Oil And Gas Supporting Activities Market Expansion: Projected to Hit $6066.7Billion with 5.2% CAGR by 2029

How big is the oil and gas supporting activities market today, and what are its future growth expectations?

The oil and gas supporting activities market size has grown strongly in recent years. It will grow from $313.44 billion in 2024 to $334.92 billion in 2025 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to oil prices, technological advancements, global energy demand, geopolitical factors.

The oil and gas supporting activities market size is expected to see strong growth in the next few years. It will grow to $414.05 billion in 2029 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to esg (environmental, social, and governance) considerations, government policies and climate agendas, infrastructure development, market volatility. Major trends in the forecast period include energy transition and diversification, digitalization and data analytics, hydraulic fracturing and unconventional resources, carbon management and emissions reduction.

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What have been the primary factors driving the oil and gas supporting activities market’s growth?

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, in September 2024, according to the HM Revenue and Customs, a UK-based government agency, Total government revenues from UK oil and gas production amounted to $9.9 billion (£9 billion) in the financial year 2023, a rise from $1.54 billion (£1.4 billion) in 2022, representing an increase of $8.36 (£7.6 billion). 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.

What are the key segments within the oil and gas supporting activities market?

The oil and gas supporting activities market covered in this report is segmented –

1) By Type: Well Maintenance, Exploration, Well Developing

2) By Drilling Type: Offshore, Onshore

3) By End-Users: Crude Petroleum Comprises, Natural Gas Extraction Comprises

Subsegments:

1) By Well Maintenance: Workover Services, Well Servicing, Well Integrity Management

2) By Exploration: Geological And Geophysical Services, Seismic Data Acquisition, Exploration Drilling

3) By Well Developing: Hydraulic Fracturing, Directional Drilling, Cementing Services

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Which key players are shaping the oil and gas supporting activities market?

Major companies operating in the oil and gas supporting activities market include 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, John Wood Group, Seadrill, MRC Global, Tidewater, Aker Solutions, GulfMark Offshore, Helix Energy Solutions Group, Core Laboratories, ProPetro Holding Corp., Expro Group, Bristow Group, Precision Drilling, Superior Energy Services, Helmerich & Payne, RPC Inc.

Which market trends are set to define the future of the 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.

Which geographic trends are shaping the oil and gas supporting activities market, and which region has the highest market share?

North America was the largest region in the oil and gas supporting activities market in 2023. Middle East was the second largest in the oil and gas supporting activities market. The regions covered in the oil and gas supporting activities market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

What Does The Oil And Gas Supporting Activities Market Report 2025 Offer?

The oil and gas supporting activities market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.

Oil and gas supporting activities refer to a range of services and operations that support the extraction, production, and exploration of oil and gas resources. These activities are essential to the upstream segment of the oil and gas industry, ensuring the efficient discovery, extraction, and management of hydrocarbon resources.

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