Oil & Gas Upstream Activities Global Market To Reach Value Of About $4.24 Trillion In 2025
3 Feb, 2021
The oil and gas upstream activities market consists of sales of crude oil and natural gas by entities (organizations, sole traders or partnerships) that undertake the pre-refining activities of crude oil and natural gas production. The oil and gas upstream activities market is segmented into crude oil, natural gas, oil and gas wells drilling services and oil and gas supporting activities.
Global Oil & Gas Upstream Activities Market Size And Drivers:
The global oil & gas upstream activities market is expected to grow from $2.63 trillion in 2020 to $3.33 trillion in 2021 at a compound annual growth rate (CAGR) of 26.6%. 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 $4.24 trillion in 2025 at a CAGR of 6%.
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Trends In The Global Oil & Gas Upstream Activities Market
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. These technology works as a tool to minimize drilling risk and maximize the return on investment.
Global Oil & Gas Upstream Activities Market Segments:
The global oil & gas upstream activities market is further segmented based on type and geography.
By Type: Crude Oil, Natural Gas, Oil And Gas Wells Drilling Services, Oil And Gas Supporting Activities.
Subsegments Covered: Onshore Drilling Services, Offshore Drilling Services, Well Maintenance, Exploration, Well Developing.
By Geography: The global oil & gas upstream activities market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global oil & gas upstream activities market, accounting for 35% of the market.
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Oil & Gas Upstream Activities Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides oil & gas upstream activities market overviews, analyzes and forecasts market size and growth for the global oil & gas upstream activities market, oil & gas upstream activities market share, oil & gas upstream activities market players, oil & gas upstream activities market segments and geographies, oil & gas upstream activities market’s leading competitors’ revenues, profiles and market shares. The oil & gas upstream activities market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.