The petroleum and natural gas extraction support activities turnover in Spain experienced significant fluctuations from 2013 to 2023. In 2013, the turnover was at its peak, but it saw a steep decline by 2016. While there was a moderate recovery between 2018 and 2019, the downward trend continued until 2020. However, by 2021, the industry began a gradual recovery, stabilizing around the 60 million euros mark by 2023. The year-on-year growth in 2023 stood at 7.5%, with the last five years showing a slight average annual decline of around -4.91%.
For the future, from 2024 onwards, forecasted figures indicate a steady and modest growth with a five-year CAGR of 0.49% and an overall growth rate of 2.5% up to 2028. While this suggests stabilization, the incremental growth reflects a cautious optimism in the sector amidst emerging global energy trends and potential economic variables in Spain.
Future trends to watch for include:
- Impacts of global energy policies and the drive for sustainable energy sources.
- Advancements in extraction and support technologies improving efficiency.
- Economic fluctuations and their impact on the resource extraction sector.
- Regulatory changes that could affect operational costs and competitiveness.
