Dublin, April 14, 2022 (GLOBE NEWSWIRE) -- The "Oil And Gas Global Market Report 2022, By Type, Drilling Type, Application" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global oil and gas market as it emerges from the COVID-19 shut down.
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Major companies in the oil and gas market include Royal Dutch Shell, BP plc, Saudi Aramco, Exxon Mobil, Gazprom PAO, Chevron, Iraq Ministry of Oil, PJSC Lukoil, Total SA, and Rosneft.
The global oil and gas market is expected to grow from $6,098.98 billion in 2021 to $6,819.04 billion in 2022 at a compound annual growth rate (CAGR) of 11.8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $10,376.28 billion in 2026 at a CAGR of 11.1%.
The oil and gas market consists of sales of oil and gas by entities (organizations, sole traders or partnerships) that undertake the exploration for, extraction, drilling, and refining, of oil and gas and some of its derivatives. This market does not include petrochemicals.
The main types are oil & gas upstream activities; oil downstream products. Oil and gas upstream activities include exploration activities, such as creating geological surveys and obtaining land rights and production activities, such as onshore and offshore drilling. The various drilling types include offshore; onshore that are used for residential, commercial, institutions and other applications.
Asia Pacific was the largest region in the oil and gas market in 2021. North America was the second largest region in the oil and gas market. The regions covered in the oil and gas market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Low interest rates in most developed countries will positively impact the oil and gas industry during the forecast period. For instance, in 2019, the European Central Bank decreased interest rates to -0.5% on deposits from banks to encourage lending. This created a flow of cheap money for investment, both in developed and developing economies. It also encouraged borrowing and discouraged saving in advanced markets, helping to drive spending. Oil and gas companies were able to borrow more money for process improvements and expansion projects, thus driving the market during this period.
Oil price volatility is likely to have a negative impact on the market as significant decline and increase in oil prices negatively impacts the government and consumer spending. The decline in oil prices is having a negative impact on government spending in countries such as Saudi Arabia, Nigeria and the UAE (United Arab Emirates) which are largely dependent on revenues generated through crude oil exports; whereas significant increase in oil prices had resulted in rising inflation, current account deficit and fiscal deficit in countries such as India and China, which predominantly import oil. For instance, the Saudi government is expected to cut down its spending from 1.05 trillion riyals ($280 billion) in 2019 to 1.02 trillion riyals ($270 billion) in 2020, to 955 billion riyals ($255 billion) by 2022, due to significant decline in revenues generated from oil exports, thereby affecting the market. This high volatility in oil prices is expected to negatively impact the market going forward.
Major companies in the oil and gas industry are looking into big data analytics and artificial intelligence (AI) to enhance decisions making abilities and thus drive profits. The companies in this industry gather huge amounts of raw data relating to the working of refineries, pipelines and other infrastructure through a large number of sensors placed across the oil rig. Using big data analytics, the companies can detect patterns which can allow them to quickly react to unwanted changes or potential defects, thus saving costs. AI allows the companies to take better drilling and operational decisions. Companies such as ExxonMobil and Shell have been increasingly investing in AI technology to have a centralized method of data management and support data integration across multiple applications. Other companies such as Sinopec, a Chinese chemical and petroleum corporation, has announced its decision to construct 10 intelligent centers to help in reducing operation costs by 20%.
The countries covered in the oil and gas market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela and Vietnam.
Key Topics Covered:
1. Executive Summary
2. Report Structure
3. Oil And Gas Market Characteristics
3.1. Market Definition
3.2. Key Segmentations
4. Oil And Gas Market Product Analysis
4.1. Leading Products/ Services
4.2. Key Features and Differentiators
4.3. Development Products
5. Oil And Gas Market Supply Chain
5.1. Supply Chain
5.2. Distribution
5.3. End Customers
6. Oil And Gas Market Customer Information
6.1. Customer Preferences
6.2. End Use Market Size and Growth
7. Oil And Gas Market Trends And Strategies
8. Impact Of COVID-19 On Oil And Gas
9. Oil And Gas Market Size And Growth
9.1. Market Size
9.2. Historic Market Growth, Value ($ Billion)
9.2.1. Drivers Of The Market
9.2.2. Restraints On The Market
9.3. Forecast Market Growth, Value ($ Billion)
9.3.1. Drivers Of The Market
9.3.2. Restraints On The Market
10. Oil And Gas Market Regional Analysis
10.1. Global Oil And Gas Market, 2021, By Region, Value ($ Billion)
10.2. Global Oil And Gas Market, 2016-2021, 2021-2026F, 2031F, Historic And Forecast, By Region
10.3. Global Oil And Gas Market, Growth And Market Share Comparison, By Region
11. Oil And Gas Market Segmentation
11.1. Global Oil And Gas Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
Oil & Gas Upstream Activities
Oil Downstream Products
11.2. Global Oil And Gas Market, Segmentation By Drilling Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
Offshore
Onshore
11.3. Global Oil And Gas Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
Residential
Commercial
Institutions
Others
12. Oil And Gas Market Segments
12.1. Global Oil & Gas Upstream Activities Market, Segmentation By Type, 2016-2021, 2021-2026F, 2031F, Value ($ Billion) - Crude Oil; Natural Gas; Oil And Gas Wells Drilling Services; Oil And Gas Supporting Activities
12.2. Global Oil Downstream Products Market, Segmentation By Type, 2016-2021, 2021-2026F, 2031F, Value ($ Billion) - Refined Petroleum Products; Asphalt, Lubricating Oil And Grease
13. Oil And Gas Market Metrics
13.1. Oil And Gas Market Size, Percentage Of GDP, 2016-2026, Global
13.2. Per Capita Average Oil And Gas Market Expenditure, 2016-2026, Global
For more information about this report visit https://www.researchandmarkets.com/r/x70vlg
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