Global Oil & Gas Upstream Activities Market

The oil and gas pumps market consists of sales of oil and gas pumps and related services by entities (organizations, sole traders, and partnerships) that manufacture oil and gas pumps. Oil and gas pumps are used in the oil & gas industry to transfer oil, grease, gas, and other fluids. The main types of oil and gas pumps are centrifugal, positive displacement and cryogenic. A centrifugal pump converts driver energy to kinetic energy in a liquid by accelerating the fluid to the outer rim of an impeller. The pumps have a capacity of upto 500 gpm (small), 500-1000 gpm (medium) and more than 1000 gpm (high) and are used in upstream, midstream and downstream applications. The global oil and gas pumps market size is expected to grow from $11.23 billion in 2021 to $11.71 billion in 2022 at a compound annual growth rate (CAGR) of 4.3%. The oil and gas pump market is expected to grow to $13.87 billion in 2026 at a CAGR of 4.3%. The development of oil and gas pipeline infrastructure contributed to the growth of the oil and gas pumps market. Oil and gas pipelines are used for transporting crude oil or natural gas liquids. Pumps or compressors are used for moving the oil or gas through the pipeline at a safe speed. According to India Brand Equity Foundation, the government of India is planning to invest $9.9 billion in expanding the gas pipeline network across the country. According to Invest India, about 12,672 km of gas pipelines are under development. Therefore, the development of oil and gas pipeline infrastructure is expected to drive the market for oil and gas pumps during the forecast period. Internet of Things (IoT) in oil and gas refineries is an emerging trend in the oil and gas pumps market. IoT is used to monitor pipe thickness, flow rate, pipe pressure, and more. IoT enables to have connected machines in oil and gas industry so that oil and gas companies can predict equipment failure and reduce overall downtime. For example, a single pump failure can cost hundreds of thousands of dollars in lost productivity, so if the condition of pumps is known in real time, replacements can be ready for those deemed susceptible to failure. Therefore, IoT plays an important role in the oil and gas pumps market. In February 2021, Caterpillar, a USA company that designs, manufacture, and sells machinery, acquired Weir oil & gas subsidiary of Weir group for a deal amount of $405 million. The acquisition of Weir oil & gas will help Caterpillar to build its oil and gas pumps business line and the organization will be running the operation as SPM oil & gas business. The transaction includes more than 40 global service centers and around 2000 employees. Major players in the oil and gas pumps market are KSB SE, Flowserve, Sulzer, Xylem, Gardner Denver, Alfa Laval, SPP Pumps, ITT Oil & Gas, Kirloskar Brother Limited, and HMS Group. Asia Pacific was the largest region in the oil and gas pumps market in 2021. This region is also expected to be the fastest growing region in the forecast period. The regions covered in the oil and gas pumps 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 pumps market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA. The global oil and gas pumps market is segmented - 1) By Type: Centrifugal, Positive Displacement, Cryogenic 2) By Capacity: Small (up to 500 gpm), Medium (500-1000 gpm), High (more than 1000 gpm) 3) By Application: Upstream, Midstream, Downstream

Crude Oil Market Characteristics

The oil and gas market consists of sales of oil and gas by entities (organizations, sole traders or partnerships) that undertake the exploration for, extraction, drilling, and refining, of oil and gas and some of its derivatives. This market does not include petrochemicals. 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 global oil and gas market size is expected to grow from $6,098.98 billion in 2021 to $6,819.04 billion in 2022 at a compound annual growth rate (CAGR) of 11.8%. The growth in the market 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 oil & gas market is expected to reach $10,376.28 billion in 2026 at a CAGR of 11.1%. Low interest rates in most developed countries will positively impact the oil and gas industry during the forecast period. For instance, in 2019, the European Central Bank decreased interest rates to -0.5% on deposits from banks to encourage lending. This created a flow of cheap money for investment, both in developed and developing economies. It also encouraged borrowing and discouraged saving in advanced markets, helping to drive spending. Oil and gas companies were able to borrow more money for process improvements and expansion projects, thus driving the market during this period. 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 2021. 