Oil And Gas Supporting Activities Market Characteristics
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.
Competitive Landscape of the Oil And Gas Supporting Activities Market
Major players in the global oil and gas supporting activities market include Halliburton, Saipem S p A, Schlumberger Ltd, Baker Hughes Incorporated, Weatherford International plc.
Oil And Gas Supporting Activities Market Size
The oil and gas supporting activities market size is expected to reach about $240 Billion by 2022, significantly growing at a CAGR of around 6% during the forecast period. The growth in the oil and gas supporting activities market is due to increased demand for supporting services by oil and gas manufactures in the world as the oil price stabilizes and new investment increases.
However, the market for oil and gas supporting activities is expected to face certain restraints from several factors such as high cost Involved, fall in the global crude oil and natural gas price which directly affects the oil and gas supporting activities market.
Oil And Gas Supporting Activities Market Segmentation
The global oil and gas supporting activities market is further segmented based on type and geography.
By Type - The oil and gas supporting activities market is segmented into well maintenance, exploration, well developing, the well maintenance market accounts for the largest share in the global oil and gas supporting Activities market.
By Geography - The global oil and gas supporting activities is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America was the largest region in the global oil and gas supporting activities market.
Trends in the Oil And Gas Supporting Activities Market
Oil and gas supporting activities providers are using microbial treatment as a sustainable and cost-effective replacement to conventional treatment methods such as chemical, mechanical and thermal methods to discard paraffin deposits. Microbial treatment refers to the use of naturally occurring microorganisms to remove paraffin deposits, break emulsions, and inhibit corrosion and scale formation. Paraffin is a waxy substance which deposits in oil and gas production systems and restricts the flow of fluids, and thus needs to be prevented.
This treatment procedure is non-toxic, cost effective and saves time compared to conventional methods. Microbial treatment can result in high paraffin degradation rate of up to 64%. For example, microbial treatment carried out at Barfield, Midland oil wells increased oil production volume by two barrels per day.
Potential Opportunities in the Oil And Gas Supporting Activities Market
With increase in economic growth and rising demand for oil, the scope and potential for the global oil and gas supporting activities market is expected to significantly rise in the forecast period.
