Oil and Gas Industry Overview

The pigging valve market consists of sales of pigging valves by entities (organizations, sole traders, and partnerships) that are used for launching and retrieving pipeline intervention. Pigging valves refer to valves through which pipeline inspection gadgets are closed and released for cleaning and maintaining pipelines. These are mostly used in the oil and gas industry and water treatment facilities. These valves facilitate asset integrity, mitigate corrosion, and optimize oil and gas production. The main types of pigging valves are bypass pigging valves and shutoff pigging valves. Bypass pigging valves are used to allow for mild operations throughout pig launching and receiving, thereby making the process safe and convenient. In the normal position, the ball and seat isolate the valve pig chamber from the flow line. This allows for a reduction in flow capacity without shutting off the flow line completely during the injection or receiving operations. The various technologies include ultrasonic piping, magnetic flux piping, and calipering. The several end-use industries include the oil and gas industry; pharmaceuticals; chemical industries; refining; petrochemical industries; water; sewage and effluent; food-processing industries; and others. The pigging valves market research report is one of a series of new reports from The Business Research Company that provides pigging valves market statistics, including pigging valves industry global market size, regional shares, competitors with a pigging valves market share, detailed pigging valves market segments, market trends and opportunities, and any further data you may need to thrive in the pigging valves industry. This pigging valves market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry. The pigging valves market is expected to grow from $3.68 billion in 2021 to $4.11 billion in 2022 at a compound annual growth rate (CAGR) of 11.4%. The global pigging valves market is expected to grow to $5.90 billion in 2026 at a CAGR of 9.5%. The growth in oil and gas exploration activities is expected to propel the growth of the pigging valve market going forward. Oil and gas exploration activities refer to those activities that are used to extract oil and gas from the ground. As oil and gas exploration efforts increase, additional pipelines will be built to extract and transport the resulting oil and gas. Pigging valves are used to connect these pipes in preparation for pipeline integration. For instance, according to the US Energy Information Administration, a US-based energy agency, dry natural gas output in 2020 reached 33.5 trillion cubic feet (Tcf), an average of 91.5 billion cubic feet per day, which is the second-highest record. Therefore, the increasing oil and gas exploration activities are driving the growth of the pigging valves market. New product innovations are the key trend gaining popularity in the pigging valve market. Major companies operating in the pigging valve sector are focused on introducing new products to meet consumer demand. For instance, in November 2021, Hartmann, a Germany-based provider of pigging valves and wellheads, introduced a new pigging ball valve with various safety barriers to the sluice chamber, which contributes to safe and easy ping launching and receiving even when residual pressure exists in the main line. In order to stop spills, these valves automatically lock if there is a leak. In October 2019, IMI Plc, a UK-based engineering company, acquired PBM Inc. for a deal amount of US$ 85 million. The acquisition would help IMI to introduce new products and manufacture different types of valves for various industries. Also, it would help IMI expand its business in the US market. PBM Inc. is a US-based manufacturer of pigging valves. Major players in the pigging valves market are Jag Valves, Hartmann Valves GmbH, Frontier Valve International Ltd, Tiger Valve Company, Argus Machine Co. Ltd, Master Flo Valve Inc., SAMSON Controls Inc., Pipetech Corporation Ltd, Sofis valve operation, Phoenix Specialty Inc., Camtech Manufacturing FZCO pvt Ltd., RMA Pipeline Equipment, Tulsa Valve Inc., Energas Technologies (Pvt) Limited, Smith Flow Control Ltd., and Pigging Solutions Llc. The Middle East was the largest region in the pigging valves market in 2021. The regions covered in the global pigging valves market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the pigging valves market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The global pigging valves market is segmented - 1) By Type: Bypass Pigging Valves, Shutoff Pigging Valves 2) By Technology: Ultrasonic piping, Magnetic flux piping, Caliper 3) By End User: Oil and Gas Industry, Pharmaceutical, Chemical Industry, Refining and Petrochemical Industries., Water, Sewage and Effluent, Food-Processing Industries, Others