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 global oil and gas market is segmented - 1) By Type: Oil and Gas Upstream Activities, Oil Downstream Products 2) By Drilling Type: Offshore, Onshore 3) By Application: Residential, Commercial, Institutions, Others 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 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 main types of oil and gas supporting activities are well maintenance, exploration and well developing. Exploration companies drilled a deep test hole, exploratory well both onshore and offshore to locate proven reserves of recoverable gas and oil. The various drilling types include offshore and onshore that are used by crude petroleum comprises and natural gas extraction comprises. The global oil and gas supporting activities market size is expected to grow from $236.99 billion in 2021 to $257.56 billion in 2022 at a compound annual growth rate (CAGR) of 8.7%. The growth in the market 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 oil & gas supporting activities market is expected to reach $347.51 billion in 2026 at a CAGR of 7.8%. The oil and gas supporting activities market was mainly driven by rapid growth in emerging markets in the historic period. Emerging markets growth was aided by rising disposable income, stable political environment and increasing foreign investments in these countries. For instance, China’s GDP grew by 2.3% in 2020 to $14.72 trillion. Additionally, according to the World Economic Outlook Reports by the IMF, global GDP growth was around 2.9% in 2019, 3.3% and 3.4% in 2020 and 2021 respectively. Thus, strong economic growth boosted the demand for oil and gas, and this drove the oil and gas supporting activities market during the historic period. Growing popularity of renewable energy sources was a major restraint on the oil and gas supporting activities market during the historic period. The removal of fuel subsidies by governments and the drop in renewable energy technology and infrastructure costs meant the cost of power generated through solar and wind energy became comparable to the cost of power generated through fossil fuels. Certainty in capital costs and absence of material costs is favorable to renewable energy projects when compared to petrochemical based projects where project ROI (Return on Investment) is dependent on raw material costs, thus affecting the growth of the 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. For instance, some of the major companies using rig-less technology include Baker Hughes, Halliburton, Oceaneering International, Schlumberger and Weatherford. Major companies in the oil and gas supporting activities market include Schlumberger Ltd., TechnipFMC plc, Saipem, Halliburton, Weatherford International plc, Petrofac, Aibel, Calfrac Well Services Ltd., Patterson-UTI Energy, Inc., and Trican Well Service Ltd. North America was the largest region in the oil and gas supporting activities market in 2021. The Middle East was the second largest in the oil and gas supporting activities 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 supporting 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 global oil and gas supporting activities market is segmented - 1) By Type: Well Maintenance, Exploration, Well Developing 2) By Drilling Type: Offshore, Onshore 3) By End-User: Crude Petroleum Comprises, Natural Gas Extraction Comprises

The refined petroleum products market consists of sales of refined petroleum products by entities (organizations, sole traders or partnerships) that convert crude petroleum to refined petroleum products such as gasoline, naphtha, diesel fuel and liquefied petroleum gas and then sell these refined products. Petroleum refineries are large industrial complexes with extensive pipeline networks carrying crude oil and refined petroleum products between sub processing units. Revenues in this market represent the value of the different refined petroleum products. The main types of petroleum products are diesel, gasoline, fuel oil, kerosene, other refined petroleum products. Gasoline is a petroleum-based fuel made from crude oil and other liquids. Gasoline is primarily used in vehicles as an engine fuel. The various fraction includes light distillates, middle distillates, heavy oils and the different refinery type are integrated refined petroleum product and non-integrated refined petroleum product. The applications of refined petroleum products are fuel, chemicals and others. The global refined petroleum products market size is expected to grow from $2,311.84 billion in 2021 to $2,614.48 billion in 2022 at a compound annual growth rate (CAGR) of 13.1%. The growth in the market 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 refined petroleum product market is expected to reach $4,171.34 billion in 2026 at a CAGR of 12.4%. Refineries are increasingly adopting Carbon Capture and Storage techniques to reduce CO2 emission levels