Press release
AI In Oil And Gas Market Report: Industry Challenges, Business Strategies, Revenue Value And Competitive Landscape
AI In Oil And Gas Market Report
AI In Oil And Gas Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $63.34 billion In 2028 At A CAGR Of 8.8% :
The ai in oil and gas market size has grown rapidly in recent years. It will grow from $3.2 billion in 2023 to $3.62 billion in 2024 at a compound annual growth rate (CAGR) of 13.1%. The growth in the historic period can be attributed to data explosion in the industry, operational efficiency improvement, automation of repetitive tasks, safety enhancement, optimization of exploration and drilling processes, enhanced reservoir management.
The ai in oil and gas market size is expected to see rapid growth in the next few years. It will grow to $5.96 billion in 2028 at a compound annual growth rate (CAGR) of 13.3%. The growth in the forecast period can be attributed to autonomous operations development, cybersecurity measures, energy transition integration, dynamic pricing strategies, resilience planning, global market volatility response. Major trends in the forecast period include digital twins for asset modeling, autonomous operations and robotics, advanced analytics for reservoir management, cognitive computing for decision support, cloud-based ai solutions, remote monitoring and control.
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AI In Oil And Gas Market Major Segments
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
5) By Application: Upstream, Downstream, Midstream
Key Driver - The Role Of Digitization In Advancing Ai Adoption In The Oil And Gas Industry
The digitization of the oil and gas industry is propelling the growth of AI in the oil and gas market. A high rate of adoption of AI technology among oilfield operators and service providers is anticipated to support the market's expansion. The oil and gas industry is embracing technology to reshape its operating landscape and reap the benefits of productivity, efficiency, and cost savings. For instance, in February 2021, Shell, C3 AI, Baker Hughes, and Microsoft announced the introduction of the Open AI Energy Initiative (OAI), an open ecosystem of solutions powered by artificial intelligence (AI) for the process and energy industries. The OAI offers a framework for energy operators, service providers, equipment suppliers, and independent software vendors to create interoperable solutions, including AI and physics-based models, monitoring, diagnostics, and prescriptive actions, driven by the BHC3 AI Suite and Microsoft Azure, and services. This program combines the efforts of the worldwide oil and gas industry's digital transformation. Therefore, the digitization of the oil and gas industry will drive the market for AI in oil and gas.
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Prominent Trend - Technological Advancements Shaping The Ai In Oil And Gas Market
Technological advancement is a key trend in AI in the oil and gas market. The development of cutting-edge technology solutions is a top priority for the major players in the oil and gas industry as they seek to improve their competitiveness. The oil and gas sectors are integrating IT with operations to improve essential operational activities, including production, maintenance, safety, and asset management. These digital technologies include big data, analytics, automation, AI, 3D printing, and the Internet of Things (IoT). For instance, in May 2021, Saudi Aramco, a Saudi Arabian oil and gas company, adopted robotic innovation for more sustainability, efficiency, and safety. The company is utilising developments in AI, data analytics, and IoT to create new, completely autonomous robots that can operate remotely. Robotics has transformed how oil and gas companies operate, facilitating real-time, data-driven decision-making and prediction abilities.
AI In Oil And Gas Market Players
Major companies operating in the ai in oil and gas market report are The International Business Machines Corporation, Microsoft Corporation, 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.
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Largest And Fastest Growing Region In The Market
North America was the largest region in the AI in oil and gas market in 2023 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.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. AI In Oil And Gas Market Report Structure
3. AI In Oil And Gas Market Trends And Strategies
4. AI In Oil And Gas Market - Macro Economic Scenario
5. AI In Oil And Gas Market Size And Growth
…..
27. AI In Oil And Gas Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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