The coiled tubing market consists of the sales of coiled tubing services by entities (organizations, sole traders, and partnerships) that are used to carry out big wirelines and pump chemicals through them. Coiled tubing refers to a long metal pipe that is rolled over or surrounded by a large reel. It is carried to the well site when any well repair or workover activities are undertaken. Also, it is used in improving the well and reservoir performance and for various processes on the site, including milling, drilling, and rock fracturing. The main types of coiled tubing markets are well intervention, drilling services, perforating, fracturing, and milling services. Well intervention refers to an operation carried out on an oil or gas well. It is the ability to safely enter a well with good control to do several tasks other than drilling. The various operations include logging, pumping, circulation, and others. The various applications include onshore and offshore. The coiled tubing market research report is one of a series of new reports from The Business Research Company that provides coiled tubing market statistics, including coiled tubing industry global market size, regional shares, competitors with a coiled tubing market share, detailed coiled tubing market segments, market trends and opportunities, and any further data you may need to thrive in the coiled tubing industry. This coiled tubing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry. The global coiled tubing market size is expected to grow from $3.01 billion in 2021 to $3.31 billion in 2022 at a compound annual growth rate (CAGR) of 10.2%. The global coiled tubing market size is expected to reach $4.29 billion in 2026 at a CAGR of 6.6%. Growing demand for oil and gas is expected to propel the growth of the coiled tubing market going forward. As the oil and gas demand increases globally, the need for revamping and refurbishing the existing oilfields will increase simultaneously. The coiled tubing unit is applied mainly in well cleanout, drilling and milling, gas lifting and induced flowing, fishing, drainage, high freezing point oil plugging removal, and plugging removal. For instance, in 2022, according to the statistics by the International Energy Agency (IEA), a Paris-based autonomous intergovernmental organization, consumption of natural gas in India is expected to grow by 25 billion cubic meters (BCM), registering an average annual growth of 9% until 2024. India's oil consumption stood at almost 4.9 million barrels per day (BPD) in 2021, up from 4.65 million BPD in 2020. Therefore, the surge in demand for oil and gas is driving the growth of the coiled tubing market. Real-time 3D profiling is a key trend gaining popularity in the coiled tubing market. Major companies operating in the coiled tubing sector are developing and investing in real-time 3D to meet consumer demand. For instance, in 2022, Schlumberger, a US-based oilfield services company, introduced the GeoSphere 360* 3D reservoir mapping-while-drilling service at the International Petroleum Technology Conference (IPTC). Real-time 3D profiling of reservoir items is provided using modern cloud and digital technology. This increases reservoir understanding and well placement, allowing complex reservoir returns to be maximized. In March 2022, Baker Hughes, a US-based industrial service company, acquired Altus Intervention for an undisclosed amount. This acquisition will expand Baker's existing portfolio of oilfield technologies and solutions and boost the company's life-of-well capabilities. Also, it will enable Baker Hughes's strategy to transform its operations by advancing its technological capabilities and giving its customers the best possible solutions with high efficiency. Altus Intervention is a Norway-based company that provides intervention services and produces equipment for coiled tubing, precision manipulation, perforation, ballistics, and plug and abandonment services. Major players in the coiled tubing market are Halliburton, Schlumberger, Baker Hughes, Weatherford International, Oceaneering International, Trican Well Services, Legend Energy Services, Superior Energy Services, Basic Energy Services, NexTier Oilfield Solutions, Global Tubing LLC, Webco Industries, Sanjel Corporation, and Pioneer Energy Services. North America was the largest region in the coiled tubing market in 2021. North America is expected to be the fastest-growing region in the global coiled tubing market during the forecast period. The regions covered in the global coiled tubing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the coiled tubing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The global coiled tubing market is segmented - 1) By Service Type: Well Intervention, Drilling service, Perforating, Fracturing, Milling services 2) By Operation: Logging, Pumping, Circulation, Others 3) By Application Type: Onshore, Offshore

