Overview and Scope
Oil and Gas extraction is the exploration and production of petroleum and natural gas from wells.
Sizing and Forecast
The oil and gas market size has grown strongly in recent years. It will grow from $7188.25 billion in 2023 to $7625.82 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to surge in crude oil and natural gas production, expansion of petrochemical industry, emerging markets growth, and a rise in investments for oil and gas exploration in developing countries.
The oil and gas market size is expected to see strong growth in the next few years. It will grow to $9347.9 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to growth in resource exploration and government support will drive the market growth. factors that could hinder the growth of the oil and gas market in the future include price volatility and geopolitical tensions.. Major trends in the forecast period include focusing on emission reduction solutions, shift towards digital technologies, growing popularity of reservoir modeling, investing in oil drilling activities, and industry alliances for advanced drilling solutions.
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The oil and gas market covered in this report is segmented –
1)By Type: Oil & Gas Upstream Activities, Oil Downstream Products
2) By Drilling Type: Offshore, Onshore
3) By Application: Residential, Commercial, Industrial, Other Applications
Sub segments: Crude Oil, Natural Gas, Oil And Gas Wells Drilling Services, Oil And Gas Supporting Activities, Refined Petroleum Products, Asphalt, Lubricating Oil And Grease
Asia-Pacific was the largest region in the oil and gas market in 2023. 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
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Major Driver Impacting Market Growth
Low interest rates in most developed countries will positively impact the oil and gas industry during the forecast period. For instance, in September 2023, UK decreased the interest rates to 0.1% which was the lowest ever and remained at this level until December 2021. Furthermore, other central banks of countries such as North Macedonia, South Africa, Malaysia, Kenya, Argentina, Ukraine, Sri Lanka, and Azerbaijan, as well as Turkey also decreased their interest rates in 2021.
Key Industry Players
Major companies operating in the oil and gas market report are Sinopec, Saudi Aramco, Exxon Mobil, Chevron, Total SA, PetroChina, 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.
The oil and gas market report table of contents includes:
1. Executive Summary
2. Oil And Gas Market Characteristics
3. Oil And Gas Product/Service Analysis -Product/Service Examples
4. Oil And Gas Market Trends And Strategies
5. Oil And Gas Market – Macro Economic Scenario
……..
68. Global Oil And Gas Market Competitive Benchmarking
69. Global Oil And Gas Market Competitive Dashboard
70. Key Mergers And Acquisitions In The Oil And Gas Market
71. Oil And Gas Market Future Outlook and Potential Analysis
72. Appendix
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