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Oil And Gas Global Market Report 2024 To 2033 | Sinopec, Saudi Aramco, Exxon Mobil, Chevron, Total SA, PetroChina, BP plc, Royal Dutch Shell, Valero Energy Corp
Oil And Gas Market Share
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According to The Business Research Company's, The oil and gas market size has grown strongly in recent years. It will grow from $7188.25 billion in 2023 to $7625.82 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to surge in crude oil and natural gas production, expansion of petrochemical industry, emerging markets growth, and a rise in investments for oil and gas exploration in developing countries.
The oil and gas market size is expected to see strong growth in the next few years. It will grow to $9347.9 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to growth in resource exploration and government support will drive the market growth. factors that could hinder the growth of the oil and gas market in the future include price volatility and geopolitical tensions.. Major trends in the forecast period include focusing on emission reduction solutions, shift towards digital technologies, growing popularity of reservoir modeling, investing in oil drilling activities, and industry alliances for advanced drilling solutions.
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Market Drivers and Trends:
Low interest rates in most developed countries will positively impact the oil and gas industry during the forecast period. For instance, in September 2023, UK decreased the interest rates to 0.1% which was the lowest ever and remained at this level until December 2021. 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 2021.
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 many 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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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Helen of Troy Limited, Easywell Biomedical, Omron Healthcare Inc., Paul Hartmann, Microlife Corporation, American Diagnostic Corporation, Beurer, Exergen Corporation, Vivehealth, Contec Medical Systems Co., Japan Sensor Corporation, Terumo Corporation, Microlife, BPL Medical Technologies, AccuMed, Reliefcare, A&D Medical Manufacturers, Easytem, Bestech Australia, Braun Healthcare, Riester, Vicks, A&D Medical, Omega Engineering Inc., Optris Infrared Sensing LLC, GAO Tek & GAO Group Inc., Exergen Corp, SterlingHouston LLC, Digital Instruments Inc., Safeguard19, PCE Americas Inc., Weiss Instruments Inc., Test Products International Ltd., Horiba Ltd., SterlingHouston LLC, Digital Instruments Inc., HORIBA Instruments Brasil Ltd., OMEGA Engineering Brasil, Dromex, Geratherm, OMRON, Fluke Corporation, Testo SE & Co. KGaA
Oil And Gas Market 2024 Key Insights:
• The oil and gas market size is expected to see strong growth in the next few years. It will grow to $9347.9 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%.
• Positive Impact Of Low Interest Rates On The Oil And Gas Industry In Developed Countries
• Leveraging Big Data Analytics And Artificial Intelligence For Enhanced Decision-Making In The Oil And Gas Industry
• Asia-Pacific was the largest region in the oil and gas market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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