The offshore support vessel market consists of sales of offshore support vessels by entities (organizations, sole traders, and partnerships) that are specialty ships designed for operating on the ocean, serving multiple purposes. They serve as platform support, anchor handling, construction, maintenance, and anything from bringing equipment to rigs to repairing offshore wind turbines and more. The offshore support vessel services cover all offshore activities, from pre-construction to decommissioning. The main types of offshore support vessel markets are anchor-handling tug supply vessels, platform support vessels, multipurpose support vessels, emergency response or standby vessels, rescue vessels, crew vessels, seismic vessels, and chase vessels. An anchor-handling tug supply vessel is a type of supply ship that helps in installing oil rigs in mid-sea and also for rescue purposes. These vessels also serve as emergency response and rescue vessels (ERVs) and as supply transports. The various services include technical services, inspections, surveys, and others. The various water depths include shallow water, deep water, and ultra-deep water. The various applications include oil and gas applications and offshore applications. The offshore support vessels market research report is one of a series of new reports from The Business Research Company that provides offshore support vessel market statistics, including offshore support vessel industry global market size, regional shares, competitors with an offshore support vessel market share, detailed offshore support vessel market segments, market trends and opportunities, and any further data you may need to thrive in the offshore support vessel industry. This offshore support vessel market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry. The global offshore support vessel market is expected to grow from $22.17 billion in 2021 to $24.12 billion in 2022 at a compound annual growth rate (CAGR) of 8.8%. The global offshore support vessel market is expected to reach $29.71 billion in 2026 at a CAGR of 5.3%. Increasing exploration and production activities for oil and gas are expected to propel the growth of the offshore support vessel market. A substantial presence of proven oil reserves in various countries is set to increase production activities. Innovations from such reserves are transforming into demand for well drilling and production activities, which, in turn, is maintaining the offshore support vessel market growth. Increasing oil and gas exploratory activities in the golden triangle, including the Gulf of Mexico, Brazil, and West Africa, are anticipated to drive offshore E&P activities in the region. For instance, in March 2022, according to a survey report published by S&P Global, a US-based publicly traded corporation, production, capital expenditures, employment, and overall operating costs all increased dramatically in Q1 in the oil and gas exploration industry. In addition, nearly 52% of respondents reported an increase in oil production, along with 47% reporting an increase in natural gas production during the quarter of 2022. Therefore, increasing exploration and production activities for oil and gas are driving the growth of the offshore support vessel market. New product innovations have emerged as the key trend gaining popularity in the offshore support vessel market. Major companies operating in the offshore support vessel sector are introducing new products to reinforce their position. For instance, in December 2020, Siem Offshore's PSV, a Norway-based company that manufactures offshore vessels, launched its first hybrid vessel, Siem Symphony. This vessel is fitted with a 600-kWh chargeable battery pack as an additional power supply, which helps to lower the fuel consumption of the vessel. These hybrid vessels are effective during standby mode. In July 2020, Seacor Marine, a US-based international ship manufacturing company, acquired Seacosco for a deal amount of US $28.15 million. This acquisition will expand Seacor’s existing portfolio of support vehicles and solutions and boost the company's capabilities. The acquisition helps Seacor’s Marine strategy to transform their operations by advancing the technological capabilities and giving their customers the best possible solutions with high efficiency. Seacosco is a US-based offshore support vessel company. Major players in the offshore support vessel market are Solstad Offshore ASA, Seacor Marine Holdings, Swire Pacific Offshore, Tidewater, Havila Shipping, Maersk, Siem Offshore, Bourbon Corporation SA, and Havila Shipping ASA. Asia-Pacific was the largest region in the offshore support vessel market in 2021. North America is expected to be the fastest growing market in the global offshore support vessel market during the forecast period. The regions covered in the offshore support vessel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the offshore support vessel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The global offshore support vessel market is segmented - 1) By Type: Anchor-handling tug supply vessels, Platform Support Vessels, Multipurpose Support Vessels, Emergency Response or Standby and Rescue Vessels, Crew Vessels, Seismic Vessels, Chase Vessels 2) By Service: Technical Services, Inspection and Survey, Others 3) By Water Depth: Shallow water, Deepwater, Ultra-Deepwater 4) By Application: Oil and Gas Applications, Offshore Applications

