麻豆社

Mobile Menu

Oil & Gas Drilling Support Services in China - Market Research Report (2014-2029)

麻豆社 麻豆社 Beijing, China Last Updated: May 2024 0790

Revenue

$92.8bn

2024

$98.0bn

Past 5-Year Growth

Profit

$X.Xbn

Employees

311k

Businesses

104

Wages

$XX.Xbn

Oil & Gas Drilling Support Services in China industry analysis

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.

Trends and Insights

  • 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 specialization and integration of drilling support service companies, and the improvement of technology.
  • 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 over the next five years.
  • 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.
  • 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 drilling support services companies.

Access hundreds of analysis and data

  • Market estimates from 2014-2029
  • Critical performance data and rankings
  • Detailed analysis of competitive forces and the external environment
  • PDF report or online database with Word, Excel and PowerPoint export options
  • 100% money back guarantee

Industry Statistics and Trends

Market size and recent performance (2014-2029)

Industry revenue has grown at a CAGR of 13.6 % over the past five years, to reach an estimated $92.8bn in 2024.

Trends and Insights

Oil & Gas Drilling Support Services in China
Revenue (2014-2029)
麻豆社 Logo Source: 麻豆社

Industry outlook (2024-2029)

Market size is projected to grow over the next five years.

Trends and Insights

Oil and gas fields and prices will continue to drive industry growth

  • Active development of oil and gas fields in China, recovering crude oil prices and increasing exports are forecast to drive the Oil and Gas Drilling Support Services industry's growth over the next five years.

Biggest companies in the Oil & Gas Drilling Support Services in China

Company
Market Share (%)
2023
Revenue ($short_0)
2023

There are no companies that hold a large enough market share in the Oil & Gas Drilling Support Services in China industry for 麻豆社 to include in this product.

Products & Services Segmentation

Oil & Gas Drilling Support Services in China
Products & Services
麻豆社 Logo Source: 麻豆社

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.

Trends and Insights

Drilling services requires highly skilled workers

  • Drilling is the work of using mechanical equipment or manpower to drill holes from the ground.
  • More insights available in the full report

Table of Contents

About this industry

Industry definition

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.

What's included in this industry?

Drilling servicesOil well servicesEquipment and chemical supplyTransportation and other services

Companies

Purchase this report to view all major companies in this industry.

Related Terms

MULTIPHASE METERJACK-UP DRILLING PLATFORMSEMI-SUBMERSIBLE DRILLING PLATFORMWELL CEMENTINGDIRECTIONAL DRILLINGWELL LOGGINGCLUSTER DRILLINGHORIZONTAL DRILLING

Performance

Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.

Analyst insights

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...

In this chapter (4)

  • Current Performance
  • Outlook
  • Volatility
  • Life Cycle

Key metrics

  • Annual Revenue, Recent Growth, Forecast, Revenue Volatility
  • Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
  • Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
  • Total Profit, Profit Margin, Profit per Business

Charts

  • Revenue, including historical (2014-2023) and forecast (2024-2029)
  • Employees, including historical (2014-2023) and forecast (2024-2029)
  • Businesses, including historical (2014-2023) and forecast (2024-2029)
  • Profit, including historical (2014-2024)
  • Industry Volatility vs. Revenue Growth
  • Industry Life Cycle

Detailed analysis

  • Trends in supply, demand and current events that are driving current industry performance
  • Expected trends, economic factors and ongoing events that drive the industry's outlook
  • Key success factors for businesses to overcome volatility
  • How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.

Products and Markets

Learn about an industry's products and services, markets and trends in international trade.

Analyst insight

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...

In this chapter

  • Products & Services
  • Major Markets
  • International Trade

Key metrics

  • Largest market segment and value in 2024
  • Product innovation level
  • Total imports, level and trend
  • Total exports, level and trend
  • Trade Balance

Charts

  • Products & services segmentation in 2024
  • Major market segmentation in 2024
  • International trade, including imports by country and exports by country

Detailed analysis

  • Trends impacting the recent performance of the industry's various segments
  • Innovations in the industry's product or service offering, specialization or delivery method
  • Key factors that successful businesses consider in their offerings
  • Buying segments and key trends influencing demand for industry products and services
  • Recent trends in import and export volumes, country of origin or destination, and expected future trends

Geographic Breakdown

Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.

Analyst insights

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.

In this chapter (1)

  • Business Locations

Charts

  • Share of revenue, establishment, wages and employment in each region
  • Share of population compared to establishments in each region in 2024

Tables

  • Number and share of establishments in each region in 2024
  • Number and share of revenue each region accounts for in 2024
  • Number and share of wages each region accounts for in 2024
  • Number and share of employees in each region in 2024

Detailed analysis

  • Geographic spread of the industry across Asia Pacific, and trends associated with changes in the business landscape
  • Key success factors for businesses to use location to their advantage

Competitive Forces

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.

Analyst insights

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 ...

