AI in Oil and Gas Market Size, Share And Growth Analysis For 2022-2031 | C3.AI, Cloudera, Hortonworks

The ai in oil and gas market was valued at $2.32 billion in 2021, and is estimated to reach $7.99 billion by 2031, growing at a CAGR of 13.5% from 2022 to 2031.

Asia-Pacific is expected to observe highest growth rate during the forecast period. Increase in investments for AI in oil and gas solution among countries such as China, Japan, India, Australia, South Korea, and rest of Asia-Pacific fuel growth of the market. Moreover, in countries such as India, there is an urgent need to double the country's refining capacity by 2040 in order to meet the growing demand for fuel due to the increase in passenger cars.

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However, downstream companies like BP (India) have no plans to build a new refinery, despite increasing oil production. The industry's supply chain creates a great need for automation, industry expertise, and an extensive network of partners. Process automation helps oil and gas producers integrate information, control, power, and security solutions to meet dynamic global demand. Ongoing R&D activities toward data analysis & gathering, collection platforms and wireless technologies will boost the industry growth.

The global AI in Oil and Gas Industry is influenced by a number of factors, including fault detection and quality improvement, reduce production and maintenance cost, and ensure safety and security standards primarily drive the growth of the global AI in oil and gas market. However, dramatic reduction in fossil fuel demand and high output of carbon dioxide (CO₂) and other potent greenhouse gases may hamper the market growth to some extent.

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This crisis had many direct and indirect effects on all areas of society. In the meantime, the digital and artificial intelligence industry can be used as a professional assistant to manage and control the outbreak of the virus. The oil and gas sector is anticipating weaker demand and consequently lower crude prices as a result of the global health crisis, geopolitical difficulties that are causing surplus production, and certain significant industrial developments.

Some of the key data center automation industry players profiled in the report include C3.AI, Cloudera, FuGenX Technologies Pvt. Ltd, Inc., Google. Llc, General Vision, Hortonworks, Infosys Limited, International Business Machine Corporation (IBM), Intel Corporation, Microsoft Corporation, Inbenta, NVIDIA Corporation, NeuDax, Oracle Corporation, Numenta, Shell Plc., Sentient technologies. This study includes AI in oil and gas market share, trends, AI in oil and gas market analysis, and future estimations to determine the imminent investment pockets.

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