The oil accumulator market consists of sales of oil accumulators by entities (organizations, sole traders, and partnerships) that are used to avoid pressure drops during a power shortage and also act as a switchover for oil pumps by supplying a temporary supply of lubricating oil. An oil accumulator refers to an energy storage device that holds the fluid through an external source such as a spring, gas, or piston. Oil accumulators are also known as hydro-pneumatic equipment. These are used for various objectives, including noise reduction and pulsation dampening. The main types of oil accumulators are low-density polyethylene, linear low-density polyethylene, high-density polyethylene, ethylene vinyl acetate, and others. Low-density polyethylene refers to a soft, flexible, lightweight plastic material. This material is well known for its low-temperature flexibility, toughness, and corrosion resistance. This is a very versatile plastic and is often used in flexible film and bag applications. The various pressure ratings include up to 6,000 psi and above 6,000 psi. The several applications include blow-out preventers and wellhead control, offshore rigs, and mud pumps. The oil accumulator market research report is one of a series of new reports from The Business Research Company that provides oil accumulator market statistics, including oil accumulator industry global market size, regional shares, competitors with an oil accumulator market share, detailed oil accumulator market segments, market trends and opportunities, and any further data you may need to thrive in the oil accumulator industry. This oil accumulator market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry. The global oil accumulator market is expected to grow from $40.35 billion in 2021 to $44.35 billion in 2022 at a compound annual growth rate (CAGR) of 9.9%. The global oil accumulator market is expected to reach $57.64 billion in 2026 at a CAGR of 6.8%. The increasing exploration and production activities are expected to propel the growth of the oil accumulator market going forward. Exploration activities refer to activities of the oil and gas industry, which include creating geological surveys and obtaining land rights, and production activities, which include onshore and offshore drilling. Oil accumulators are used to prevent fluid loss and to cope with extreme erratic pressures and uncontrolled flow in a well for the exploration of oil and gas. For instance, according to the Indian Brand Equity Foundation, an India-based government agency, in October 2021, the Union Ministry of Petroleum and Natural Gas approved $3.8 billion to increase refining capacity. Also, in 2021, Bharat Petroleum invested $13.66 billion in upstream oil and gas exploration and production. Therefore, the increased exploration and production activities are expected to drive the oil accumulator market during the forecast period. New product innovations have emerged as the key trend gaining popularity in the oil accumulator market. Major companies operating in the oil accumulator market are introducing new products to sustain their position in the market. For instance, in May 2021, Liebherr, a German-based equipment manufacturer, launched piston accumulators for the 250 and 350 bar pressure range. These act as an additional series-production range and can be used either as a single solution or in conjunction with other hydraulic components as a system. This helps with a range of piston diameters from 100 to 360 mm. In August 2021, Parker Hannifin Corporation, a US-based motion and control technology company, acquired LORD Corporation for a deal amount of $3.675 billion. The strategic acquisition creates a highly complementary business with excellent materials science skills, electrification, and aerospace product lines. LORD Corporation is a US-based diversified technology and manufacturing company that develops adhesives, coatings, motion management devices, and sensing technologies for industries such as aerospace, automotive, oil and gas, and industrial. Major players in the oil accumulator market are Hydac, Parker Hannifin, Bosch Rexroth AG, NIPPON ACCUMULATOR CO. LTD., Technetics Group, Eaton Corporation PLC, Hannon Hydraulics, Freudenberg Group, Hydroll oy, GE Oil & Gas, Hydroll, Tobul Accumulator Inc, Roth Industries LLC, and Rotec Hydraulics. North America was the largest region in the oil accumulator market in 2021. The regions covered in the global oil accumulator market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the oil accumulator market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The global oil accumulator market is segmented - 1) By Type: Bladder Accumulator, Piston Accumulator, Diaphragm Accumulator 2) By Pressure Rating: Up to 6,000 Psi, Above 6,000 Psi 3) By Application: Blow Out Preventer and Well Head Control, Offshore Rigs, Mud Pumps

