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Oil And Gas Market Global Size, Trends, Key Drivers, Top Major Players And Outlook By 2032
Oil And Gas Market Analysis
The Business Research Company's Oil And Gas Global Market Report 2023 identifies Low interest rates in most developed countries as the major driver for the oil and gas market's growth in the forecast period. For instance, in March 2020, UK decreased the interest rates to 0,1% which was the lowest ever. Furthermore, other central banks of countries such as North Macedonia, South Africa, Malaysia, Kenya, Argentina, Ukraine, Sri Lanka, and Azerbaijan, as well as Turkey also decreased their interest rates in 2020.
The global oil and gas market size grew from $6,989.65 billion in 2022 to $7,330.80 billion in 2023 at a compound annual growth rate (CAGR) of 4.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global oil and gas market is expected to grow to $8,670.91 billion in 2027 at a CAGR of 4.3%.
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Major competitors in the oil and gas market are Royal Dutch Shell, BP plc, Saudi Aramco, Exxon Mobil, Gazprom PAO, Chevron.
A key trend in the oil and gas market includes big data analytics and artificial intelligence (AI) to enhance decisions making abilities. 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%.
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The oil and gas market is segmented -
1) By Type: Oil & Gas Upstream Activities, Oil Downstream Products
2) By Drilling Type: Offshore, Onshore
3) By Application: Residential, Commercial, Institutions, Other Applications
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the oil and gas market.
The Business Research Company's "Global Oil And Gas Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Oil And Gas Market Include:
1. Executive Summary
2. Report Structure
3. Oil And Gas Market Characteristics
4. Oil And Gas Market Product Analysis
5. Oil And Gas Market Supply Chain
……..
21. Oil And Gas Market Competitive Landscape
22. Key Mergers And Acquisitions In The Oil And Gas Market
23. Recommendations
24. Appendix
25. Copyright And Disclaimer
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