Press release
Oil and Gas Market: Soaring Growth on Back of Crude Oil and Natural Gas Production Expansion
Oil And Gas Market
The oil and gas market is projected to experience significant growth driven by surge in crude oil and natural gas production, investment rise for oil and gas exploration in developing countries, and expansion of the petrochemical industry.
What Is The Projected Market Size Of The Global Oil And Gas Market And Its Growth Rate?
• The Oil and Gas market size steadily grew from $7752.02 billion in 2024 to $8184.98 billion in 2025 at a compound annual growth rate (CAGR) of 5.6%.
• The growth during the historic period was spurred on by surge in crude oil and natural gas production, petrochemical industry expansion, emerging market growth, and a rise in oil and gas exploration investments in developing countries.
• The Oil and Gas market is expected to see steady growth, reaching $9894.48 billion in 2029 at a CAGR of 4.9%.
• The forecast period growth can be attributed to growth in resource exploration, government support, shift towards digital technologies, growing popularity of reservoir modeling, investing in oil drilling activities, and industry alliances for advanced drilling solutions.
What Is Driving The Growth In The Oil And Gas Market?
The primary driving force of the oil and gas market is the low interest rates across many developed countries. In countries such as the UK, North Macedonia, South Africa, Malaysia, Kenya, Argentina, Ukraine, Sri Lanka, and Azerbaijan, central banks have notably reduced their interest rates in 2021. This factor has significantly contributed to the positive impact on the oil and gas industry during the forecast period.
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Who Are the Key Players Driving Oil And Gas Market Growth?
• Sinopec
• Saudi Aramco
• Exxon Mobil
• Chevron
• BP plc
• Royal Dutch Shell
• Valero Energy Corp
• PJSC Gazprom
• Indian Oil Corporation Limited
• Oil and Natural Gas Corporation
• Bharat Petroleum
• Reliance Petroleum Ltd.
What Are The Key Trends In The Oil And Gas Market?
• Focusing on emission reduction solutions
• Shift towards digital technologies
• Growing popularity of reservoir modeling
• Investing in oil drilling activities
• Industry alliances for advanced drilling solutions
What Are The Segments Of The Global Oil And Gas Market?
1) By Type: Oil And Gas Upstream Activities, Oil Downstream Products
2) By Drilling Type: Offshore, Onshore
3) By Application: Residential, Commercial, Industrial, Other Applications
Which Region Leads The Oil And Gas Market?
Asia-Pacific was the largest region in the oil and gas market in 2024. North America closely followed as the second-largest region. Other regions covered in the oil and gas market report include Western Europe, Eastern Europe, South America, Middle East, and Africa.
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What Is Covered In The Oil And Gas Market Global Market Report?
- Market Size Analysis: Analyze the Oil And Gas Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Oil And Gas Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Oil And Gas Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Oil And Gas Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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