The wireline services market consists of sales of wireline services by entities (organizations, sole traders, and partnerships) that are used to lower equipment or measuring devices into a well for the purposes of well interventions and reservoir evaluation. These are useful in gathering data about the well in logging activities as well as in workover jobs that require data transmission. The main types of wireless coating markets are electric lines and slick lines. An electric line refers to a continuous line or curve that is used or intended for the distribution of electricity within a residential development or commercial complex. The various types of services include intervention, logging, and completion and involve several hole types, such as open hole and cased hole. The different locations of deployment include onshore and offshore. The wireline services market research report is one of a series of new reports from The Business Research Company that provides wireline services market statistics, including wireline services industry global market size, regional shares, competitors with a wireline services market share, detailed wireline services market segments, market trends and opportunities, and any further data you may need to thrive in the wireline services industry. This wireline services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry. The global wireline services market is expected to grow from $8.90 billion in 2021 to $9.71 billion in 2022 at a compound annual growth rate (CAGR) of 9.1%. The global wireline services market is expected to reach $12.09 billion in 2026 at a CAGR of 5.6%. The increasing deep water and shallow water drilling activities are expected to propel the growth of the wireline services market going forward. Values gathered from wireline logging provide indispensable data to evaluate formations in drilling for oil and gas. Oil & gas companies are investing in new offshore drilling activities for deep and shallow water wells, which will increase the demand for wireline services. For instance, in November 2020, according to a report by Schlumberger, a US-based oilfield services company, more than 50,000 shifts and 4,409 wireline runs were covered by service engineers for drilling and measurement activity from March to August. Also, in June 2020, in the Middle East, these services were utilized to compete for around 80% of drilling and measurement and wireline operations. Therefore, the increase in deep water and shallow water drilling activities is driving the growth of the wireline services market. Strategic collaborations have emerged as a key trend gaining popularity in the wireline services market. Major players operating in the wireline services sector are focusing on entering into long-term collaborations to strengthen their position in the market. For instance, in September 2021, LYTT, a US-based provider of real-time, sensor-enabled software and analytics, collaborated with energy technology company Baker Hughes to accelerate the digital transformation of the oil and gas sector by applying distributed sensor networks within the wellbore, producing actionable insights that optimize production from oil and gas fields. Furthermore, in March 2021, Expro, a UK-based company operating in wireline services, collaborated with FTAI Ocean, a Singapore-based provider of vessel-based well intervention. Through this partnership, both companies will expand their capabilities and resources and deliver a fully integrated intervention package to the wirelines services industry. In July 2021, Ranger Energy Services Inc., a U.S.-based provider of high specification mobile rig well services, cased-hole wireline services, and ancillary services, acquired PerfX for an amount of US $2.25 million. The acquisition forms a basis to strengthen the businesses by increasing the scale and scope of the existing Mallard wireline business by including a full suite of production services as well as adding geographic diversity to deliver even more value to the market. PerfX is a U.S.-based wireline services company that offers a variety of solutions, which include pump-down perforating and pressure control equipment. Major players in the wireline services market are Baker Hughes Company, Weatherford International plc, Schlumberger Limited, Archer Ltd, Halliburton Company, Pioneer Energy Services Corp., Superior Energy Services Inc., National Oilwell Varco, Expro Group, Weir Oil and Gas, Siemens, Weltec, FMC technologies, Emerson, Schneider Electric, and Petrofac. North America was the largest market in the wireline services market in 2021. The regions covered in the global wireline services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the wireline services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The global wireline services 1) By Type: Electric Line, Slick Line 2) By Service Type: Intervention, Logging, Completion 3) By Hole Type: Open Hole, Cased Hole 4) By Location Of Deployment: Onshore, Offshore

The transmission fluids market consists of sales of transmission fluids by entities (organizations, sole traders, and partnerships) that refer to the oils that are used in automatic transmissions to lubricate the components of a car’s transmission for optimum performance. The transmission fluids help in cleaning and protecting metal surfaces from wear, enhancing the cooling function, reducing high operating temperatures, and increasing rotational speed and temperature change. The main types are automatic transmission fluid (ATF), manual transmission fluid (MTF), CVT, and DCT. Automatic transmission fluid (ATF) refers to a type of transmission fluid that is designed for cars that have automatic transmissions. The automatic transmission fluid helps in functions like gear lubrication, brake band friction, transmission cooling, and clutch friction operation. The base oil used in transmission