Energia
Oil Country Tubular Goods Market Size to Grow by USD 37.26 billion by 2031, Growth Due to Increasing Oil & Gas Exploration and Production (E&P) Activities | The Insight Partners
This growth is attributed to the increasing focus on the increasing oil & gas exploration and production activities. The increased drilling and exploration activities in regions such as North America , the Middle East & Africa , and Asia Pacific significantly propel the oil country tubular goods market growth during the forecast period.
The report runs an in-depth analysis of market trends, key players, and future opportunities. The Oil Country Tubular Goods Market analysis focuses on a vast array of applications that are expected to determine market strength in the coming years.
In April 2025 , the Minister of Energy and Natural Resources, Turkey and the Petroleum and Mineral Resources Minister signed a hydrocarbon exploration and production agreement in onshore fields. Turkey discovered up to 20 billion barrels of crude oil in Somalia . The demand for oil & gas is rising worldwide owing to the increasing demand for energy. As per the information from the International Energy Agency (IEA) in October 2024 , global oil demand is projected to increase by 900 thousand barrels/day (kb/d) in 2024 and by 1 million barrels/day in 2025. China's demand for crude oil witnessed continuous growth, setting a record in March 2023 at 16 mb/d. Furthermore, the Russian Federation's aggression in Ukraine has threatened the energy supply, and it tends to drive oil & gas prices up.
North America is among the largest crude oil and natural gas producers across the world. The US is the largest oil producer globally, with a crude oil production share of more than 20%. The country's oil & gas sector is proliferating year-on-year owing to the discovery of new oil & gas rigs. In addition, natural gas production in the US has grown significantly in recent years as improvements in drilling technologies have made it commercially viable to recover oil trapped in mature oil well. In April 2023 , BP commenced oil production at its Argos platform located in the Gulf of Mexico .
In May 2023 , the Abu Dhabi National Oil Company (ADNOC) granted three contracts totaling US$ 4 billion to reduce carbon emissions and reach a production capacity of 5 million barrels per day by 2030. The contracts can cover ADNOC's onshore and offshore operations for five years with a two-year extension option. Thus, the growing adoption of carbon-neutral oil & gas production is expected to offer lucrative growth opportunities to the oil country tubular goods market in the coming years. In January 2024 , TotalEnergies, along with its partners, started production of oil and gas from the Akpo West Floating Production Storage and Offloading (FPSO) facility on the PML2 license in Nigeria . The offshore field is expected to add 14,000 bbl of condensate production by Mid-2024 and up to 4 million cubic feet of gas per day by 2028.
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In 2024, North America led the market with a substantial revenue share, followed by Middle East and Africa and Asia Pacific . Further, Middle East and Africa is expected to register the highest CAGR during the forecast period.
The market is expected to witness tremendous growth in the coming years owing to the rise in demand for oil and gas production and exploration, rising energy demand. Further, an increasing number of overall oil and gas rigs is one of the major factors driving the integration of large volumes of oil country tubular goods across the globe. In addition, increasing crude oil production is another major factor expected to generate new demand for the installation of oil country tubular goods in the coming years. The report from The Insight Partners, therefore, provides several stakeholders—including component providers, system technology integrators, system manufacturers, and others—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.
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