The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The oil & gas upstream activities market has witnessed robust growth, reflecting a surge from $4,285.01 billion in 2023 to an anticipated $4,578.99 billion in 2024, with a commendable compound annual growth rate (CAGR) of 6.9%. This growth in the historic period is underpinned by dynamic factors such as oil prices, technological advancements, global energy demand, and geopolitical considerations.

Future Projections: Riding the Wave of Change

1. Anticipated Growth: Forecasts indicate continued strength, with the market poised to reach $5,738.89 billion in 2028, showcasing a CAGR of 5.8%.
2. Driving Forces in the Forecast Period:
   • ESG Considerations (Environmental, Social, Governance)
   • Government Policies and Climate Agendas
   • Infrastructure Development
   • Market Volatility
3. Key Trends in the Forecast Period:
   • Energy Transition and Diversification
   • Digitalization and Data Analytics
   • Hydraulic Fracturing and Unconventional Resources
   • Carbon Management and Emissions Reduction

Natural Gas Surge: Catalyst for Oil and Gas-Supporting Activities Market Growth

1. Natural Gas Demand: The burgeoning demand for natural gas is anticipated to be a key driver for the growth of the oil and gas-supporting activities market. Natural gas, a fossil fuel derived from organic material decomposition, powers pipelines in various oil and gas-supporting activities.
2. US Consumption Statistics: According to the Energy Information Administration, US natural gas consumption rose by 1% in 2023, reaching 89.7 Bcf/d, showcasing the increasing reliance on natural gas in the energy landscape.

Industry Leaders and Market Dynamics

1. Key Market Players:
   • Schlumberger Ltd.
   • TechnipFMC PLC
   • Saipem S.p.A.
   • Halliburton
   • Weatherford International PLC
   • Petrofac Ltd.
   • Aibel
   • Calfrac Well Services Ltd.
   • Patterson-UTI Energy Inc.
   • Trican Well Service Ltd.
   • Baker Hughes Company
   • National Oilwell Varco
   • TechnipFMC
   • Subsea 7 S.A
   • Wood PLC
   • Transocean
   • McDermott International
   • Oceaneering International
   • Archer
   • Helmerich & Payne
   • RPC Inc.
2. Market Segmentation:
   • By Type: Well Maintenance, Exploration, Well Developing
   • By Drilling Type: Offshore, Onshore
   • By End-Users: Crude Petroleum Comprises, Natural Gas Extraction Comprises
3. Regional Dominance: North America emerged as the largest region in the oil and gas-supporting activities market in 2023, signifying the region’s pivotal role in shaping industry dynamics.

Innovations Driving Change: Natural Gas Analyzers

1. Innovative Product Focus: Major companies in the oil and gas-supporting activities market are pioneering new products to stay ahead. One such innovation is the development of natural gas analyzers.
2. ABB’s Sensi+: In December 2022, ABB Ltd. introduced Sensi+, a natural gas analyzer designed for quality monitoring. It offers continuous measurement of H2S, H2O, and CO2 pollutants in natural gas streams, ensuring compliance, and enhancing pipeline monitoring and operations.

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The Oil And Gas Supporting Activities Global Market Report 2023  provides an overview of the oil and gas supporting activities market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The oil and gas supporting activities market forecast analyzes oil and gas supporting activities market size, oil and gas supporting activities market share, leading competitor and their market positions.

The Table Of Content For The Oil And Gas Supporting Activities Market Include:

1. Oil And Gas Supporting Activities Market Executive Summary
2. Oil And Gas Supporting Activities Market Segments
3. Oil And Gas Supporting Activities Market Size And Oil And Gas Supporting Activities Market Growth Rate
4. Key Oil And Gas Supporting Activities Market Trends
5. Major Oil And Gas Supporting Activities Market Drivers
……
25. Key Mergers And Acquisitions In The Oil And Gas Supporting Activities Market
26. Top Oil And Gas Supporting Activities Companies
27. Oil And Gas Supporting Activities Market Opportunities And Strategies
28. Oil And Gas Supporting Activities Market, Conclusions And Recommendations
29. Appendix

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