Oil Gas Fishing Market Trends

Global Oil & Gas Fishing Market Overview

Oil & Gas Fishing Market Size was valued at USD 4,457.19 million in 2022. The Oil & Gas Fishing Market industry is projected to grow from USD 4,666.24 million in 2023 to USD 6,509.77 million by 2030, exhibiting a compound annual growth rate (CAGR) of 4.85% during the forecast period (2023 - 2030). The primary force behind the growth of the oil & gas fishing market worldwide is the Increasing drilling activities. In the oil and gas industry, the term "fishing" typically refers to a process of retrieving objects or equipment that become stuck or lost in a wellbore or drilling hole. There are four types of products namely overshots & spears, milling tools, fishing jars, and casing cutters. By application, the target market is segmented into onshore and offshore.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Oil & Gas Fishing Market Trends

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  Increasing drilling activities to fuel the oil & gas fishing market

  
  

The increasing drilling activity and related demand for energy are the key drivers driving the worldwide oil & gas fishing market's growth. Furthermore, as crude oil exploration advances, the number of wellbore barriers has increased. Drilling equipment, trapped items, and drill string components are all examples of wellbore obstacles. As a result, the market for oil & gas fishing is likely to rise as the number of wellbore obstacles increases. Moreover, rising demand for well maintenance and increase in demand for exploration and production activities around the world will further create new opportunities for the oil & gas fishing market in the forecast period of 2023 - 2030.

Increasing drilling activities, especially in offshore regions, contribute to the exploration and production of oil. As new drilling projects are undertaken and existing ones are expanded, it leads to the discovery and extraction of oil reserves. This helps meet the growing global demand for petroleum products, including crude oil, gasoline, diesel, and aviation fuel. The increased oil production resulting from drilling activities helps maintain or enhance the global oil supply. When supply meets or exceeds demand, it can contribute to price stability or even lead to lower oil prices. This benefits industries and consumers reliant on oil, such as transportation, manufacturing, and power generation.

Drilling activities often involve the installation of offshore platforms and structures. Over time, these structures create artificial reefs, which provide habitats for various marine species. These reefs attract and concentrate fish populations, making them ideal areas for fishing activities. As a result, drilling activities indirectly benefit the fishing industry by providing additional fishing grounds.

In some cases, drilling operations may deploy fish aggregating devices (FADs) near drilling platforms. FADs are floating structures that attract fish, as they provide shelter and create an ecosystem for smaller marine organisms. Fishermen can target these areas to increase their catch, as the presence of FADs enhances fishery productivity. Active drilling operations in coastal areas can contribute to the local fishing industry by providing employment and business opportunities. Fishing communities may find increased demand for their services and products, such as seafood processing, fish markets, and fishery-related services (e.g., vessel maintenance, bait and tackle suppliers).

Oil & Gas Fishing Market Segment Insights

Oil & Gas Fishing by Product Insights

The Oil & Gas Fishing Market segmentation, based on product has been segmented as overshots & spears, milling tools, fishing jars, and casing cutters. Among these, Overshots & spears is projected to dominate the Oil & Gas Fishing Market revenue through the projected period. Overshots and spears are tools commonly used in the fishing operations within the oil and gas industry. These tools play a significant role in retrieving lost or stuck equipment from the wellbore or drilling hole, which helps maintain the production or drilling operations and avoids costly downtime. Hence, the demand for circulating overshot and releasing spears are likely to spur in recent years which will boost the overall market share by 2030.

November 2021 Fisheries and Marine Institute instaledl both a subsea XMAS tree and jumper shifting tool, along with a closed pipeline and the potential for the establishment of an Onshore Control and Command Centre to provide simulations for operators in the offshore industry.

Oil & Gas Fishing by Application Insights

The Oil & Gas Fishing Market segmentation, based on application, the market is segmented as onshore and offshore. Out of which the onshore segment dominated base year market and is also projected to be holding a dominating share in the forecasted period as well. Onshore is expected to be the leading application segment owing to the growth of oil and gas exploration fields primarily in onshore locations over the years. Increasing need for energy demand along with the rise in onshore activities has augmented the segmental share. Additionally, increased exploration and production activities in the onshore fields specifically in developing economies are likely to be the primary factors which further influence the market share at the end of 2030.

May 2022 Odfjell Technology completed TRS, Fishing and Rental Services Contract for Black Sea Oil & Gas. Black Sea Oil & Gas (BSOG), a Romanian energy company owned by Carlyle International Energy Partners. Their current portfolio comprises the Midia Gas Development (MGD) project, which consists of the onshore and offshore infrastructure and the two gas production licenses at the Ana and Doina gas fields.

