What Has Been The Evolution of the AI In Oil And Gas Market in Recent Years?
The ai in oil and gas market has seen considerable growth due to a variety of factors.
• The market size for AI in the oil and gas industry has seen accelerated expansion in the past few years. The market is projected to surge from $3.59 billion in 2024 to $4.06 billion in 2025, growing at a Compound Annual Growth Rate (CAGR) of 13.1%. Factors like industry-wide data explosion, improvements in operational efficiency, automation of redundant tasks, safety improvements, refinement of exploration and drilling operations, and advancements in reservoir management have propelled the growth during the historical period.
How Will the AI In Oil And Gas Market Size Evolve over the Forecast Period?
The AI In Oil And Gas market is expected to maintain its strong growth trajectory in upcoming years.
• The size of the AI in oil and gas market is predicted to experience significant expansion in the coming years, escalating to $6.7 billion by 2029 with a CAGR of 13.3%.
The anticipated growth during the forecast period can be accredited to the advancement in autonomous operations, implementation of cybersecurity protocols, integration of energy transition, adoption of dynamic pricing models, planning for resilience, and response to global market fluctuations. Key trends that are expected to dominate the forecast period encompass digital twins for asset simulation, autonomous processes and robotics, sophisticated analytics for reservoir administration, cognitive computations for decision assistance, AI solutions based on cloud, and remote supervision and management.
Which Factors Are Boosting Growth In The AI In Oil And Gas Market?
The rise in the necessity for energy is predicted to stimulate the expansion of the AI in oil and gas market in the future. Energy demand is characterized by the amount of energy consumers, industries, or a certain area need or request during a specific period. Data regarding energy demand assists oil and gas businesses in effectively allocating their resources. AI systems have the capacity to scrutinize patterns in energy use and pinpoint areas where resources can be allocated more efficiently, thereby decreasing wastage and expenses. For instance, as cited by the European Commission, a governing organ based in Belgium, in August 2023, the objective for energy efficiency is to reach 20% by 2020 and a minimum of 35% by 2030. Hence, the surge in energy demand is propelling the expansion of the AI in oil and gas market.
What Key Areas Define The Segmentation Of The Global AI In Oil And Gas Market?
The AI in oil and gas market covered in this report is segmented –
1) By Type: Hardware, Software, Hybrid
2) By Function: Predictive Maintenance And Machinery Inspection, Material Movement, Production Planning, Field Services, Quality Control, Reclamation
3) By Process: Reservoir Optimization, Drilling Optimization, Production Optimization, Safety Management, Other Processes
4) By Technology: Internet Of Things (IoT), Advance Analytics, Robotics, Cloud Computing, Mobility, Other Technologies
Subsegments:
1) By Hardware: AI-Powered Sensors, Edge Computing Devices, Robotics And Drones
2) By Software: Machine Learning Platforms, Data Analytics Software, Predictive Maintenance Solutions, Visualization Tools
3) By Hybrid: Integrated AI Systems, Cloud-Based AI Solutions, IoT And AI Combined Platforms
Pre-Book The AI In Oil And Gas Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
How Are Emerging Trends Reshaping The Dynamics Of The AI In Oil And Gas Market?
Leading businesses in the AI oil and gas market are homing in on the creation of technologically sophisticated solutions such as AI instruments to boost operational optimization, increase predictive maintenance, and augment safety and efficiency levels. AI implements involve advanced software and algorithms designed to scrutinize data to streamline procedures, anticipate equipment breakdowns, and refine decision-making in oil and gas operations. For example, in July 2024, Indosat, an internet service provider based in Indonesia, unveiled a range of solutions powered by AI and cloud-based technology. These solutions boost operational efficacy by automating tasks and fine-tuning resource distribution, leading to substantial cost reductions. Furthermore, they facilitate data-driven decision-making by swiftly analyzing extensive datasets, thus enhancing productivity throughout the company.
Who Are the Key Players In The AI In Oil And Gas Market?
Major companies operating in the AI in oil and gas market include:
• The International Business Machines Corporation
• Microsoft Corporation
• Accenture PLC
• Google LLC
• Intel Corporation
• Schlumberger Limited
• Halliburton Company
• Baker Hughes Company
• National Oilwell Varco Inc.
• Weatherford International PLC
• TechnipFMC PLC
• Wood PLC
• ABB Ltd
• Siemens AG
• Honeywell International Inc.
• Emerson Electric Co.
• General Electric Company
• Rockwell Automation Inc.
• Schneider Electric SE
• Yokogawa Electric Corporation
• Mitsubishi Electric Corporation
• Toshiba Corporation
• Hitachi Ltd.
• Panasonic Corporation
• NEC Corporation
• Fujitsu Limited
• Samsung Electronics Co. Ltd.
• LG Electronics Inc.
• Sony Corporation
• Oracle Corporation
• Numenta Corporation
• Sentient Technologies Inc.
What Is The Most Dominant Region In The AI In Oil And Gas Market?
North America was the largest region in the AI in oil and gas market in 2024 and is expected to be the fastest-growing region in the forecast period. The regions covered in the AI in oil and gas market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
