The oil and gas fishing market size is expected to reach US$ 4,355.06 million by 2031 from US$ 2,968.72 million in 2024. The market is estimated to register a CAGR of 5.7% during 2025–2031. The integration of automation is likely to bring new trends to the market in the coming years.
The demand for crude oil is increasing globally due to a growing economy, increasing industrial development, and rising energy needs. Factors such as supply uncertainties and energy security have encouraged oil-producing nations to boost their production levels. As a result, many countries are focusing more on exporting crude oil to meet global demand and support their economies.
Exporting crude oil is a major source of revenue and foreign exchange for these countries. It allows them to invest in infrastructure, technology, and other economic sectors. Countries aim to increase their export volumes to expand market share and attract foreign investment in oil and gas. This rise in crude oil exports offers significant opportunities for the oil and gas fishing market. Increased upstream activities such as drilling and well maintenance led to more situations where fishing services are required to recover stuck tools or equipment, minimizing downtime and production losses.
India is expanding its refining capacity from 250 million tonnes in 2020 to 450 million tonnes annually by 2030 to meet both domestic and export demands. Similarly, according to IEA in January 2024, Saudi Arabia, holding ~17% of the proven petroleum reserves, is one of the largest crude oil exporters. Saudi Aramco is heavily investing in upstream activities such as exploration and production to maintain its leading export position. These expansions in crude oil production and exports will drive demand for fishing services, creating growth opportunities for service providers worldwide.
The oil industry is essential for meeting the world’s energy needs, especially through upstream activities such as exploration and drilling. During drilling operations, tools and equipment such as drill bits, casings, or pipes can sometimes get stuck or lost in the wellbore. Fishing operations are necessary to retrieve these items and continue the drilling process without major disruption.
Fishing in the oilfield refers to the recovery of undesirable materials or equipment left in the wellbore. These situations can be caused by mechanical failures, hole instability, formation damage, lost circulation, well deviation, or human errors such as mishandling or dropping tools. To retrieve the stuck or lost equipment, specialized tools such as fishing jars, overshots, spears, or coiled tubing are used. These tools are designed to grip or latch onto the equipment and safely bring it back to the surface.
The oil and gas industry is expanding into deepwater and ultra-deepwater drilling as companies need the latest reserves to meet rising global energy demand. These offshore projects are often located in more complex and high-risk environments, requiring advanced technologies and highly skilled operations.
Shell has stated that more of its oil and gas output comes from its deepwater business, which delivers higher-profit and lower-carbon barrels. The company is actively developing major projects in the Gulf of Mexico, including Vito (which began production in 2023), Whale (its 14th deepwater development in the region), and Sparta (which is under construction and expected to start operations by 2028). These projects reflect Shell’s commitment to deepwater expansion and highlight a wider industry move toward offshore exploration.
Deepwater operations grow with several technical challenges. Drilling at such depths involves high pressure, high temperatures, and complicated well structures. This increases the risk of stuck pipes, lost tools, or blockages—issues that can stop drilling and lead to costly downtime. Oil and gas companies rely on fishing services to solve these problems. Fishing involves using special tools to retrieve lost or stuck equipment from the well. These tools must be highly advanced and operated by experienced crews to work safely and effectively in deepwater environments. Thus, the expansion of deepwater drilling drives the oil and fishing market.
The focus on sustainability and environmental responsibility is rising in the oil and gas industry. Companies are adopting cleaner technologies, reducing emissions, and improving operational efficiency to meet stricter environmental regulations and respond to growing demand for sustainable practices. Sustainable practices require the use of advanced, reliable, and efficient fishing tools and services that minimize environmental risks and reduce operational downtime. Fishing operations play a key role in maintaining oil and gas well integrity and preventing leaks or spills that harm the environment.
Companies are investing in the latest technologies that are safer and more environmentally friendly. This includes fishing tools designed to reduce waste, lower energy use, and handle complex well conditions without causing damage. As sustainability is prioritized, oil and gas operators are willing to spend more on services that help them achieve their environmental goals. The development of environmentally friendly tools and services can create ample opportunities for the oil and gas fishing market players.
Key segments in the oil and gas fishing market analysis are product and application.
The oil and gas fishing market is segmented into five major regions: North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South and Central America (SAM). North America dominated the market in 2024, followed by the Middle East and Africa and Asia Pacific.
The market in North America is segmented into the US, Canada, and Mexico. North America stands as a formidable leader in the global oil and gas fishing market, driven by significant crude oil production. As per the International Energy Agency (IEA), in 2022, North America holds 22% of global crude oil production. Crude oil is pumped from wells onshore and offshore, then transported via pipelines or tanker ships to refineries, where it is processed into fuels such as gasoline and diesel, as well as industrial chemicals. However, during drilling or well operations, equipment failures or accidents can lead to the need for fishing services, a term for retrieving lost, stuck, or damaged tools and equipment from the wellbore.
In North America, particularly in the US and Canada, the continued demand for oil and natural gas has led to increased drilling activity. As of 2024, the US remains the world's largest oil producer, with an average daily crude oil production of ~13.2 million barrels per day, according to the US Energy Information Administration (EIA). This high level of activity leads to increased instances of operational challenges, thus fueling demand for fishing services.
The regional trends and factors influencing the Oil and Gas Fishing Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Oil and Gas Fishing Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2024 | US$ 2.96 Billion |
| Market Size by 2031 | US$ 4.35 Billion |
| Global CAGR (2025 - 2031) | 5.7% |
| Historical Data | 2021-2023 |
| Forecast period | 2025-2031 |
| Segments Covered |
By Product
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Oil and Gas Fishing Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Oil and Gas Fishing Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The oil and gas fishing market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the key developments in the oil and gas fishing market are listed below:
The "Oil and Gas Fishing Market Size and Forecast (2025–2031)" provides a detailed analysis of the market covering the areas mentioned below:
The List of Companies - Oil and Gas Fishing Market
The oil & gas fishing market is expected to reach US$ 4.35 billion in the year 2031.
The oil & gas fishing market was valued at US$ 2.96 billion in 2024 and is projected to reach US$ 4.35 billion by 2031; it is expected to grow at a CAGR of 5.7% during 2025–2031.
The key players, holding majority shares, in oil & gas fishing market includes Baker Hughes Co, SLB, and Halliburton Co.
Rising global energy demand, expansion of deepwater drilling, and government initiatives are the driving factors impacting the oil & gas fishing market.
Integration of automation is the future trends of the oil & gas fishing market.
The North America held the largest market share in 2024, followed by MEA and Asia Pacific.