Press release
Global Oil And Gas Market Set For 5.00% Growth, Reaching $9,894.48 Billion By 2029
Oil And Gas Market
The global oil and gas market reached a value of nearly $7,752.02 billion in 2024, having grown at a compound annual growth rate (CAGR) of 6.72% since 2019. The market is expected to grow from $7,752.02 billion in 2024 to $9,894.48 billion in 2029 at a rate of 5.00%. The market is then expected to grow at a CAGR of 3.89% from 2029 and reach $11,972.53 billion in 2034.
What strategies are being adopted by key players in the oil and gas market?
The key players in the market are adopting extensive strategies in the oil and gas market such as:
• Expanding business operations
• Enhancing business operations through strategic collaborations
• Strengthening partnerships for business growth
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To take advantage of opportunities, The Business Research Company suggests that oil and gas companies enhance offerings:
• Introduction of advanced deepwater technology
• Development of advanced oil condition monitoring labs
• Launch of innovative products, such as modular induction motors
• Increasing investments in oil drilling activities
• Focus on emission reduction solutions
What Is Oil And Gas: Market Overview?
The oil and gas industry refers to extraction, exploration and production of petroleum and natural gas from reservoirs. Oil and natural gas are fossil fuels formed from the remains of ancient plants, algae, and microorganisms over millions of years.
Crude oil is a naturally occurring liquid found in rock formations and consists of a complex mixture of hydrocarbons of various molecular weights, plus other organic compounds. Natural gas, on the other hand, is mainly composed of methane and is less dense than water, so it migrates through porous sedimentary rock toward the earth's surface.
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Who Are The Major Companies Operating In The Global Oil And Gas Market?
The top ten competitors in the market made up to 26.08% of the total market in 2023. The market concentration can be attributed to the presence of large players in different geographies. Sinopec (China Petroleum & Chemical Corporation) was the largest competitor with a 6.00% share of the market, followed by:
• Saudi Aramco
• ExxonMobil Corporation
• PetroChina Co. Ltd.
• BP Plc.
• TotalEnergies SE
• Shell plc (Royal Dutch Shell)
• Valero Energy Corp.
• China National Offshore Oil Corporation (CNOOC)
• PJSC Lukoil Oil Company.
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