The oil and gas market is expected to reach over $8,670.91 billion in 2027 at a CAGR of 4.3%!
Major companies in the oil and gas industry are looking into big data analytics and artificial intelligence (AI) to enhance decisions making abilities and thus drive profits. The companies in this industry gather huge amounts of raw data relating to the working of refineries, pipelines and other infrastructure through a large number of sensors placed across the oil rig. Using big data analytics, the companies can detect patterns which can allow them to quickly react to unwanted changes or potential defects, thus saving costs. AI allows the companies to take better drilling and operational decisions. Companies such as ExxonMobil and Shell have been increasingly investing in AI technology to have a centralized method of data management and support data integration across multiple applications. Other companies such as Sinopec, a Chinese chemical and petroleum corporation, has announced its decision to construct 10 intelligent centers to help in reducing operation costs by 20%.
Oil and Gas Market Coverage
The oil and gas market consists of sales of oil and gas by entities (organizations, sole traders or partnerships) that undertake the exploration for, extraction, drilling, and refining, of oil and gas and some of its derivatives. This market does not include petrochemicals. The oil and gas market is segmented into oil & gas upstream activities and oil downstream products. Only goods and services traded between entities or sold to end consumers are included.
The Business Research Company covers 29 markets overall in the oil and gas market providing global market numbers, market growth, market-specific drivers and restraints, trends, and other market specific information. The oil and gas market is segmented in the following manner:
- 1. Oil & Gas Upstream Activities
The oil and gas upstream activities market consists of sales of crude oil and natural gas by entities (organizations, sole traders or partnerships) that undertake the pre-refining activities of crude oil and natural gas production. The oil and gas upstream activities market is segmented into crude oil; natural gas; oil and gas wells drilling services and oil and gas supporting activities. Only goods and services traded between entities or sold to end consumers are included.
The Oil & Gas Upstream Activities Market is sub-segments into –
- 1.1. Crude Oil
- 1.2. Natural Gas
- 1.3. Oil And Gas Wells Drilling Services
- 1.4. Oil And Gas Supporting Activities
- 2. Oil Downstream Products
The oil downstream products market consists of sales of the post extraction activities for crude oil and natural gas by entities (organizations, sole traders or partnerships) that provide post extraction activities for crude oil and natural gas, including refined petroleum products manufacturing and asphalt, lubricating oil and grease manufacturing. The oil downstream products market is segmented into refined petroleum products and asphalt, lubricating oil and grease. Only goods and services traded between entities or sold to end consumers are included.
The Oil Downstream Products Market is sub-segments into –
- 2.1. Refined Petroleum Products
- 2.2. Asphalt, Lubricating Oil And Grease
How Can We Help?
The Business Research Company`s Oil and Gas Market Research Practice provides marketing, planning and strategy departments with a wider range of market, business, customer and competitor intelligence services across different segments of the oil and gas industry. The oil and gas market research services and solutions The Business Research Company provides are as follows —
- Oil and Gas Market Sizing, Forecast and Trend Analysis
- Oil and Gas Market Competitor Analysis
- Oil and Gas Market Supply Chain Analysis
- Oil and Gas Market Customer Research
- Oil and Gas Market Partner or Distribution Research
- Oil and Gas Market Entry Strategy Research Study
- Oil and Gas Industry Analysis and Profiling
- Oil and Gas Market Regulations
