Overview and Scope
AI in oil and gas is used for upstream operations, customized drilling, and optimization of downstream operations. Emulating human intelligence in machines created to act and think like people is known as artificial intelligence (AI).
Sizing and Forecast
The ai in oil and gas market size has grown rapidly in recent years. It will grow from $3.2 billion in 2023 to $3.62 billion in 2024 at a compound annual growth rate (CAGR) of 13.1%. The growth in the historic period can be attributed to data explosion in the industry, operational efficiency improvement, automation of repetitive tasks, safety enhancement, optimization of exploration and drilling processes, enhanced reservoir management..
The ai in oil and gas market size is expected to see rapid growth in the next few years. It will grow to $5.96 billion in 2028 at a compound annual growth rate (CAGR) of 13.3%. The growth in the forecast period can be attributed to autonomous operations development, cybersecurity measures, energy transition integration, dynamic pricing strategies, resilience planning, global market volatility response.. Major trends in the forecast period include digital twins for asset modeling, autonomous operations and robotics, advanced analytics for reservoir management, cognitive computing for decision support, cloud-based ai solutions, remote monitoring and control..
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Segmentation & Regional Insights
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
5) By Application: Upstream, Downstream, Midstream
North America was the largest region in the AI in oil and gas market in 2023 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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Major Driver Impacting Market Growth
The digitization of the oil and gas industry is propelling the growth of AI in the oil and gas market. A high rate of adoption of AI technology among oilfield operators and service providers is anticipated to support the market’s expansion. The oil and gas industry is embracing technology to reshape its operating landscape and reap the benefits of productivity, efficiency, and cost savings. For instance, in February 2021, Shell, C3 AI, Baker Hughes, and Microsoft announced the introduction of the Open AI Energy Initiative (OAI), an open ecosystem of solutions powered by artificial intelligence (AI) for the process and energy industries. The OAI offers a framework for energy operators, service providers, equipment suppliers, and independent software vendors to create interoperable solutions, including AI and physics-based models, monitoring, diagnostics, and prescriptive actions, driven by the BHC3 AI Suite and Microsoft Azure, and services. This program combines the efforts of the worldwide oil and gas industry’s digital transformation. Therefore, the digitization of the oil and gas industry will drive the market for AI in oil and gas.
Key Industry Players
Major companies operating in the ai in oil and gas market report are The International Business Machines Corporation, Microsoft Corporation, Accenture 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.
The ai in oil and gas market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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