In this chapter (4)

  • Concentration
  • Barriers to Entry
  • Substitutes
  • Buyer & Supplier Analysis

Key metrics

  • Industry concentration level
  • Industry competition level and trend
  • Barriers to entry level and trend
  • Substitutes level and trend
  • Buyer power level and trend
  • Supplier power level and trend

Charts

  • Market share concentration among the top 4 suppliers from 2019-2024
  • Supply chain including upstream supplying industries and downstream buying industries, flow chart

Detailed analysis

  • Factors impacting the industry鈥檚 level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
  • Key success factors for businesses to manage the competitive environment of the industry.
  • Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
  • Key success factors for potential entrants to overcome barriers to entry.
  • Competitive threats from potential substitutes for the industry鈥檚 own products and services.
  • Key success factors for how successful businesses can compete with substitutes.
  • Advantages that buyers have to keep favorable purchasing conditions.
  • Advantages that suppliers have to maintain favorable selling conditions.
  • Key success factors for how businesses can navigate buyer and supplier power.

Companies

Learn about the performance of the top companies in the industry.

Analyst insights

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...

In this chapter

  • Market Share Concentration
  • Companies
  • Company Spotlights

Charts

  • Industry market share by company in 2020 through 2024
  • Major companies in the industry, including market share, revenue, profit and profit margin in 2024

Detailed analysis

    External Environment

    Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.聽 聽

    Analyst insights

    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...

    In this chapter

    • External Drivers
    • Regulation & Policy
    • Assistance

    Key metrics

    • Regulation & policy level and trend
    • Assistance level and trend

    Charts

    • Regulation & Policy historical data and forecast (2014-2029)聽
    • Assistance historical data and forecast (2014-2029)聽

    Detailed analysis

    • Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
    • Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
    • Key governmental and non-governmental groups or policies that may provide some relief for industry operators.

    Financial Benchmarks

    View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.聽

    Analyst insights

    Industry profitability is low. Industry profitability is low due to high wages, procurement, maintenance and utility costs.

    In this chapter

    • Cost Structure
    • Financial Ratios
    • Key Ratios

    Key metrics

    • Profit margin, and how it compares to the sector-wide margin
    • Average wages, and how it compares to the sector-wide average wage
    • Largest cost component as a percentage of revenue
    • Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio

    Charts

    • Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
    • Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
    • Investment vs. share of economy

    Data tables

    • Cash Flow & Debt Service Ratios (2014-2029)
    • Revenue per Employee (2014-2029)
    • Revenue per Enterprise (2014-2029)
    • Employees per Establishment (2014-2029)
    • Employees per Enterprise (2014-2029)
    • Average Wage (2014-2029)
    • Wages/Revenue (2014-2029)
    • Establishments per Enterprise (2014-2029)
    • IVA/Revenue (2014-2029)
    • Imports/Demand (2014-2029)
    • Exports/Revenue (2014-2029)

    Detailed analysis

    • Trends in the cost component for industry operators and their impact on industry costs and profitability聽

    Key Statistics

    Industry Data

    Data Tables

    Including values and annual change:

    • Revenue (2014-2029)
    • IVA (2014-2029)
    • Establishments (2014-2029)
    • Enterprises (2014-2029)
    • Employment (2014-2029)
    • Exports (2014-2029)
    • Imports (2014-2029)
    • Wages (2014-2029)

    Top Questions Answered

    Unlock comprehensive answers and precise data upon purchase. View purchase options.

    What is the market size of the Oil & Gas Drilling Support Services industry in China in 2024?

    The market size of the Oil & Gas Drilling Support Services industry in China is $92.8bn in 2024.

    How many businesses are there in the Oil & Gas Drilling Support Services in China industry 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.

    Has the Oil & Gas Drilling Support Services industry in China grown or declined over the past 5 years?

    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.

    What is the forecast growth of the Oil & Gas Drilling Support Services industry in China over the next 5 years?

    Over the next five years, the Oil & Gas Drilling Support Services industry in China is expected to grow.

    What does the Oil & Gas Drilling Support Services in China include?

    Drilling services and Oil well services are part of the Oil & Gas Drilling Support Services industry.

    How competitive is the Oil & Gas Drilling Support Services industry in China?

    The level of competition is moderate and steady in the Oil & Gas Drilling Support Services industry in China.

    Related Industries

    Widen your competitive advantage with related industries

    Competitors

    • There are no industries to display.

    Complementors

    • Oil & Gas Drilling in China
    • Engineering Services in China

    International industries

    • There are no industries to display.

    View all industries in China

    Methodology

    How are 麻豆社 reports created?

    麻豆社 has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.

    Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for 麻豆社 readers. Finally, each report is reviewed by one of 麻豆社鈥檚 editors, who provide quality assurance to ensure accuracy and readability.

    麻豆社 relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.

    What data sources do 麻豆社 analysts use?

    Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.

    Key data sources in China include:

    • National Bureau of Statistics China
    • General Administration of Customs
    • People鈥檚 Bank of China

    Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.

    These sources include:

    • Industry and trade associations
    • Industry federations or regulators
    • Major industry players annual or quarterly filings

    Finally, 麻豆社鈥檚 global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.

    How does 麻豆社 forecast its data?

    麻豆社鈥檚 analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.

    麻豆社 prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.

    Learn more about our methodology and data sourcing on the .