$92.8bn
$X.Xbn
311k
104
$XX.Xbn
Revenue for the Oil and Gas Drilling Support Services industry is expected to increase at an annualized 13.6% over the five years through 2023, to $92.8 billion. The world price of crude oil has risen significantly over the past five years. However, major oil companies have increased investment in oil and gas exploration and development, which has led to a significant enhancive in demand for industry services over the period. In 2020, world demand for oil and gas decreased as a result of the COVID-19 outbreak, which led to a decline in revenue in the year. In 2021, international oil prices rose sharply year-on-year, revenue rose sharply by 19.7% from 2020. In 2022, tensions between Russia and Ukraine led to a sharp rise in crude oil prices. Industry revenue is anticipated to grow by 6.8% in 2023. Profit margins have recovered to 2.3% of industry revenue in 2023.A major feature of the industry is the existing oligopoly among the three state-owned oil companies: China National Petroleum Corporation (CNPC), China Petrochemical Corporation (Sinopec) and China National Offshore Oil Corporation (CNOOC). In 2023, these three firms are expected to account for 88.5% of industry revenue. In total, an estimated 154 establishments operate in the industry, employing over 310,598 people with total wage costs of $10.5 billion.Industry revenue is forecast to grow at an annualized 5.0% over the five years through 2028, to $118.5 billion. The world price of natural gas is projected to increase over the next five years, and global demand for energy will likely continue to be substantial. These trends will encourage oil and gas drilling companies to invest in developing new fields, which will lead to greater demand for drilling support services over the period.
Industry revenue has grown at a CAGR of 13.6 % over the past five years, to reach an estimated $92.8bn in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2023 | Revenue ($short_0)
2023 |
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There are no companies that hold a large enough market share in the Oil & Gas Drilling Support Services in China industry for IBISWorld to include in this product.
Industry revenue is measured across several distinct product and services lines, including Drilling services, Oil well services and Equipment and chemical supply. Drilling services is the largest segment of the Oil & Gas Drilling Support Services in China.
Drilling services requires highly skilled workers
The Oil and Gas Drilling Support Services industry provides support services for oil and gas mining companies. These services include directional drilling, drilling ahead, underground operations, oil testing, well testing, well logging, derrick erection, derrick repair and derrick removal. Oil and gas prospecting activities are not included in the industry.
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The industry is growing steadily. The growth of the industry is dependent on China's steady investment in exploration and development of oil and gas fields, the specializatio...
Learn about an industry's products and services, markets and trends in international trade.
Drilling is the largest segment of the industry. Drilling services require highly skilled workers. This segment's share of industry revenue is expected to decline slightly ov...
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Tianjin has a large oil field. The Tianjin Bohai oil field is Cnooc's largest production base in China, which helps Tianjin contribute a large proportion of its revenue.
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
High-tech competition. Oil and gas drilling support services often require advanced technology, and the high level of technology can expand the scope of services provided by ...
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Industry giants account for a large proportion. The industry is an oligopoly of three state-owned oil companies, which accounts for a very large proportion of business in the...
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Large market demand drives industry growth. For Chinese oil and gas drilling services companies, demand is mainly coming from domestic oil and gas drillers seeking to increas...
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Industry profitability is low. Industry profitability is low due to high wages, procurement, maintenance and utility costs.
Including values and annual change:
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Key data sources in China include:
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These sources include:
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The market size of the Oil & Gas Drilling Support Services industry in China is $92.8bn in 2024.
There are 104 businesses in the Oil & Gas Drilling Support Services industry in China, which has grown at a CAGR of 3.2 % between 2019 and 2024.
The market size of the Oil & Gas Drilling Support Services industry in China has been growing at a CAGR of 13.6 % between 2019 and 2024.
Over the next five years, the Oil & Gas Drilling Support Services industry in China is expected to grow.
Drilling services and Oil well services are part of the Oil & Gas Drilling Support Services industry.
The level of competition is moderate and steady in the Oil & Gas Drilling Support Services industry in China.