Industry Analysis & Industry Trends
The Oil and Gas Field Services industry has grown strongly in the past five years and is expected to continue to do so in the next five. The rapid increase in industry revenue is being underpinned by high demand from the Oil and Gas Extraction industry, where an unprecedented number of oil and gas projects are underway. In the five years through 2013-14, industry revenue is forecast to grow at a compound annual rate of 23.4%. In 2013-14, forecast growth of 18.9% will take industry revenue to $5.8 billion.
Demand for industry services is contingent on activity in the upstream Petroleum Exploration industry and the Oil and Gas Extraction industry. Exploration is important, because it identifies resources that are necessary for future sector growth... purchase to read more
Industry Report - Industry SWOT Analysis Chapter
Industry value added (IVA), which measures the industry's contribution to the overall economy, is forecast to grow at a compound annual rate of 10.6% over the 10 years through 2018-19. This is a higher rate than projected GDP growth of 2.5% per annum. This means the Oil and Gas Field Services industry will contribute a larger share of the overall economy in 2018-19 than it did in 2008-09.
IVA captures an industry's contribution to the economy, net of intermediate expenditure such as purchases. In the Oil and Gas Field Services industry, IVA growth is much lower than revenue growth. Wages as a share of revenue have been declining in the five years through 2013-14 and are expected to continue to do so in the next five years... purchase to read more