Oil & Gas Fishing Regional Insights

By Region, the study segments the oil & gas fishing market into North America, Europe, Asia-Pacific, Middle East & Africa and South America. North America is anticipated to dominate the Oil & Gas Fishing Market over the forecast period. North America possesses vast reserves of oil and gas resources, particularly in countries like the United States and Canada. The region's significant hydrocarbon reserves necessitate extensive exploration, drilling, and production activities, increasing the demand for fishing operations to retrieve lost or stuck equipment. Furthermore, North America has been at the forefront of technological advancements in the oil and gas industry. The region has witnessed the development and deployment of innovative fishing tools, techniques, and equipment. These advancements enhance the efficiency and effectiveness of fishing operations, attracting global demand for North American fishing technologies.

September 2022 Baker Hughes signed a new service agreement for the upkeep and supervision of the turbomachinery equipment operations at Coral Sul FLNG.

Oil & Gas Fishing Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the Oil & Gas Fishing Market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Oil & Gas Fishing Market industry must offer cost-effective products to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies adopted by manufacturers in the global oil & gas fishing industry to benefit clients and expand the oil & gas fishing market sector is partnerships and acquisitions. The market for oil & gas fishing is recognized as being extremely competitive and fragmented. The market for oil & gas fishing offers considerable potential opportunities for domestic and unorganised companies. Some of the key players operating in the oil & gas fishing market are Archer Ltd. (Bermuda), Ardyne Technologies (Scotland), Mustang Services (France), Bilco Tools (United States), Tasman Oil Tools (Australia), Heat Group (Austria), Wenzel Downhole Tools Ltd. (WZL) (Canada), Baker Huges (United States), Expro Holdings (United States), and National Oilwell Varco, Inc. (United States). To increase their global reach and client base, key firms are concentrating on acquisitions and product innovation.

National Oilwell Varco, Inc. NOV Inc. is an oilfield equipment manufacturer and technology provider. The Company’s segments include wellbore technologies, completion & production solutions, and rig technologies. wellbore technologies segment designs, manufactures, rents, and sells a variety of equipment and technologies. It offers a range of services, including portable power generation, premium drill pipe, wired pipe, tubular inspection, repair and coating services and drill bits. Completion & production solutions segment designs, manufactures, and services equipment and technologies needed for hydraulic fracture stimulation, including downhole multistage fracturing tools, pressure pumping trucks, blenders, sanders, hydration units, injection units, flowline, and manifolds. Rig Technologies segment manufactures and supports the capital equipment and integrated systems needed to drill oil and gas wells on land and offshore as well as other marine-based markets, including offshore wind vessels.

Expro Holdings Frank's International NV, formerly Expro Group Holdings NV is a Netherlands-based company active in the energy sector. The Company provides energy services in the fields of construction, drilling, well management and production, well integrated and also provides access to submarine drilling. The Company's activities are divided into three operating segments: Tubular Running Services, that provides tubular running services globally; Tubulars segment designs, which manufactures and distributes connectors and casing attachments for large outside diameter (OD) heavy wall pipe and Cementing Equipment segment, that provides specialty equipment to enhance the safety and efficiency of rig operations.

Key Companies in the Oil & Gas Fishing Market includes

• Archer Ltd. (Bermuda)


• Ardyne Technologies (Scotland)


• Mustang Services (France)


• Bilco Tools (United States)


• Tasman Oil Tools (Australia)


• Wenzel Downhole Tools Ltd. (WZL) (Canada)


• Baker Huges (United States)


• Expro Holdings (United States)


• National Oilwell Varco, Inc. (United States)


• Heat Group (Austria)

Oil & Gas Fishing Industry Developments

July 2022 Expro won a contract for its first integrated services package to support a well-known geothermal project in the Upper Rhine Graben region of southwest Germany.

March 2022 An agreement for cooperative development between NOV and Chevron to increase the effectiveness of offshore processing has been announced. 

September 2020 Weatherford & Safe Influx sign MoU to focus on revolutionising well integrity during the construction phase by bringing to market the first ever integration of Managed Pressure Drilling (MPD) solutions and Automated Well Control technology.

Oil & Gas Fishing Market Segmentation

Oil & Gas Fishing Product Outlook

• Overshots & Spears


• Milling Tools


• Fishing Jars


• Casing Cutters

Oil & Gas Fishing Application Outlook

• Onshore


• Offshore

Oil & Gas Fishing Regional Outlook

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  North America
  
  
  
  • US
  
  
  • Canada
  
  
  • Mexico
  
  
  
  


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  Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


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  Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


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  Middle East & Africa
  
  
  
  • Saudi Arabia
  
  
  • UAE
  
  
  • South Africa
  
  
  • Rest of Middle East & Africa
  
  
  
  


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  South America
  
  
  
  • Brazil
  
  
  • Argentina
  
  
  • Rest of South America