What Has Been the Growth of the Oil And Gas Market So Far?
The oil and gas market has seen considerable growth due to a variety of factors.
• In recent times, the size of the oil and gas market has experienced significant growth. The market, slated to increase from $7752.02 billion in 2024 to $8184.98 billion in 2025, has a projected compound annual growth rate (CAGR) of 5.6%.
Factors contributing to this remarkable growth in the previous period include a boom in the production of crude oil and natural gas, the broadening of the petrochemical industry, expansion in emerging markets, and increased investments in oil and gas exploration within developing countries.
How Will the Oil And Gas Market Size Evolve over the Forecast Period?
The oil and gas market is expected to maintain its strong growth trajectory in upcoming years.
• The size of the oil and gas market is projected to experience consistent expansion in the upcoming years, escalating to $9894.48 billion by 2029 at a compound annual growth rate (CAGR) of 4.9%.
This anticipated growth in the tracking period can be linked to the expansion in resource exploration and the influence of governmental backing propelling the market's growth. Key trends for the tracking period encompass concentration on emission cutting strategies, transitioning to digital technologies, the rising appeal of reservoir modeling, capital injection into oil drilling operations, and forging industry partnerships for enhanced drilling solutions.
What Factors Are Driving Growth In The Oil And Gas Market?
The oil and gas industry is set to benefit from the low-interest rates in multiple developed nations throughout the forecast period. For example, in September 2023, the United Kingdom lowered its interest rates to a historic low of 0.1%, a figure that stayed consistent until December 2021. Central banks from a range of other countries, including North Macedonia, South Africa, Malaysia, Kenya, Argentina, Ukraine, Sri Lanka, Azerbaijan, and Turkey, joined the UK in reducing their interest rates in the year 2021.
What Key Areas Define The Segmentation Of The Global Oil And Gas Market?
The oil and gas market covered in this report is segmented –
1) By Type: Oil And Gas Upstream Activities, Oil Downstream Products
2) By Drilling Type: Offshore, Onshore
3) By Application: Residential, Commercial, Industrial, Other Applications
Subsegments:
1) By Oil And Gas Upstream Activities: Exploration And Production, Drilling Services, Well Completion Services, Production Optimization Services
2) By Oil Downstream Products: Refined Petroleum Products (Gasoline, Diesel, Jet Fuel), Petrochemicals (Plastics, Chemicals), Lubricants, Fuel Oil
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How Are Emerging Trends Reshaping The Dynamics Of The Oil And Gas Market?
Key players in the oil and gas sector are leveraging big data analytics and artificial intelligence (AI) to improve decision-making processes and thereby increase revenue. These businesses gather immense quantities of raw data associated with the operations of refineries, pipelines, and other infrastructures through numerous sensors spread across the oil rig. Through the application of big data analytics, these firms can identify patterns that enable them to respond promptly to unexpected changes or potential flaws, thereby reducing expenditures. AI empowers these businesses to make superior drilling and operational decisions. Corporations like ExxonMobil and Shell are progressively investing in AI technology to establish a consolidated approach towards data management and fostering data integration across various applications. Additionally, companies like Sinopec, a Chinese petrochemical conglomerate, have declared their intent to build 10 intelligent centers to assist in decreasing operating costs by 20%.
Who Are the Key Players in the Oil And Gas Market?
Major companies operating in the oil and gas market include:
• Sinopec
• Saudi Aramco
• Exxon Mobil
• Chevron
• BP plc
• Royal Dutch Shell
• Valero Energy Corp
• PJSC Gazprom
• Indian Oil Corporation Limited
• Oil and Natural Gas Corporation
• Bharat Petroleum
• Reliance Petroleum Ltd
• Eneos Holdings
• China National Petroleum Corporation
• Shaanxi Yanchang Petroleum
• Sinochem Group
• China National Offshore Oil Corporation
• TotalEnergies SE
• Wintershall Dea GmbH
• Repsol SA
• Glencore International AG
• Eni SpA
• Edison
• Enel X
• Erg
• Rosneft Oil Co
• Lukoil Oil Co
• Surgutneftegas
• Tatneft
• Novatek
• Irkutsk Oil Company
• OMV Petrom
• PKN Orlen
• Lotos Group
• Moravské naftové doly
• ConocoPhillips
• Anadarko Petroleum Corporation
• Occidental Petroleum Corporation
• EOG Resources
• Cimarex Energy
• Pioneer Natural Resources
• Suncor Energy Inc
• Cenovus Energy Inc
• Canadian Natural Resources Limited
• AltaGas Ltd
• Petrobras (Petróleo Brasileiro S.A)
• QGEP Participações S.A.
• Petrogal Brasil S/A
• Petronas Petróleo Brasil Ltda
• EQUINOR ENERGY DO BRASIL LTDA.
• Emirates National Oil Company (ENOC)
• Dubai Petroleum.
• Emirates General Petroleum Corporation (Emarat)
• Abu Dhabi National Energy Company (TAQA)
• Abu Dhabi National Oil Company (ADNOC)
• EMDAD Services LLC.
• Crescent Petroleum.
• Dana Gas.
• Egyptian General Petroleum Corporation
• Egyptian Natural Gas Holding Co
• Nigerian National Petroleum Corporation
• Aiteo
• Sasol Limited
• Engen Petroleum Limited
• African Exploration Mining and Finance Corporation
• Tullow Oil
• National Oil Corporation of Kenya.
What Is The Most Dominant Region In The Oil And Gas Market?
Asia-Pacific was the largest region in the oil and gas market in 2024. North America was the second largest region in the oil and gas market. The regions covered in the oil and gas market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
