Press release
Global Oil And Gas Market Analysis 2025-2030: Growth Drivers, Challenges, And Opportunities
Oil And Gas Market
How Big Is the Oil And Gas Market Size Expected to Be by 2034?
Recent years have seen a significant expansion in the size of the oil and gas market. The market is projected to increase from $7752.02 billion in 2024 to $8184.98 billion in 2025, boasting a compound annual growth rate (CAGR) of 5.6%. This growth trend in the historical period can be linked to a boom in crude oil and natural gas output, the expansion of the petrochemical industry, the growth of emerging markets, and increased investments in oil and gas exploration in developing nations.
In the coming years, there is a predicted consistent growth in the oil and gas market size. It is projected to reach $9894.48 billion by 2029, with a compound annual growth rate (CAGR) of 4.9%. This growth during the projected period can be ascribed to developments in resource exploration and government backing propelling the market's growth. Key trends for this period encompass focusing on reducing emissions, moving towards digital technologies, the increasing interest in reservoir modeling, the investment into oil drilling activities, and collaborations within the industry for advanced drilling solutions.
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What Are the Emerging Segments Within the Oil And Gas Market?
The oil and gas market covered in this report is segmented -
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
Subsegments:
1) By Oil And Gas Upstream Activities: Exploration And Production, Drilling Services, Well Completion Services, Production Optimization Services
2) By Oil Downstream Products: Refined Petroleum Products (Gasoline, Diesel, Jet Fuel), Petrochemicals (Plastics, Chemicals), Lubricants, Fuel Oil
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What Long-Term Drivers Are Shaping Oil And Gas Market Trends?
The forecast period for the oil and gas industry is set to see a favorable impact due to the low interest rates prevalent in several developed countries. This is exemplified by the UK which, in September 2023, brought down its interest rates to a record low of 0.1%. This rate was sustained until December 2021. Additionally, in 2021, the central banks of countries inclusive of North Macedonia, South Africa, Malaysia, Kenya, Argentina, Ukraine, Sri Lanka, and Azerbaijan, alongside Turkey, also followed suit by reducing their interest rates.
Who Are the Top Competitors in Key Oil And Gas Market Segments?
Major companies operating in the oil and gas market include 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, Eneos Holdings, China National Petroleum Corporation, Shaanxi Yanchang Petroleum, Sinochem Group, China National Offshore Oil Corporation, TotalEnergies SE, Wintershall Dea GmbH, Repsol SA, Glencore International AG, Eni SpA, Edison, Enel X, Erg, Rosneft Oil Co, Lukoil Oil Co, Surgutneftegas, Tatneft, Novatek, Irkutsk Oil Company, OMV Petrom, PKN Orlen, Lotos Group, Moravské naftové doly, ConocoPhillips, Anadarko Petroleum Corporation, Occidental Petroleum Corporation, EOG Resources, Cimarex Energy, Pioneer Natural Resources, Suncor Energy Inc, Cenovus Energy Inc, Canadian Natural Resources Limited, AltaGas Ltd, Petrobras (Petróleo Brasileiro S.A), QGEP Participações S.A., Petrogal Brasil S/A, Petronas Petróleo Brasil Ltda, EQUINOR ENERGY DO BRASIL LTDA., Emirates National Oil Company (ENOC), Dubai Petroleum., Emirates General Petroleum Corporation (Emarat), Abu Dhabi National Energy Company (TAQA), Abu Dhabi National Oil Company (ADNOC), EMDAD Services LLC., Crescent Petroleum., Dana Gas., Egyptian General Petroleum Corporation, Egyptian Natural Gas Holding Co, Nigerian National Petroleum Corporation, Aiteo, Sasol Limited, Engen Petroleum Limited, African Exploration Mining and Finance Corporation, Tullow Oil, National Oil Corporation of Kenya.
What Are the Major Trends Shaping the Oil And Gas Market?
Leading firms in the oil and gas sector are turning to big data analytics and artificial intelligence (AI) to boost their decision-making prowess and consequently, increase their revenue. These companies collect a substantial amount of raw data which pertains to the functioning of refineries, pipelines, and other facilities, originating from numerous sensors across the oil rig. By making the most of big data analytics, these businesses can identify trends, enabling them to swiftly respond to unwelcome changes or prospective faults, and therefore cut costs. AI empowers these companies to make superior drilling and operational choices. Giants like ExxonMobil and Shell have been progressively investing in AI to implement a unified approach to data management and facilitate data integration across a multitude of applications. There are also other players such as Sinopec, a Chinese chemical and petroleum company, that made public its plan to build 10 smart centers to assist in lowering operation expenses by 20%.
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Which Regions Are Becoming Hubs for Oil And Gas Market Innovation?
Asia-Pacific was the largest region in the oil and gas market in 2024. North America was the second largest region in the oil and gas market. The regions covered in the oil and gas market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Oil And Gas Market?
2. What is the CAGR expected in the Oil And Gas Market?
3. What Are the Key Innovations Transforming the Oil And Gas Industry?
4. Which Region Is Leading the Oil And Gas Market?
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