Oil & Gas Engineering Services Market Size (2024 - 2029)

Oil & Gas Engineering Services Market Analysis

The Oil & Gas Engineering Services Market size is estimated at USD 54.70 billion in 2024, and is expected to reach USD 78.5 billion by 2029, growing at a CAGR of 7.49% during the forecast period (2024-2029).

The rise in the adoption of various automation technologies in the Oil and Gas sector is the prime factor enhancing the engineering services market exponentially.

• Due to the industry's dynamic nature, the need to increase productivity and efficiency, uptime, and return on assets is rising. At the same time, minimizing costs is estimated to drive the adoption of engineering services in the industry. 
• Moreover, the oil and gas industry faces challenges like rising penetration of renewable energy, strict carbon footprint regulations, electric vehicles, and various new hydrocarbon sources. Hence, the companies are adopting various strategic Industry 4.0 strategies to overcome these challenges.
• Advanced application of technologies, such as machine learning, analytics, and many others, is expected to help and assist oil and gas companies in analyzing big data sets and provide meaningful insights. Hence, the engineering services adoption within the industry is anticipated to rise during the forecast period.
• Also, the market is witnessing various strategic collaborations amongst the players, acting as a lucrative path toward expansion. For instance, in April 2023, Energy company BlueNord, also known as Noreco Oil Denmark AS or Noreco, and engineering and contracting company Semco Maritime AS entered into a strategic partnership agreement to jointly identify, explore, and investigate opportunities in the oil and gas space.
• However, the growing operational and compliance-related challenges and the fluctuations in the oil and gas prices, as well as other macroeconomic changes within the industry, could be a significant concern limiting the overall market's growth throughout the forecast period.

Oil & Gas Engineering Services Industry Segmentation

When it is discovered, oil and gas engineers become involved in the process of extracting such resources from reservoirs, where they often work with experts like geophysicists to get a better understanding of what underlies rock formation, determine which drilling techniques are most efficient as well as monitoring daily operations.

The scope of the study involves oil and gas-based engineering service providers that provide asset and automation-based services throughout the whole oil and gas supply chain, ranging from design to operation, as well as maintenance-based services.

The oil and gas engineering services market is segmented by type (downstream, midstream, and upstream) and geography (North America, Europe, Asia-Pacific, Latin America, and Middle-East and Africa). The report offers the market size in value terms in USD for all the above mentioned segments.