in the atmosphere. This technique involves trapping of CO2 at its emission source and transporting it to a different storage location which is actively monitored and measured. This way CO2 is isolated from the atmosphere, thereby reducing emission levels. For instance, Quest, a partnership venture of Shell, Canada Energy and Chevron is fully integrated CCS project that captures CO2 produced from refineries and prevents it from entering the atmosphere by storing it in underground formations. Globally there are about 15 large scale projects and 7 under construction projects with the capacity to capture about 40 million tonnes CO2 per annum, thus indicating the potential of CCS technology in minimizing carbon emissions. For instance, some of the major companies adopting this technique include ExxonMobil, Port Arthur Refinery, Baytown Refinery, RasTanura Refinery and Garyville Refinery. To reduce the pollution levels, companies have started adopting the gas to liquid technology which produces high quality petroleum products. The gas to liquid technology is the conversion of natural gas to high quality liquid products such as transportation fuels, motor oils, naphtha, diesel and waxes. This technology uses natural gas as a substitute to crude oil as gas is considered to be the cleanest burning fossil fuel and is abundant, versatile and easily affordable. The by- products obtained by using the GTL technology are colorless, odorless and contain negligent amounts of impurities. For instance, Shell, Chevron and PetroSA have adopted this technology to produce transportation fuels, oils and by products to produce plastics, detergents and cosmetics. Major companies in the refined petroleum products market include Royal Dutch Shell, BP plc, Exxon Mobil, PJSC Lukoil, Chevron, Total SA, Marathon Petroleum Corporation, Valero Energy Corp, Saudi Aramco, and Bharat Petroleum Corporation Limited. Asia Pacific was the largest region in the refined petroleum products market in 2021. Western Europe was the second largest region in the global petroleum products market. The regions covered in the refined petroleum market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the refined petroleum products 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 global refined petroleum products market is segmented - 1) By Type: Diesel, Gasoline, Fuel Oil, Kerosene, Other Refined Petroleum Products 2) By Fraction: Light Distillates, Middle Distillates, Heavy Oils 3) By Refinery Type: Integrated Refined Petroleum Product, Non-Integrated Refined Petroleum Product 4) By Application: Fuel, Chemical, Others

The asphalt, lubricating oil and grease market consists of sales of asphalt, lubricating oil and grease by entities (organizations, sole traders or partnerships) that produce block asphalt, asphalt paving mixture, asphalt shingle, coating materials, petroleum lubricating oil and grease. Asphalt is a sticky, black and highly viscous liquid or semi-solid form of petroleum used for surfacing roads, flooring, and roofing. The main types of asphalt, lubricating oil and grease are asphalt and other petroleum products. Asphalt is a combination of aggregate particles, binder, and filler that is used to build and maintain roads, parking lots, railway tracks, ports, airport runways, bicycle lanes, sidewalks, and play- and sports areas. The various application of asphalt, lubricating oil and grease include roadways, waterproofing, recreation and others. The various end-use industries include power generation, transport, metallurgy and metalworking, food and beverage, chemical and others. The global asphalt, lubricating oil and grease market size is expected to grow from $226.73 billion in 2021 to $269.76 billion in 2022 at a compound annual growth rate (CAGR) of 19.0%. The growth in the market 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 asphalt, lubricating oil, grease market is expected to reach $541.58 billion in 2026 at a CAGR of 19.0%. Producers of petroleum-based lubricants are offering bio-based lubricants to address the concerns associated with the impact of lubricants on the environment. Bio-based lubricants are formulated with renewable or biodegradable materials. Vegetable oils are one of the major components for bio-based lubricants. Vegetable oils offer high lubricity, viscosity and thermal stability. They have a higher flash point of 326°C as compared to flash point of 200°C for mineral oils. Lubricants produced from vegetable oils include tractor transmission hydraulic fluid, industrial hydraulic fluids for process and machinery applications, food-grade hydraulic fluids and greases, greases for use in automotive, railroad and machinery applications, chainsaw bar oil, gear lubes, compressor oil, and transformer and transmission line cooling fluids. The demand for multigrade lubricants is gaining traction due to their better