Yahoo Finance Oil And Gas Supporting Activities Global Market Report 2021: COVID 19 Impact and Recovery to 2030
Major companies in the oil and gas supporting activities market include Halliburton; Saipem S p A; Schlumberger Ltd; Baker Hughes Incorporated and Weatherford International plc. The global oil and gas supporting activities market is expected to grow from $234.
New York, Jan. 21, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Oil And Gas Supporting Activities Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06009820/?utm_source=GNW
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 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.
North America was the largest region in the global oil and gas supporting activities market, accounting for 29% of the market in 2020. Middle East was the second largest region accounting for 16% of the global oil and gas supporting activities market. Western Europe was the smallest region 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. For instance, some of the major companies using rig-less technology include Baker Hughes, Halliburton, Oceaneering International, Schlumberger and Weatherford.
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.
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, according to the IMF, China’s GDP grew from $11 trillion in 2015 to $13.6 trillion in 2018. Additionally, according to the World Economic Outlook Reports by the IMF, emerging markets and developing economies together registered a growth of 4.0% in 2015 and this increased to 4.5% in 2018. 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.
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