fluids includes mineral, synthetic, and semi-synthetic oils. The transmission fluids are used by various industries, ranging from the automotive industry, construction, mining, industrial machinery, agriculture, and other end-user industries. The transmission fluids market research report is one of a series of new reports from The Business Research Company that provides transmission fluids market statistics, including transmission fluids industry global market size, regional shares, competitors with a transmission fluids market share, detailed transmission fluids market segments, market trends and opportunities, and any further data you may need to thrive in the transmission fluids industry. This transmission fluids market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry. The global transmission fluids market size is expected to grow from $7.46 billion in 2021 to $7.84 billion in 2022 at a compound annual growth rate (CAGR) of 5.17%. The global transmission fluids market size is expected to grow to $9.51 billion in 2026 at a compound annual growth rate (CAGR) of 4.94%. The growing automotive industry is expected to propel the growth of the transmission fluids market. The rapid growth in the automotive industry across the globe is expected to boost the utilization of transmissions, as they help in avoiding hydraulic pump wear out and the gear stuck in neutral, which leads to the immobility of the vehicles. Additionally, rapidly changing consumer behaviour and their need for better vehicle performance and overall reliability are contributing to increased utilization of transmission fluids across the globe. According to the India Brand Equity Foundation (IBEF), the Indian automotive industry is expected to reach $300 billion by 2026. Therefore, the rapid growth of the automotive industry is expected to increase demand for transmission fluids during the forecast period. Technological developments are a key trend gaining popularity in the transmission fluids market. Major players in the market are focusing on bringing innovative products to market to obtain an edge in the market against their competitors. For instance, in May 2021, Afton Chemical, a US-based company, launched the first electrified transmission fluid. This HiTEC® 35701 is unique as it delivers key platform technology for battery electric vehicles and meets the needs of OEMs with a range of hardware in one product. In July 2021, PLZ Corp, a US-based company that offers a wide range of high-quality and professional automotive cleaning and maintenance products, acquired Champion Brands LLC for an undisclosed amount. This acquisition is expected to help PLZ Corp. expand the full-service automotive offering and strengthen the value proposition. It also helps in delivering quality, innovation, and service to the customers. Champions Brands LLC is a US-based manufacturer of specialty lubricants for the automotive and industrial markets. Major players in the transmission fluids market are BP, Shell plc, ExxonMobil, Chevron Corporation, Lukoil, TotalEnergies, Pennzoil, Lubrizol, Sinopec, Evonik Industries, PETRONAS, Fuchs Petrolub, Valvoline, Idemitsu Kosan, and Phillips 66 Company. Asia-Pacific was the largest region in the transmission fluids market in 2021 and is expected to be the fastest-growing region in the global transmission fluids market during the forecast period. The regions covered in the global transmission fluids market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the transmission fluids market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The global transmission fluids market is segmented - 1) By Type: Automatic Transmission Fluid (ATF), Manual Transmission Fluid (MTF), CVT Fluid, DCT Fluid 2) By Base Oil: Mineral, Synthetic, Semi-Synthetic 3) By End User Industry: Automotive Industry, Construction, Mining, Industrial Machinery, Agriculture, Others

The crude oil market consists of sales of crude oil by entities (organizations, sole traders, and partnerships) carrying out exploration, development, and production of petroleum and natural gas (by using pumping technologies and systems), as well as hydrocarbons which are in a semi-solid state from surface shale or tar sands. The main types of crude oil are transport, industrial, and other types. Industrial refers to a company whose main business is producing goods. Nature is organic and conventional. The various end-users involved food and beverage, personal care and cosmetics, biofuel and energy, pharmaceuticals, and other end users. The global crude oil market size is expected to grow from $1.35 trillion in 2021 to $1.41 trillion in 2022 at a compound annual growth rate (CAGR) of 4.2%. The global crude oil market size is expected to grow to $1.47 trillion in 2026 at a compound annual growth rate (CAGR) of 1.0%. This can be attributed to the rising demand for fossil fuels to cater to energy needs around the world, especially in developing countries such as China and India, and the expected stabilization of oil and gas prices. Fossil fuels are made from decomposing plants and animals. These fuels are found in the Earth’s crust and contain carbon and hydrogen, which can be burned for energy. Crude