Press release
AI In Oil And Gas Market on Track for Strong Growth, Estimated to Grow at 13.3% CAGR Through 2029
AI In Oil And Gas
What Is the Expected CAGR for the AI In Oil And Gas Market Through 2025?
The market size of AI in oil and gas has experienced a swift expansion in the latter years. The projected growth will increase from $3.59 billion in 2024 to $4.06 billion in 2025, with a compound annual growth rate (CAGR) of 13.1%. The growth observed in the past years can be ascribed to factors including an explosion of data in the sector, improved operating efficiency, automation of repetitive tasks, improved safety measures, and the optimization of exploration and drilling processes, as well as boosts in reservoir management.
What's the Projected Size of the Global AI In Oil And Gas Market by 2029?
Anticipated swift expansion is on the cards for the AI in oil and gas market over the coming years. The market is projected to reach $6.7 billion by 2029, registering a compound annual growth rate (CAGR) of 13.3%. The growth during the forecast period can be attributed to factors like the development of autonomous operations, implementation of cybersecurity measures, the incorporation of energy transitions, dynamic pricing strategies, resilience planning, and responses to global market volatility. The major trends projected for the forecast period cover digital twin technology for asset modelling, autonomous processes and robotics, sophisticated analytics for reservoir management, cognitive computing to aid decision-making, cloud-based AI solutions, as well as remote monitoring and control.
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Top Growth Drivers in the AI In Oil And Gas Industry: What's Accelerating the Market?
A surge in the demand for energy is predicted to fuel the expansion of the AI in the oil and gas sector. This refers to the amount of energy needed or requested by customers, industries, or a particular geographic area at a specific time. By analyzing energy consumption trends, AI algorithms assist oil and gas businesses in streamlining the distribution of resources, thereby lowering wastage and costs. For example, as per the European Commission - a governing organization based in Belgium, the target for energy efficiency stands at 20% by 2020 and a minimum of 35% by 2030. Hence, the escalating demand for energy is a significant factor propelling the growth of the AI in the oil and gas industry.
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What Trends Will Shape the AI In Oil And Gas Market Through 2029 and Beyond?
Prominent firms in the AI sector of the oil and gas industry are concentrating their efforts on creating technologically superior solutions, like AI tools that make operations more efficient, boost predictive maintenance, and increase safety and productivity. These AI tools incorporate high-end software and algorithms that not only help to streamline procedures but also predict equipment breakdowns, and boost decision-making in the oil and gas sector. For example, Indosat, an internet service company based in Indonesia, in July 2024 rolled out an array of cloud-based solutions powered by AI. This particular solution escalates operational efficacy by mechanizing tasks and optimizing the allocation of resources, thereby leading to remarkable cost reduction. Furthermore, these solutions facilitate informed decision-making by swiftly analysing massive data sets, amplifying productivity across the company.
What Are the Main Segments in the AI In Oil And Gas Market?
The AI in oil and gas market covered in this report is segmented -
1) By Type: Hardware, Software, Hybrid
2) By Function: Predictive Maintenance And Machinery Inspection, Material Movement, Production Planning, Field Services, Quality Control, Reclamation
3) By Process: Reservoir Optimization, Drilling Optimization, Production Optimization, Safety Management, Other Processes
4) By Technology: Internet Of Things (IoT), Advance Analytics, Robotics, Cloud Computing, Mobility, Other Technologies
Subsegments:
1) By Hardware: AI-Powered Sensors, Edge Computing Devices, Robotics And Drones
2) By Software: Machine Learning Platforms, Data Analytics Software, Predictive Maintenance Solutions, Visualization Tools
3) By Hybrid: Integrated AI Systems, Cloud-Based AI Solutions, IoT And AI Combined Platforms
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Which Top Companies are Driving Growth in the AI In Oil And Gas Market?
Major companies operating in the AI in oil and gas market are The International Business Machines Corporation, Microsoft Corporation, Acc*enture 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.
Which Regions Will Dominate the AI In Oil And Gas Market Through 2029?
North America was the largest region in the AI in oil and gas market in 2024 and is expected to be the fastest-growing region in the forecast period. The regions covered in the AI in oil and gas market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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