Global Oil And Gas Supporting Activities Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends

14 Jun, 2021

The oil and gas supporting activities market consists of sales of support activities for oil and gas operations by entities (organizations, sole traders or partnerships) that provide support activities on a contract or fee basis for oil and gas operations such as exploration, drilling and extraction. The oil and gas supporting activities market is segmented into well maintenance; exploration and well developing.

Global Oil And Gas Supporting Activities Market Size And Drivers:

The global oil and gas supporting activities market is expected to grow from $234.03 billion in 2020 to $273.96 billion in 2021 at a compound annual growth rate (CAGR) of 17.1%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $332.14 billion in 2025 at a CAGR of 5%. The oil and gas supporting activities market was mainly driven by rapid growth in emerging markets.

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Trends In The Global Oil And Gas Supporting Activities Market

Companies providing support activities for oil and gas operations are using rig-less technology to reduce turnaround time for decommissioning of wells. Rig-less P&A refers to decommissioning of oil wells wherein companies need not replace tubes and drill pipes while placing primary or secondary barriers, thus offering significant cost savings over rig-based operations. Also, the equipment used for rig-less P&A can also be operated at a water depth of 1600 feet.

Global Oil And Gas Supporting Activities Market Segments:
The global oil and gas supporting activities market is further segmented based on type, drilling type and geography.
By Type: Well Maintenance, Exploration, Well Developing
By Drilling Type: Offshore, Onshore
By Geography: The global oil and gas supporting activities market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global oil and gas supporting activities market, accounting for 29% of the market in 2020.

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Oil And Gas Supporting Activities Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides oil and gas supporting activities market overviews, analyzes and forecasts market size and growth for the global oil and gas supporting activities market, oil and gas supporting activities market share, oil and gas supporting activities market players, oil and gas supporting activities market segments and geographies, oil and gas supporting activities market’s leading competitors’ revenues, profiles and market shares. The oil and gas supporting activities market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

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