipment parameters, such as temperature or the condition of oil, to be able to detect future failures. The main products of oil condition monitoring are turbines, compressors, engines, gear systems, and hydraulic systems. A turbine refers to a rotary engine actuated by the impulse or both of a current of fluid such as water, steam, or air subjected to pressure. The sampling can take place on-site or off-site. These are used by the transportation, oil, gas, mining, energy, and power industries. The oil condition monitoring market research report is one of a series of new reports from The Business Research Company that provides oil condition monitoring market statistics, including oil condition monitoring industry global market size, regional shares, competitors with an oil condition monitoring market share, detailed oil condition monitoring market segments, market trends and opportunities, and any further data you may need to thrive in the oil condition monitoring industry. This oil condition monitoring 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 global oil condition monitoring market size is expected to grow from $1.12 billion in 2022 to $1.30 billion in 2023 at a compound annual growth rate (CAGR) of 7.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The oil condition monitoring market size is expected to grow to $1.73 billion in 2027 at a CAGR of 7.4%. The boom in the automobile industry is expected to propel the growth of the oil condition monitoring market going forward. The automobile industry refers to the businesses and activities engaged in the production of motor cars, including the majority of their parts, such as their engines and bodies. Oil condition monitoring helps the automobile industry by monitoring, measuring, and analyzing changes in lubricant and fuel oils for chemical content and contamination and tracking degradation in oil quality. For instance, according to the Society of Indian Automobile Manufacturers (SIAM), an Indian not-for-profit apex national body, the automotive industry produced a total of 22.9 million vehicles, including commercial vehicles, passenger vehicles, and two-, three-, and four-wheelers, from April 2021 to March 2022, which shows an increase from the previous years. Therefore, the boom in the automobile industry is driving the oil condition monitoring market. Technological advancement is a key trend in the oil condition monitoring market. Many companies operating in oil condition monitoring are focusing on innovating new products with advanced technologies to strengthen their position in the market. For instance, in August 2021, Parker Hannifin, a US-based leader in motion and control technologies, launched an innovative oil condition monitoring technology, DIGI Plus, that helps marine operators reduce costs and downtime and protect assets. The DIGI Plus combined test cell allows users to swiftly and easily test for the presence of water in oil and the base number of oil samples. It also enables users to find out-of-spec oils and lubricants and spot potential issues before they become crucial. In March 2021, NSK Ltd., a Japan-based machinery manufacturing company, acquired the global condition monitoring system (CMS) business known as Brüel & Kjær Vibro from Spectris PLC for an undisclosed amount. The acquisition accelerates the development of NSK's business platform in the growing CMS market and further strengthens the company's ability to respond to demand for automation, smart technology, labour savings, and environmentally sustainable solutions. Brüel & Kjær Vibro is a Germany-based provider of machine condition monitoring systems and services. Major players in the oil condition monitoring market are Parker Hannifin Corporation, Shell Plc, Bureau Veritas, Intertek Group plc, SGS S.A., General Electric, BP Plc, Chevron Corporation, TotalEnergies SE, Honeywell International Inc., Veritas Petroleum Services B.V., Vicker Oils, SPECTRO Analytical Instruments, Test Oil, Tribomar GmbH, and Castrol Limited. North America was the largest region in the oil condition monitoring market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the Oil Condition Monitoring Market Report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The oil condition monitoring market includes revenues earned by entities by providing oil analysis services such as lubricant and oil testing, grease testing, cylinder liner monitoring, ferrography testing, tribology testing, and other services. 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. The global oil condition monitoring market is segmented - 1) By Product: Turbines, Compressors, Engines, Gear Systems, Hydraulic Systems 2) By Sampling: On Site, Off Site 3) By End User: Transportation, Oil And Gas, Mining, Energy And Power