performance in cold climatic conditions. Multi-grade lubricant is a viscosity modifier used in engines which allows the smooth flow of oil under cold and hot climatic conditions. It is used to minimize the effect of change of viscosity with respect to the changes in the surrounding temperature and maintains optimum viscosity over the engine operating temperature range. Some of the major companies producing this lubricant include Gazprom, Rosneft, Exxonmobil, Petrochina and BP. Most of the asphalt companies are using frequency inverters in asphalt mixing process to control asphalt mixture drying time. Frequency inverter is an electronic device which transforms an AC current with fixed frequency to variable amplitude and frequency. It is used to vary the speed of rotation of the drying drum of the plant drying system so that the aggregates which are more porous receive heat from the burning flame for more time resulting in complete drying. It improves the drying process and allows the less porous asphalt to dry faster resulting in increased production. For instance, some of the major companies using frequency inverters include 3 Franks Services, A. Macchione Brothers, Absolute Asphalt and Concreter LLC and Ace Asphalt. Major companies in the asphalt, lubricating oil and grease market include Exxon Mobil, Royal Dutch Shell, Saudi Aramco, BP plc, Glencore International, Guardian Industries, LLC, Owens Corning, Suncor Energy Inc, Husky Energy Inc, and CRH plc. North America was the largest region in the asphalt, lubricating oil and grease market in 2021. Asia Pacific was the second largest region in the asphalt, lubricating oil and grease market. The regions covered in the asphalt, lubricating oil, and grease market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the asphalt, lubricating oil and grease 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 global asphalt, lubricating oil and grease market is segmented - 1) By Type: Asphalt, Other Petroleum Products 2) By Application: Roadways, Waterproofing, Recreation, Others 3) By End-Use Industry: Power Generation, Transport, Metallurgy and Metalworking, Food and Beverage, Chemical, Others Subsegments Covered: Asphalt Paving Mixtures and Blocks, Prepared Asphalt and Tar Roofing and Siding Products, Roofing Asphalts and Pitches, Coatings and Cements

The oil downstream activities market consists of sales of the post extraction activities for crude oil and natural gas by entities (organizations, sole traders or partnerships) that provide post extraction activities for crude oil and natural gas, including refined petroleum products manufacturing and asphalt, lubricating oil and grease manufacturing. The main types of oil downstream activities are refined petroleum products manufacturing, asphalt, lubricating oil and grease manufacturing. Refined petroleum products manufacturing include transformation and refining of crude oil into useful products such as gasoline (petrol), diesel fuel, asphalt base, fuel oils, heating oil, kerosene, liquefied petroleum gas, and petroleum naphtha. The different fractions include light distillates, middle distillates, heavy oils and is used in various applications such as crude petroleum comprises, natural gas extraction comprises The global oil downstream activities market size is expected to grow from $2,538.57 billion in 2021 to $2,884.23 billion in 2022 at a compound annual growth rate (CAGR) of 13.6%. The growth in the market 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 oil downstream activities market is expected to reach $4,712.92 billion in 2026 at a CAGR of 13.1%. Refineries are increasingly adopting carbon capture and storage techniques to reduce CO2 emission levels in the atmosphere. This technique involves trapping of CO2 at its emission source and transporting it to a different storage location which is actively monitored and measured. This way CO2 is isolated from the atmosphere, thereby reducing emission levels. For instance, Quest, a partnership venture of Shell, Canada Energy and Chevron is fully integrated CCS project that captures CO2 produced from refineries and prevents it from entering the atmosphere by storing it in underground formations. Globally there are about 15 large scale projects and 7 under construction projects with the capacity to capture about 40 million tonnes CO2 per annum, thus indicating the potential of CCS technology in minimizing carbon emissions. Major players in the oil downstream activities market are Royal Dutch Shell, Exxon Mobil Corporation, China Petroleum & Chemical Corporation, BP Plc, and Chevron. North America was the largest region in the oil downstream activities market in 2021. Asia Pacific was the second largest region in the oil downstream activities market. The regions covered in the oil downstream activities market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the oil downstream 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 global oil downstream activities market is segmented - 1) By Type: Refined Petroleum Products Manufacturing, Asphalt, Lubricating Oil and Grease Manufacturing 2) By Fraction: Light Distillates, Middle Distillates, Heavy Oils 3) By Application: Crude Petroleum Comprises, Natural Gas Extraction Comprises Subsegments Covered: Diesel, Gasoline, Fuel Oil, Kerosene, Others – Refined Petroleum Products Manufacturing, Asphalt, Other Petroleum Products

