Market Size of North Sea Region Oil and Gas Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 3.00 % |
| Market Concentration | High |
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?
North Sea Region Oil & Gas Market Analysis
The North Sea Region oil and gas market is expected to grow at a CAGR of over 3% during the forecast period of 2020 - 2025. Factors such as increasing exploration and production activities due to increasing crude oil and natural gas demand are likely to drive the North Sea region oil and gas industry market during the forecast period. However, volatile oil and gas prices are leading to the uncertainty among oil and gas operators, which is likely to restrain the growth of the North Sea region oil and gas market in the coming years.
- The upstream segment is likely to dominate the market during the forecast period due to the increasing exploration and production activities.
- Advancements in the deepwater and ultra-deepwater drilling activities in the region like Norway, the United Kingdom, and increasing primary energy consumption are expected to create a significant opportunity for the market players in the coming years.
- Norway is expected to dominate the market, owing to the increased upstream activity in the country to compensate for the country's declining fields elsewhere.