Oil and Gas extraction is the exploration and production of petroleum and natural gas from wells. The main types are oil & gas upstream activities, oil downstream products. Oil and gas upstream activities include exploration activities, such as creating geological surveys and obtaining land rights and production activities, such as onshore and offshore drilling. The various drilling types include offshore; onshore that are used for residential, commercial, institutions and other applications. The oil and gas market research report is one of a series of new reports from The Business Research Company that provides oil and gas market statistics, including oil and gas industry global market size, regional shares, competitors with a oil and gas market share, detailed oil and gas market segments, market trends and opportunities, and any further data you may need to thrive in the oil and gas industry. This oil and gas 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 global oil and gas market grew from $6,989.65 billion in 2022 to $7,330.80 billion in 2023 at a compound annual growth rate (CAGR) of 4.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The oil and gas market is expected to grow to $8,670.91 billion in 2027 at a CAGR of 4.3%. Low interest rates in most developed countries will positively impact the oil and gas industry during the forecast period. For instance, in March 2020, UK decreased the interest rates to 0,1% which was the lowest ever. Furthermore, other central banks of countries such as North Macedonia, South Africa, Malaysia, Kenya, Argentina, Ukraine, Sri Lanka, and Azerbaijan, as well as Turkey also decreased their interest rates in 2020. Oil price volatility is likely to have a negative impact on the market as significant decline and increase in oil prices negatively impacts the government and consumer spending. The decline in oil prices is having a negative impact on government spending in countries such as Saudi Arabia, Nigeria and the UAE (United Arab Emirates) which are largely dependent on revenues generated through crude oil exports; whereas significant increase in oil prices had resulted in rising inflation, current account deficit and fiscal deficit in countries such as India and China, which predominantly import oil. For instance, the Saudi government is expected to cut down its spending from 1.05 trillion riyals ($280 billion) in 2019 to 1.02 trillion riyals ($270 billion) in 2020, to 955 billion riyals ($255 billion) by 2022, due to significant decline in revenues generated from oil exports, thereby affecting the market. This high volatility in oil prices is expected to negatively impact the market going forward. Major companies in the oil and gas industry are looking into big data analytics and artificial intelligence (AI) to enhance decisions making abilities and thus drive profits. The companies in this industry gather huge amounts of raw data relating to the working of refineries, pipelines and other infrastructure through a large number of sensors placed across the oil rig. Using big data analytics, the companies can detect patterns which can allow them to quickly react to unwanted changes or potential defects, thus saving costs. AI allows the companies to take better drilling and operational decisions. Companies such as ExxonMobil and Shell have been increasingly investing in AI technology to have a centralized method of data management and support data integration across multiple applications. Other companies such as Sinopec, a Chinese chemical and petroleum corporation, has announced its decision to construct 10 intelligent centers to help in reducing operation costs by 20%. Major companies in the oil and gas market include Royal Dutch Shell, BP plc, Saudi Aramco, Exxon Mobil, Gazprom PAO, Chevron, Iraq Ministry of Oil, PJSC Lukoil, Total SA, and Rosneft. Asia-Pacific was the largest region in the oil and gas market in 2022. North America was the second largest region in the oil and gas market. The regions covered in the oil and gas market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the oil and gas market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela and Vietnam. The oil and gas market consists of sales of crude oil, natural gas, refined petroleum products and asphalt, lubricating oil and grease. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. 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. The global oil and gas market is segmented - 1) By Type: Oil & Gas Upstream Activities, Oil Downstream Products 2) By Drilling Type: Offshore, Onshore 3) By Application: Residential, Commercial, Institutions, Other Applications Subsegments Covered: Crude Oil, Natural Gas, Oil And Gas Wells Drilling Services, Oil And Gas Supporting Activities, Refined Petroleum Products, Asphalt, Lubricating Oil And Grease