oil, or petroleum, is a liquid fossil fuel made up mostly of hydrocarbons (hydrogen and carbon compounds). Oil can be found in underground reservoirs; in the cracks, crevices, and pores of sedimentary rock; or in tar sands near the earth’s surface For instance, in 2020, according to the Centre for Strategic and International Studies, coal made up 56.8 % of China’s energy use. Therefore, the rising demand for fossil fuels to cater to energy needs around the world is driving the growth of the crude oil market. Digital oilfield technology is recently being used by oil and gas extraction companies to enhance oil and gas production. Digital technologies in oil fields include high-performance drill bits, advanced electrical submersible pumps, and 3D seismic imaging and reservoir modelling. Oilfields' digitization facilitates the efficient utilization of human resources and thus optimizes the profitability of oil production by ten percentage points. Major players in the crude oil market include Royal Dutch Shell, Exxon Mobil Corporation, BP Plc, Rosneft, and Kuwait Petroleum Corporation. For instance, in May 2109, NRG Energy, a US-based natural gas and electric power generation company, acquired Stream Energies for a deal amount of $300 million. Through this acquisition, NRG Energy buys retail electricity and natural gas businesses, which helps to strengthen NRG’s position as a growing, customer-driven energy company. Stream Energy is a US-based company that produces electricity and natural gas. Asia-Pacific was the largest region in the crude oil market. The regions covered in the global crude oil market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the crude oil market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam. The global crude oil market is segmented - 1) By Type: Transport, Industrial, Others 2) By Nature: Organic, Conventional

The natural gas market consists of sales of natural gas by entities (organizations, sole traders, and partnerships) that are used as fuel in combined heat and power systems. Natural gas is a natural mixture of gaseous hydrocarbons consisting of methane in addition to various smaller amounts of other higher alkanes. It is also used for heating and generating electricity. The global natural gas market size is expected to grow from $0.84 trillion in 2021 to $0.94 trillion in 2022 at a compound annual growth rate (CAGR) of 12.0%. The global natural gas market size is expected to grow to $1.23 trillion in 2026 at a compound annual growth rate (CAGR) of 6.9%. The growth in the natural gas market is due to increased global economic activity, an increase in the usage of electricity, and refined petroleum from developing nations, which is expected to drive the market in the future. An increase in the usage of the electric power sector is expected to propel the growth of the natural gas market going forward. The electric power sector refers to electricity plants that provide services through electricity generation, transmission, and distribution. Natural gas is used in steam turbines and gas turbines to generate electricity, which is used to generate electricity at a cheaper cost. For instance, according to the U.S. electricity information administration, a US-based government agency, in the year 2021, the United States used about 30.28 trillion cubic feet (Tcf) of natural gas, which is about 37% of total natural gas used for the generation of electricity, which is used to cover 32% of the total electricity used in the US. Therefore, an increase in usage of the electric power sector is driving the growth of the natural gas market. Crude oil and natural gas extraction companies are making significant investments in renewable sources of power for the sustainable extraction of crude oil and natural gas from oil fields. Crude oil and natural gas production are energy-intensive and renewable technologies like solar, wind, biomass, and geothermal are being used in producing crude oil and natural gas at lower costs and with lower emissions, which are the major trends witnessed in the global natural gas market. Major players in the natural gas market include PetroChina Co., Ltd., Husky Energy Inc., NGL Energy Partners LP, Devon Energy Corp., and VNG-Verbunnetz Gas Aktiengesellschaft. In May 2019, NRG Energy, a US-based natural gas and electric power generation company, acquired Stream Energies for a deal amount of $300 million. Through this acquisition, NRG Energy buys retail electricity and natural gas businesses, which helps to strengthen NRG’s position as a growing, customer-driven energy company. Stream Energy is a US-based company that produces electricity and natural gas. Asia-Pacific was the largest region in the natural gas market in 2021. The regions covered in the global natural gas market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the natural gas market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, Vietnam. The global natural gas market is segmented - 1) By Type: Transport, Industrial, Electric Power, and Others 2) By Source: Associated Gas, Non Associated Gas, Unconventional Sources 3) By End User: Light Duty Vehicles, Medium or Heavy Duty Buses, Medium or Heavy Duty Trucks