How Is The Oil And Gas Upstream Activities Market Segmented?
The oil and gas upstream activities market covered in this report is segmented –
1) By Type: Crude Oil, Natural Gas, Oil And Gas Wells Drilling Services, Oil And Gas Supporting Activities
2) By Drilling Type: Offshore, Onshore
3) By End-User: Crude Petroleum Comprises, Natural Gas Extraction Comprises
Subsegments:
1) By Crude Oil: Exploration, Production, Refining, Distribution
2) By Natural Gas: Exploration, Production, Liquefied Natural Gas (LNG) Processing, Distribution
3) By Oil And Gas Wells Drilling Services: Onshore Drilling, Offshore Drilling, Directional Drilling, Horizontal Drilling
4) By Oil And Gas Supporting Activities: Seismic Data Collection, Well Servicing, Equipment Rental And Leasing, Geological And Geophysical Services
What Is Driving The Oil And Gas Upstream Activities Market? The Rising Energy Demand Fuels Growth In Oil And Gas Upstream Activities
The increasing demand for energy is expected to propel the growth of the oil and gas upstream activities market going forward. Energy refers to the power sources that are utilized to run any machinery, equipment, or tools needed for repairs. Oil and gas upstream activities encompass the exploration, extraction, and production of hydrocarbon resources that serve as foundational sources of energy for global economies, driving industrial growth, transportation, and everyday consumer needs. For instance, in April 2023, according to the Energy Information Administration, a US-based government agency, energy usage in the US industrial sector was projected to rise by 5% to 32% between 2022 and 2050. Therefore, the increasing demand for energy is driving the growth of the oil and gas upstream activities market.
What Is Driving The Oil And Gas Upstream Activities Market? Rising Oil And Gas Production Wells Fueling Growth In The Upstream Activities Market
The increasing oil and gas production wells are expected to propel the growth of the oil and gas upstream activities market going forward. Oil and gas production wells are drilled thousands of feet deep into the Earth to extract oil and natural gas from underground reservoirs. Oil and gas production wells are used in oil and gas upstream activities to extract oil and natural gas from underground reservoirs. For instance, in July 2023, according to the International Energy Agency, a France-based autonomous intergovernmental organization, the global newly completed oil and gas production wells reached 55,000 wells in 2023. Therefore, increasing oil and gas production wells drive the growth of the oil and gas upstream activities market.
Who Are The Major Players In The Global Oil And Gas Upstream Activities Market?
Major companies operating in the oil and gas upstream activities market include Iraq Ministry of Oil, Gazprom PAO, Saudi Aramco, National Iranian Oil Company, Royal Dutch Shell, Rosneft, Schlumberger Ltd., Equinor, Gazprom Neft, Chevron, Schlumberger Limited, Halliburton Company, Baker Hughes Company, National Oilwell Varco Inc., Weatherford International plc, TechnipFMC plc, Seadrill Limited, Helmerich & Payne Inc., Precision Drilling Corporation, Nabors Industries Ltd., Patterson-UTI Energy Inc., Superior Energy Services Inc., RPC Inc., Expro Group, Aker Solutions ASA, Core Laboratories N.V., Tidewater Inc., Bristow Group Inc., Oceaneering International Inc., Archer Limited, GulfMark Offshore Inc., ProPetro Holding Corp., Helix Energy Solutions Group Inc., Transocean Ltd., Pacific Drilling S.A., Rowan Companies plc, Diamond Offshore Drilling Inc., Noble Corporation plc, Ensco Rowan plc, TransAtlantic Petroleum Ltd.
What Are The Key Trends Of The Global Oil And Gas Upstream Activities Market? The Adoption Of 3D Visualization Systems In Oil And Gas Well Drilling
Oil and gas well 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 and Landmark.
What Are The Key Trends Of The Global Oil And Gas Upstream Activities Market? Innovative Control Valve Solutions Transforming The Oil And Gas Upstream Market
Major companies operating in the oil and gas upstream activities market are focusing on developing innovative products, such as control valves, to provide reliable service to customers. A control valve is a valve that is used to control fluid flow by adjusting the flow passage's size in response to a signal from a controller. For instance, in February 2022, CIRCOR International Inc., a US-based manufacturer of highly engineered, complex products, launched the CIR 3100 control valve. The CR 3100 control valve can be customized with various internal options and standard parts and accessories, which lowers inventory costs and maintenance expenses for demanding applications, including upstream, midstream, and downstream oil and gas operations. The CIR 3100 is appropriate for throttling and on/off control of fluid flows such as gas, steam, water, or chemical compounds to account for load disturbances and helps maintain the regulated process variable as close to the desired set point as is practical.
Regional Outlook For The Global Oil And Gas Upstream Activities Market
Asia-Pacific was the largest region in the oil & gas upstream activities market in 2024. North America was the second largest region in the oil & gas upstream activities market. The regions covered in the oil & gas upstream activities 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 upstream activities market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa
What Defines the Oil And Gas Upstream Activities Market?
The oil and gas upstream activities market includes revenues earned by entities by onshore drilling services, offshore drilling services, well maintenance, exploration and well developing. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
How is Market Value Defined and Measured?
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
What is the Market Assessment and Strategic Outlook for the Oil And Gas Upstream Activities Industry?
The oil and gas upstream activities market research report is one of a series of new reports from The Business Research Company that provides oil and gas upstream activities market statistics, including oil and gas upstream activities industry global market size, regional shares, competitors with a oil and gas upstream activities market share, detailed oil and gas upstream activities market segments, market trends and opportunities, and any further data you may need to thrive in the oil and gas upstream activities industry. This oil and gas upstream activities market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
