Oil and Gas Fishing Market Size expected to reach US$4.36 billion by 2031 | CAGR of 5.7% | Exclusive Report by The Insight Partners

NEW YORK, July 16, 2025 /PRNewswire/ -- According to a new comprehensive report from The Insight Partners, the global Oil and Gas Fishing Market is observing significant growth owing to increasing deepwater drilling activities across the globe.  

The Oil and Gas Fishing Market was valued at US$2.97 billion in 2024 and is projected to reach US$4.36 billion by 2031; it is expected to register a CAGR of 5.7% during 2025–2031. The global Oil and Gas Fishing Market is observing substantial growth and is expected to maintain its upward trajectory in the foreseeable future. This growth is attributed to the increasing deepwater drilling activities across the globe.

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The oil and gas industry is steadily expanding into deepwater and ultra-deepwater drilling as companies are looking for new 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, which is driving the demand for oil and gas fishing activities as a major part of oil rig maintenance activities.

The report runs an in-depth analysis of market trends, key players, and future opportunities. The Oil and Gas Fishing Market analysis focuses on a vast array of applications that are expected to determine market strength in the coming years.

Overview of Report Findings

The oil and gas fishing market acts a essential role in the exploration, production and development of hydrocarbons. Fishing refers to the procedure of recovering lost, stuck, or damaged equipment from oil and gas pipelines, and wells. The global oil and gas fishing market has undergone substantial expansion due to developments in drilling practices, heightened exploration activities, and the expanding demand for energy globally.

The global demand for energy continues to mount, led by population expansion, industrialization, and economic development in emerging markets. This has directed to an expansion in oil and gas exploration activities worldwide, specifically in offshore and deepwater regions. With more exploration comes a higher probability of operational concerns such as equipment loss or failure, which demands fishing services. This generates a continuous demand for fishing tools and techniques, which is driving the growth of the market.

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The rising growing technological intervention in the oil and gas activities such as implementation of automation and robotics particularly in offshore environments, are reducing the reliance on manual labor and minimizing safety challenges, which is one of the major trends in the market.

Geographical Insights

In 2024, North America led the market with a substantial revenue share, followed by Middle East and Africa and Asia Pacific. Further, Middle East and Africa is expected to register the highest CAGR during the forecast period.

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Market Segmentation

• Based on product, the market is categorized into casing cutters, milling tools, overshots and spears, fishing jars, and others. The overshots and spears segment dominated the market in 2024.
• Based on application, the market is categorized into onshore and offshore. The onshore segment dominated the market in 2024
• The Oil and Gas Fishing Market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.

Competitive Strategy and Development

• Key Players: A few major companies operating in the Oil and Gas Fishing Market are Baker Hughes Co., SLB, Halliburton Co., NOV Inc., Weatherford International Plc, Archer Ltd
• Trending Topics: Oil Country Tubular Goods, Offshore Oil and Gas, Oil and Gas Prodcution, Managed Pressure Drilling.

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Global Headlines on Oil and Gas Fishing  

• Baker Hughes completed the acquisition of Norway-based well-intervention specialist Altus Intervention, which operates in 11 countries.  (April, 2023).
• SLB and ADNOC Drilling announced an agreement to create Turnwell Industries LLC OPC (Turnwell) a joint venture (JV) with ADNOC Drilling Company, SLB and Patterson-UTI. (Sept, 2024).
• Halliburton Co launched the Clear portfolio of electromechanical well intervention technologies and services, addressing challenges in high-angle deployment and providing precise control for completion operations. (Sept, 2024)

Conclusion

The market is expected to witness tremendous growth in the coming years owing to the mounting demand for oil and gas exploration, and expanding energy demand. Further, aging infrastructure, such as old wells and pipelines, often directs to operational challenges, including equipment damage or failure. This increases the requirement for fishing services to retrieve or replace lost or stuck components which is anticipated to drive the growth of the market in the coming years. The report from The Insight Partners, therefore, provides several stakeholders—including component providers, system technology integrators, system manufacturers, and others—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.

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