Global Oil And Gas Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends
18 Jun, 2021
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.
Global Oil And Gas Market Size And Drivers:
The global oil and gas market is expected to grow from $4677.45 billion in 2020 to $5870.13 billion in 2021 at a compound annual growth rate (CAGR) of 25.5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $7425.02 billion in 2025 at a CAGR of 6%. Low interest rates in most developed countries positively impacted the oil and gas industry.
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Trends In The Global Oil And Gas Market
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.
Global Oil And Gas Market Segments:
The global oil and gas market is further segmented based on type and geography.
By Type: Oil & Gas Upstream Activities, Oil Downstream Products
Sub segments Covered: Crude Oil, Natural Gas, Oil And Gas Wells Drilling Services, Oil And Gas Supporting Activities, Refined Petroleum Products, Asphalt, Lubricating Oil And Grease
By Geography: The global oil and gas market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global oil and gas market, accounting for 33% of the market in 2020.
Read More On The Report For The Global Oil And Gas Market At:https://www.thebusinessresearchcompany.com/report/oil-and-gas-global-market-report-2020-30-covid-19-impact-and-recovery
Oil And Gas Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides oil and gas market overviews, analyzes and forecasts market size and growth for the global oil and gas market, oil and gas market share, oil and gas market players, oil and gas market segments and geographies, oil and gas market’s leading competitors’ revenues, profiles and market shares. The oil and gas market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.