The oil and gas wells drilling services market consists of sales of oil and gas wells drilling services by entities (organizations, sole traders or partnerships) that undertake oil and gas wells drilling services for others on a contract or fee basis. The oil and gas wells drilling services industry includes contractors specializing in spudding in, drilling in, redrilling, and directional drilling. This market covers outsourced drilling services sold on a contract basis to oil and gas extraction companies and does not include any in-house drilling services of oil and gas extraction companies. The main types of oil and gas wells drilling services are onshore drilling services and offshore drilling services. Onshore drilling entails driving a drilling rig deep into the earth to reach fossil fuels. Onshore drilling services include the construction of oil and gas wells for production, exploration, and appraisal, as well as other types of wells such as vertical, deviated, and horizontal wells. The various services offered include directional drilling, non-directional drilling and the machine parts used are rigs, pipes, bits, reamers and others. The global oil and gas wells drilling services market size is expected to grow from $112.66 billion in 2021 to $121.03 billion in 2022 at a compound annual growth rate (CAGR) of 7.4%. The growth in the market 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 oil and gas well drilling service market is expected to reach $154.62 billion in 2026 at a CAGR of 6.3%. The rapid pace of innovation in the oil and gas exploration and drilling technologies is boosting production volumes and reducing production costs. Technological advances are allowing oil and gas wells drilling companies to enhance oil and gas recovery rates and considerably reduce production costs. For instance, 3D seismic technology is being used to optimize exploration and drilling processes to enhance oil and gas production levels and cut down costs associated with exploration and drilling. Other areas of rapid technological advances in the oil and gas market include hydraulic fracturing and horizontal drilling. Thus, advancements and innovation in exploration and drilling technologies are expected to drive the oil and gas wells drilling services market during the forecast period. The outbreak of the Coronavirus disease (COVID-19) has acted as a massive restraint on the oil and gas wells drilling services market in 2020 as fears over COVID-19 resulted in lower oil prices, exasperated by a price war when the members of the OPEC cartel were unable to agree on production cuts in February 2020, resulting in a decline in the dollar price of WTI Crude per barrel falling from around $50 to around $25. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of lockdown and the outbreak had a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the oil and gas wells drilling services market will recover from the shock across the forecast period as it is a 'black swan' event and not related to ongoing or fundamental weaknesses in the market or the global economy. In addition, current oil prices are uneconomic for many operators and are likely to result in lower supply in the medium term, as operators cut activity or cease trading, resulting in an upturn in prices. Oil and gas wells 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 to 20% 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, Landmark. Major companies in the oil and gas wells drilling services market include Baker Hughes Co, Schlumberger Ltd., Halliburton, China Oilfield Services Ltd., Transocean Ltd., Helmerich & Payne, Inc., Weatherford International plc, Nabors Industries Ltd., Valaris PLC, and Saipem. North America was the largest region in the oil and gas wells drilling services market in 2021. The Middle East was the second largest region in the oil and gas wells drilling services market. The regions covered in the oil and gas wells drilling market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the oil and gas wells drilling services 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 global oil and gas wells drilling services market is segmented - 1) By Type: Onshore Drilling Services, Offshore Drilling Services 2) By Service: Directional Drilling, Non-Directional Drilling 3) By Machine Parts: Rigs, Pipes, Bits, Reamers, Others