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AI In Oil And Gas Global Market Size, Share, Emerging Trends, Growth Drivers, Analysis, Report and Forecast 2024-2033 | The Business Research Company
AI In Oil And Gas Global Market
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According to The Business Research Company's, 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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Market Drivers and Trends:
The increase in energy demand is expected to propel the growth of the AI in oil and gas market going forward. Energy demand refers to the quantity of energy that is required or requested by consumers, industries, or a specific region at a given time. Energy demand data helps oil and gas companies optimize resource allocation. AI algorithms can analyze energy consumption patterns and identify opportunities to allocate resources efficiently, reducing waste and costs. For instance, in August 2023, according to the European Commission, a Belgium-based governing body, the goal for energy efficiency is 20 % by 2020 and at least 35% by 2030. Therefore, the increase in energy demand is driving the growth of 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.
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Major Key Players of the Market:
The International Business Machines Corporation, Microsoft Corporation, Accen*ture PLC, 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.
AI In Oil And Gas Market 2024 Key Insights:
• 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 Role Of Digitization In Advancing Ai Adoption In The Oil And Gas Industry
• Technological Advancements Shaping The Ai In Oil And Gas 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
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