The oil and gas upstream activities undertake the pre-refining activities of crude oil and natural gas production. The oil and gas upstream activities includes drilling onshore and offshore as well as exploration activities like geological survey creation and land rights acquisition. The main types of oil and gas upstream activities are crude oil, natural gas, oil and gas wells drilling services, oil and gas supporting activities. Crude oil is a naturally occurring petroleum product made up of hydrocarbon deposits and other organic materials that is extracted from the earth and refined into gasoline, jet fuel, and other petroleum products. The different drilling types include offshore, onshore and is used by various sectors such as crude petroleum comprises, natural gas extraction comprises. The oil and gas upstream activities market research report is one of a series of new reports from The Business Research Company that provides oil and gas upstream activities market statistics, including oil and gas upstream activities industry global market size, regional shares, competitors with a oil and gas upstream activities market share, detailed oil and gas upstream activities market segments, market trends and opportunities, and any further data you may need to thrive in the oil and gas upstream activities industry. This oil and gas upstream 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 global oil & gas upstream activities market grew from $4,113.37 billion in 2022 to $4,357.84 billion in 2023 at a compound annual growth rate (CAGR) of 5.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The oil & gas upstream activities market is expected to grow to $5,357.28 billion in 2027 at a CAGR of 5.3%. Oil and gas extraction companies around the world are investing heavily in digital oilfield technology to enhance oil and gas production. Digital oil fields integrate advanced software, hardware, and data analysis techniques to collect real-time data from the oilfield. They consist of visualization, product surveillance, integrated decision-making, and remote communication systems. Digital technologies in oil fields include high-performance drill bits, advanced electrical submersible pumps, and 3D seismic imaging and reservoir modeling. Oilfields digitization facilitates efficient utilization of human resources and thus optimizes the profitability of oil production. This technology is changing the competitive landscape with a fact that an increase in production efficiency by ten percentage points can yield an impact of $220 million to $260 million on the bottom-line. According to IHS CERA, digital oilfield implementation leads to an increase in oil production by 2 to 8%and reduction in operating expense by 5 to 25%. For Instance, some of the major companies investing in digital oilfields include Noble Corp, Statoil, and Apache Corp. Oil and gas well drilling companies are adopting 3D visualization systems to reduce project cycle times and increase drilling accuracy.3D visualization system generates a 3D model of a wellbore and real-time drilling data to monitor and optimize drilling process. This system facilitates automatic diagnosis of drilling problems and improves and streamlines collaboration by allowing geoscientists and drilling engineers to virtually locate, see, and test drilling sites, resulting in significant cost savings of up to20% and reduction in non-productive drilling time by 20%. These systems are integrated with asset teams by means of software, thus facilitating precise and accurate placement of drill sites. For Instance, some of the major companies offering 3D visualization technology companies include eDrilling, Hexagon, Mechdyne and Landmark. Oil and Gas Wells Drilling Service providers are using seismic technology to map and interpret potential hydrocarbon reserves. 4d seismic technology is used to track the change in the physical properties of the reservoir rocks, which are caused due to changes in reservoir pressure, temperature, and fluid saturation. It tracks these changes by repeating 3D seismic surveys over time-to-time to create a time-lapse or 4D seismic image. This technology works as a tool to minimize drilling risk and maximize the return on investment. For Instance, some of the major companies using this technology include Statoil, NTNU, and Chevron. Major companies in the oil & gas upstream activities market market include Iraq Ministry of Oil, Gazprom PAO, Saudi Aramco, National Iranian Oil Company, Royal Dutch Shell, Rosneft, Schlumberger Ltd., Equinor, Gazprom Neft, and Chevron. Asia-Pacific was the largest region in the oil & gas upstream activities market in 2022. North America was the second largest region in the oil & gas upstream activities market. The regions covered in the oil & gas upstream activities market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the oil & gas upstream activities market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela and Vietnam. The oil and gas upstream activities market includes revenues earned by entities by onshore drilling services, offshore drilling services, well maintenance, exploration and well developing. 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. The global oil and gas upstream activities market is segmented - 1) By Type: Crude Oil, Natural Gas, Oil And Gas Wells Drilling Services, Oil And Gas Supporting Activities 2) By Drilling Type: Offshore, Onshore 3) By End-User: Crude Petroleum Comprises, Natural Gas Extraction Comprises Subsegments Covered: Onshore Drilling Services, Offshore Drilling Services, Well Maintenance, Exploration, Well Developing