Oil & Gas Field Services in Canada - Industry Market Research Report

Oil & Gas Field Services in Canada - Industry Market Research Report

Oil & Gas Field Services in Canada

Oil and gas field service operators in Canada have experienced volatile market conditions throughout 2023. World commodity prices performed well throughout the reporting period. However, a fall in natural gas and crude oil prices adversely affected revenue in 2020 and 2032. This decrease in revenue can be mainly attributed to the COVID-19 pandemic and other geopolitical tensions that caused the collapse in oil and gas demand and prices. As economic conditions improved from the peak of the pandemic, demand for oil and gas returned to pre-pandemic levels and even reached new highs. As a result, IBISWorld forecasts revenue has been increasing at a CAGR of 7.0% over the past five years, reaching an estimated $50.2 billion in 2023. This includes a 10.7% decline in 2023 alone, when profit is projected to reach 10.7%. The decline in 2023 can be mainly attributed to uncertain geopolitical tensions from Russia's invasion of Ukraine, which caused global sanctions on Russian oil.

Operators in the Oil and Gas Field Services industry in Canada provide support services to oil and gas extraction companies and mining and quarrying companies. These services include drilling, reserve estimates, pressure pumping, cementing and well maintenance.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.