Press Release: January 07, 2019
The global oil and gas supporting activities market, one of the segments of oil and gas industry. During the historic period it fell at a compound annual growth rate (CAGR) of around negative 11%. This was mainly due to the fall in the global crude oil and natural gas price which directly affects the oil and gas supporting activities market.
For the forecasted period, the oil and gas supporting activities market size is expected to be over $240 billion by 2021, growing at a CAGR of positive 6%. The growth rate for forecasted period is much higher when compared to the historic period. the market is expected to grow mainly due to increased demand for supporting services by oil and gas manufactures in the world as the oil price stabilizes and new investment increases rapidly.
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Companies involved in providing support activities for oil and gas operations are offering self-assembling rigs to reduce operating costs and save time. Self-assembling rigs are automated rigs that can walk at up to 30 feet per hour, rotate 360 degrees, and can be operated with a remote control. The oil and gas supporting activities market includes Drilling Oil and Gas Wells, and Crude Oil & Natural Gas.
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