Market Size of Oil and Gas CAPEX Outlook
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.27 % |
| Fastest Growing Market | Middle East and Africa |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
CAPEX Oil and Gas Market Analysis
The Oil and Gas CAPEX is expected to grow from USD 797.58 billion in 2023 to USD 983.04 billion by 2028, at a CAGR of 4.27% during the forecast period (2023-2028).
The market was impacted by COVID-19 in 2020. Presently the market has now reached pre-pandemic levels.
- Over the medium term, the rising investments in offshore oil & gas activities owing to the surging energy demand, depleting onshore reserves, and efforts from governments across nations to explore their offshore resources are expected to drive the growth of the oil & gas capex market in the coming years.
- On the other hand, volatile crude oil and natural gas prices, coupled with slow economic growth at a global level, are expected to restrain the oil and gas CAPEX during the forecast period.
- Nevertheless, several offshore, deep, and ultra-deepwater explorations in the North Sea, Gulf of Mexico, and developing countries such as Senegal and Mauritiana, provide ample opportunity for increased capital expenditure.
- North America has recorded the highest gains in CAPEX, owing to operations of globally integrated majors, along with national oil companies and new investments during the forecast period.
